A Complete Guide Regarding Form 2290 Schedule 1 Information

trucking business

If you are in the trucking business, you are obliged to file the IRS form 2290 and pay the HVUT return. As a trucking owner. If you own a heavy vehicle weighing 55,000d pounds or more, then you come under the periphery of filing Form 2290 tax and paying HVUT return.

You must file form 2290 annually before the due date, which is 31st August every year.. This tax can be paid in two ways one is manually and the other one is filling online. The manual procedure of filling the return is a bit long and time-consuming and that is why the owners have started filling it online. Choose an IRS authorized e-file service provider so that you can file your tax on time without any complications and avoid rejections from the IRS. If a taxpayer makes mistakes while filing form 2290, it could get rejected by the IRS.

Get proof of your payment made for 2290 tax with the Schedule 1 Form 2290:

Once you file your form 2290 and pay HVUT amount, you will receive IRS stamped Schedule 1 copy as proof of HVUT payment. In case you have lost your Schedule 1 Form, then you can get it again if you have e-filed your form 2290. All you need to do is to login to your e-file service provider’s account and download the Schedule 1 copy from the dashboard. You can also get the Schedule 1 copy from your mail.

Required information for Form 2290 Schedule 1 

  • Name of the business: In order to fill in the details of Schedule 1, you need to enter the valid business name that you have mentioned in your form.
  • EIN: Employer Identification Number is the 9-digit number for the employer that is created as an entity of your business. Every business must have this number before filing the return.
  • Address: The next column is the address of your business place. In this, you have to mention the country, state in which you are conducting your business, along with the ZIP code. This information must be accurate with no errors.
  • VIN: VIN stands for the Vehicle Identification Number which will be comprised of 17 characters of both numbers as well as alphabets. This number is issued by the automotive industry for the identification of vehicles.
  • FUM (First Used Month): FUM stands for the First Used Month, and this is the month in which your vehicle begins operating on US public highways.So, calculate this in advance as it is used at many other places in the form as well.
  • Taxable gross weight: The taxable gross weight of your vehicle is the next important piece of information to have with you when filing form 2290. Every taxpayer needs to count this figure before filling their return. The categorical distribution regarding the taxable gross weight is available on the internet. It can also vary with the type of vehicle purpose, for example, in case logging and non-logging, it will be quite different.
  • Details of reported vehicles:. You need to mention the total number of vehicles as you have mentioned in your form.
  • Details of suspended vehicle: Here you need to mention about the number of suspended vehicles to be filled in the Form 2290 Schedule 1.
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Print of the Form 2290 Schedule 1 

You must keep a clear copy of Form 2290 Schedule 1 for future purposes. Make sure the copy is clear and the watermark of the Internal Revenue Service is visible. If it is not visible, then try to get another copy with a clear watermark in a darker color. You must also keep one soft copy of this form on your mobile phone.

Getting the Form 2290 Schedule 1 copy

In case you have e-filed your form 2290, you will receive your Schedule 1 copy within minutes. But in case you have filed manually, it will take around six weeks to get the Form 2290 Schedule 1 copy. Hence, it is recommended to e-file your form 2290 to file on time with ease and stay away from IRS penalties.

It is clear from the above information that this proof is of utmost value and every taxable vehicle must have it handy in case of any inspection. You must choose the right e-filing platform that you can trust to e-file your return. Hence, it is recommended to e-file your Form 2290 on time and stay away from IRS penalties.

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About the Author: John Watson