Have you been filing your prorated tax every month if you are taking your new vehicle out during the month? It is a rule and compulsion order by the IRS. Like, if you have taken your vehicle out in the month of February, you are liable to report form 2290 by the end of this month, i.e. March. Do note the due date is not far enough in our calendars. So it is always good to file and report form 2290 before the due date or you know penalties would tag along. So hurry up, come over and file your tax return with Tax2290.com
Usually, the tax season due date falls on July 1st of the calendar year and ends by August 31st of the same year. If the due date falls on the weekend or a public holiday, the due date is extended to the next business day.
We all know if we don’t pay our tax on time, we would be levied with heavy fine, which would pile up till the date you don’t submit your records and pay your dues. Keep reading to know more about penalties and interest.
The total penalty for not filing by August 2014 will be 4.5% of the total tax due. This penalty is added up for 5 months.
For instance, if your total tax due is $250, then penalty will be $250X4.5%= $11.25
So total tax due with penalty will be $261.25
Apart from penalties, the IRS charges monthly interest for the total tax due which is 0.5 of the total tax due.
Therefore, if you do not file your 2290 return on time, you will be liable to pay taxes with penalty and interests, which costs you around 5% of your total tax due. It is advisable to file your tax return on time to stay away from IRS audits.
It is important to understand, you cannot let go filing form 2290 at any point of your driving career. You should and must file form 2290 and pay your dues online or paper file by the due date, and receive schedule 1 copy.
There are multiple advantages of filing online; however, one of the main reasons would be automatic tax calculations and error check. These two are the most important features Tax2290 holds out for you. You can overcome the errors usually take place through manual filing.
Do remember, the error check is not a guarantee that you will not face rejection. There are various reasons for the same, mentioned below:
- The EIN Does Not Match Your Business Name
- Duplicate Return or Duplicate VIN
- EIN Not Registered In The IRS Records
- Incorrect Routing Number
Do not panic if your return is rejected. You can come over and file your return again before the IRS the due date is ended. And, you can reach for our Tax Experts. Reach us for more assistance at 1-866-245-3918 or email at email@example.com. Immediate assistance can be anticipated.