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Today, we are here with few important updates. One among them is IRS has reopened after the shutdown and filing gateways are open for taxpayers to file and report form 2290. Also, if you had filed your tax return during the maintenance, you are likely to receive your schedule 1 copy by today.
And, If you don’t receive your copy by today, you know where to reach and how to, right? We would look into the issues and update you at the earliest. However, another update for the evening is, if you have taken your vehicle out in the month of December, you are liable to report and file form 2290 for your new vehicle driven on the road weighing more than 55,000 pounds.
However, if your new vehicle is not likely to cover more than 5,000 pounds (7,500 pounds for agricultural vehicles) your vehicle is categorized as suspended vehicle. You don’t have to pay tax to IRS as you are suspended from paying, however, you need to keep IRS informed about your suspension. If you fail to do so, you are liable to pay penalties for the same.
Other than taxable vehicles and suspended vehicles, there is another category included in form 2290. Logging vehicles and exempted vehicles are the other two categories included. When we talk about logging vehicles, these vehicles are mainly used for logging purpose and the usage of the highway is minimal. You need to report and pay tax to IRS, however, the tax rate are comparatively low and feasible to pay.
And exempted vehicles are those, who do not fall into the category of paying tax. They are exempted from paying tax to IRS, irrespective of the weight and miles traveled. Usually, Federal government and non-profitable organization vehicles fall under the category of exempted vehicles.
So let be any vehicle type you are driving, you need to report form 2290 by the end of January if your vehicle was first time used on the road in the month of December 2014.
So what is holding you back? Come to Tax2290.com and efile your tax return online today with minimal effort and time. Our application is designed with user-friendliness and hence, when you drop by, you will experience anew and ease while reporting tax. For more assistance, dial 1-866-245-3918 or email us your queries to email@example.com. You can expect instant answers from our end.