How to Accomplish Form 2290

April 25, 2012 by  Filed under: Taxes 

Business owners and operators should dutifully accomplish form 2290 to avoid legal complications. If you use highway motor vehicles weighing around 55,000 pounds or more, you should file for it. Other reasons for filing form 2290 include: paying tax for a vehicle with accomplished suspension statement, exceeding mileage limit imposed and increasing the gross weight the vehicle carries. Form 2290 is also important for claim suspensions when you expect to use the car for 5,000 miles or less. Regardless of the reason and should you fall for the form 2290 requirement, you should learn how to properly file it.

You should first accomplish or get required information before IRS 2290 filing. Obtain your employer identification number or EIN. You should also get the vehicle identification number of the automobiles for filing, including their taxable gross weight. Weight varies depending on the category. If you do not have an employer identification number, you can apply directly at IRS. You can also apply over the phone, mail or fax. You should contact IRS and verify possible application procedures.

As for your vehicle identification number, you can obtain the information from the actual vehicle, its title or registration. VIN usually comes in 17 characters – a combination of letters and numbers. Make sure you obtain the VIN from the vehicle and not the trailer. The taxable gross weight of the vehicle refers to the total of:

– Definite unloaded weight of the transportation completely equipped for service
– Definite unloaded weight of semitrailers or trailers completely equipped for customized service
– The maximum load weight placed on the trailer, semitrailer or vehicle

You should check with IRS if you need to fulfill additional requirements. The weight indicated for vehicle registration may include the taxable gross weight affecting the total amount of tax. You should learn how to register vehicle based on specific gross weight, gross weight category, and special permits. Vehicle registration and filing differ from one state to another. You cannot include taxable weight based on special traveling permits.

The next step is to figure the tax. To determine the tax, you have to accomplish the Tax Computation part on the form 2290. You cannot use line 2 in the form to indicate additional tax. You can report any additional tax using line 3 of form 2290. Check the first column. This section is for your annual tax. You can use the tax amounts indicated in column 1(a) for vehicles you used for the month of July. On the other hand, you can use listed tax amounts in column 1(b) for logging vehicles you used for the month of July.

If you feel confused about the procedures and information to use, you should consult an expert. You have better chances of processing your IRS filing if you have an expert guiding you. Look for an attorney or legal counsel specializing on tax. Wrong filing can only cause several complications so it is best you do not commit a mistake.

Pernille Holm is an expert handling form 2290 and IRS 2290 filing.

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