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More often than not, there are more important things on your mind than paying your truck taxes. Let’s take a look at five things that every truck owner should know before thinking about paying taxes this year.
Truck Taxes Are Due Depending On Your Use
The first thing to know about paying your truck tax 2290 is that the due date will vary depending on when you started using your truck. According to the IRS, 2290 forms are due on the last day of the month, the first month after you started using the truck. For example, if you purchased your truck in September 2019, your 2290 form would be due on October 31, 2019.
Truck Taxes Can Be Lowered If You Aren’t Driving
Second, some years are better than others for truckers. As a result, you can apply to suspend your truck taxes if you aren’t expecting to drive 5,000 miles or more in a given filing period. You will still need to file a 2290 but there’s a chance you won’t have to pay taxes for that period. Be mindful that you will need to file an amended 2290 form if you end up driving more.
Truck Owners Can Receive Tax Refunds Too!
A third thing to know about paying your truck tax 2290 is that sometimes you don’t have to pay. In some cases, you may have suspended using the truck or dont (dint) drive as many miles as you usually do. As a result, you could receive a tax refund instead of needing to pay. You may also qualify for a refund if your truck is stolen or involved in an accident during the pay period.
Truck Taxes Are Used For Road Repair And Other Upkeep
Fourth, by paying your truck tax 2290, you are helping to repair the damage done by large commercial trucks traveling around the country. The Federal Government allocates truck tax dollars to completing important road projects and keeping roads in good repair for the future travel of all trucks and passenger vehicles.
Truck Taxes Can Be Filed By Mail Or Online (Unless…)
Finally, the Internal Revenue Service (IRS) requires that truck tax form 2290 and the payment be filed electronically only if you own 25 or more trucks during the time period. You are free to file by mail, but the IRS does encourage all truck owners to eFile through a trusted vendor like Your Truck Tax. We’re always here to provide ongoing support throughout the entire process. An added benefit of using our tax filing service is that you can complete all your truck taxes at one time--whether you’ve got one truck or a whole fleet, we make the process easy. It’s even easier if you become a member of our annual service plan.
If you’re ready to simplify how you pay taxes on your truck, contact Your Truck Tax today!