Why you should pay your HVUT tax on time
Truckers lead a busy life - most of it spent on the road, delivering goods across the country. But no matter how busy your schedule is, you must ensure that you pay your tax on time, and here’s why:
- Paying your tax on time allows you to avoid penalties and interest. If you skip the form 2290 filing deadline, the penalty accrues on a daily basis. On top of that you will need to pay an interest of 5% as all. This means the amount you end up paying will be much more hefty than your actual tax amount.
Paying your tax on time helps you stay co
mpliant. Tax evasion is a punishable offence. Even failing to report the errors in paying taxes can pave the way to unwanted tax evasion problems such as penalties and imprisonment. The IRS takes strict action against tax evaders. You could lose your vehicle and can even end up spending jail time.You will be able to avoid losing future refunds. If the IRS owes you a refund, and if you fail to file your form and pay your tax, the IRS can deduct the tax amount from your refund amount. They can also freeze the refund till you pay the tax.
When you pay your tax on time, you will be able to safeguard your credit. If the IRS files a tax lien against a taxpayer, it could affect credit scores and make it harder to get a loan. This will be troublesome if you intend to start a business or buy property in the United States.
When you e-file online with an IRS approved service provider like eform2290, you will be able to avail filing discounts and file your forms at a lower price, all the while saving time and effort. Eform2290 sends you your Schedule 1 in a matter of minutes which is mandatory when you visit your state DMV to renew registrations.
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