Watch out for these common filing errors
To err is human. We all make mistakes when filing official documents and forms. But sometimes our mistakes could land us hefty penalties. So next time when you file your form 2290, watch out for these common errors that taxpayers tend to make while filing their form.
1.Incorrect business details: You need to be mindful of the details that you enter on your form. You may have entered an old address, or a wrong business name or a wrong zip code. When the IRS processes your return and finds out that your details don’t match, they will reject your return.
2.Unregistered EIN: IF you’ve applied for a new EIN, it takes at least 10 business days for it to be updated on the IRS database. In that time, if you've filed your form 2290 with the new EIN, chances are that the IRS will reject your return. Ensure that you apply for a new EIN a few weeks ahead of your filing deadline.
3. Wrong VIN: If you accidentally entered the wrong VIN on your return, your form will be rejected. Eform2290 offers free VIN correction that you can use to update your VIN number.
4. Incorrect vehicle category: The HVUT tax is to be paid by truckers and owner operators only if they have crossed the 5,000 mile limit. If the vehicle has not exceeded the mileage limit, it will belong to the suspended vehicle category. You don’t need to pay tax for a suspended vehicle but you need to file a return to inform the IRS that your vehicle is tax-suspended. You can e-file your return for a suspended vehicle through eform2290 effortlessly.
5.False filing Make sure you select the current year when you are e-filing your 2290 form. If you enter the previous year, you will end up paying tax for the previous year twice. And you still have to pay tax for the current year. Don’t lose out on your bucks.
