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The Best Prepping Practices for the Truck Tax 2290 Season

Image by Jason Mitrione on Unsplash

If you’re like most other people, there are more pressing matters than thinking about your taxes. Regular bills, family needs, the ins and outs of normal life all need to be addressed. Unfortunately, this can lead to forgetting to file these taxes or waiting until the last minute. Finding new ways to maximize your efficiency while getting the important things done can improve your sense of achievement and lower your stress levels throughout the year. 

At Your Truck Tax, we believe that being organized throughout the year can make tax preparation time that much easier. In today’s blog, we’ll take a look at some best practices for being tax ready all year long.

What Is Truck Tax 2290 and When Is It Due?

According to the Internal Revenue Service (IRS), tax form 2290 is known as the Heavy Highway Vehicle Use Tax Return. It is used by all businesses, large and small, that operate trucking fleets of any size. One of the most complicated parts of filing truck taxes is understanding the due date for your 2290 forms. The IRS states that truck taxes are due on the last day of the month following the first month that you started driving a particular truck. For example, if you purchased a truck in September 2020, your 2290 form will be due on October 31, 2020. Since it can be complicated, we recommend using Your Truck Tax to simplify the process each year.

Preparation Tip #1: Get Organized Now

The first tip we have about getting ready to pay taxes is to get started now. When you spend a lot of time traveling from coast to coast, it can be easy to lose track of key documents you’ll need at tax time. Consider how you can move to entirely digital recordkeeping. Items like mileage logs, maintenance records, and receipts are becoming completely electronic--making clunky paper filing systems obsolete. A lot of smartphone apps exist to organize these records. You can also use your camera phone to take quick shots of papers and discard them. Getting organized might take a little longer at first, but once the process is started, it’ll be easier to keep up with. It will also make preparing your 2290 forms that much smoother.

Preparation Tip #2: Become a Member of Your Truck Tax

The second tip we can provide for getting ready to pay taxes is to become an active member of Your Truck Tax. When you become a member, you receive a careful review of your completed documents by one of our seasoned tax professionals. These individuals understand the tax code inside and out. One you have submitted your tax documents, they will verify all deductions, credits, and payments before the eFile process is completed. 

Becoming a member is available on two different tiers. Owners with a fleet of up to 24 trucks pay $199.99 and owners with fleets of 25 or more trucks pay $349.99. A filing fee is added to your return and that’s it. Once members join Your Truck Tax, we find that it’s hard for them to leave. Each year, we will reach out to remind you to start your return.

Preparation Tip #3: Protect Yourself from Audits and Penalties

The third tip we have for preparation is more of a by-product of being organized. When you are prepared to file your taxes and file them with Your Truck Tax, you are less likely to be audited and less likely to be assessed related tax penalties. This is true because you will have established a means of being organized. By their own estimates, the IRS will audit approximately 4% of self-employed tax returns. In the event that you are audited, being able to produce clear records will make the process even easier. Best practices recommend maintaining documents for five years while audits generally only consist of questions about the previous three years. Using a digital repository for your documents and filing your returns with Your Truck Tax will add a level of security to the entire tax/audit process. In most cases, self-employed audits are a matter of verifying eligible expenses.

Preparation Tip #4: Our Experts Have You Covered from Start to Finish

The fourth tip we have to offer about preparing your tax return with us comes down to how you can start the process. Since you spend a lot of time driving to make a living, you can begin the process from anywhere, even the cab of your truck in the middle of nowhere. From the moment that you begin the process of filing your taxes, we are just a call or email away. Our tax professionals will guide you through the more complicated parts of the tax code. If you have a question or a concern about the process, we’re ready to help.

Your Truck Tax:Your 2290 Tax Prep Pros

Now that you’ve learned a few ways to get ready for truck tax season, it’s time to trust your truck tax 2290 filing to our experts. At Your Truck Tax, we know how tough it can be to work so hard. We want to take some of the worry off your shoulders when it comes to handling taxes. By purchasing an annual subscription, you get access to a wide array of benefits that make the process that much easier and safe. When you’re ready to find the best possible truck tax solution, contact us today!