Truck Tax: 5 Reasons it is Critical to File Form 2290 on Time
As with running any business, operating a big truck or a small fleet of trucks comes with business responsibilities, and in America that also means paying taxes. One of significance is the heavy truck tax. Taking care of this responsibility requires filing form 2290 with the IRS and paying a fee based on the weight of your truck and the miles traveled.
There have been problems in the past where people have tried to circumvent paying, but here are 6 reasons you need to get the truck tax taken care of and be punctual:
1. Keep Business Flowing
Well, for one thing, failing to get this obligation taken care of can lead to your trucking license being revoked, which obviously puts a big halt to all business operations. The fees that accrue for the heavy vehicle use tax are not that substantial, and they are certainly not substantial enough to jeopardize your business or trucking license and lose out on your income.
2. It Can Be Expensive Not To
In addition to putting your business operations in danger, skimping on this can get expensive really quick. Not only can the IRS tack on interest and late fees, but if you end up in court over the matter it will lead to the court costs and also expensive fines.
3. Possible Criminal Charges
If it stopped at fines, that would be enough, but as you probably guessed, a day in court can easily lead up to criminal charges. Not only the IRS but the state government can pursue charges if you purposely cheat to avoid paying the truck tax, and the end result can be you spending time in jail.
4. It Takes Care of Our Roads
Our nation needs this money. The trucking industry is responsible for really tearing up our roads, causing extra congestion, making traffic more dangerous, and adding to pollution. Obviously, shipping products and goods is a crucial driving force in our economy, but it does have its impact. This tax helps to shoulder the responsibility for keeping up the roads so we can all continue doing what we are doing, continuing to provide the backbone of the nation and putting money in our own products.
5. It's Too Easy Not To
Is paying the truck tax that much of a nuisance that you would need to avoid it? Not at all. As mentioned before, it is not that expensive, and now the government has even set up a system where private companies are available for you to go online and get it taken care of no matter where you are located. Before, it could be a hassle if you were busy to head down to the IRS office or deal with the slow processes of snail mail, but the online option really eliminates any excuses of the past.