Get Schedule 1 - When Should I File Form 2290 Application?

Why it is good to file early, when to receive schedule 1, Is mandatory to profile

The IRS encourages its taxpayers to file their tax returns early, well ahead of the tax period, to get their refunds earlier. Though it is not mandatory to pre-file the tax returns, pre-filing offers many advantages for taxpayers. They will get more time to double-check their returns, plan for payments in advance and avoid tax fraud. Also pre-filing gives the advantage of filing the returns now and paying the IRS later.

Benefits of Filing the 2290 Tax Return

There are many advantages of filing the tax returns early, rather than waiting until the tax day.

  • It helps in filing accurate returns, thus helping in larger refunds.
  • It gives more time to plan for tax payments
  • There are minimal chances of tax fraud
  • There are opportunities to get tax refunds early.

One of the most common reasons to pre-file the taxes is to receive a faster tax refund. Filing the returns electronically with the direct deposit into the bank account is the fastest way to get a refund. It might take several weeks for paper returns. It is better to e-file the returns, for getting the refund quickly.

Pre-filing also gives additional time to pay the taxes you owe to the IRS. It prolongs the time to arrange for the tax payment. Filing the returns early will offer enough time to start the tax filing, and paperwork. Filing the tax returns early, will eliminate the need for filing a tax extension. And it will also prevent penalties and interests on the taxes if you owe taxes to the IRS. Above all, pre-filing helps to avoid tax return identity thefts. This is the biggest scam during the tax season, and by choosing to pre-file, the taxpayers can keep their SSN secret and protected.

E-file Today and Get your Stamped Schedule 1

Schedule 1 is the proof of heavy vehicle use tax payment, that the truckers pay to the IRS. Truckers should file Form 2290 with the IRS every year to report HVUT payments for the taxable vehicles. Once the IRS processes the 2290 tax return, it will stamp schedule 1 and send it back to the truckers. They can use this as proof of the HVUT payment.

The tax season for filing Form 2290 is between July 1st and August 31st. 

The IRS will start accepting the Forms from July 1st and send the stamped schedule 1 copy. But most truckers prefer to pre-file the tax Form to prevent last-minute delays. The pre-filing window will be open from June 1st. Truckers can complete their e-filing process now with credible service providers like tax2efile. Their Forms will be submitted to the IRS, as soon as it starts accepting them. The tax filers will get a copy of schedule 1 in their mail when IRS receives and accepts their Form.

It is not mandatory for truck owners to pre-file their tax returns, but it is advantageous to prefile. They will have enough time to prepare their tax papers without errors. And will also be able to avoid the last-minute rush.