Neither late penalty is too severe, but the combination of the two can add up quickly if you continue to wait. Below are the IRS penalties for not submitting your 2290 submitted before the deadline:
Late Payment Penalty:
Whether you’ve filed already or not, if you didn’t make your payment to the IRS before the deadline you will be required to pay a late payment penalty.
The penalty for late payment of taxes is an additional 5% of the total tax amount for each month the payment is late. Along with the 5% of the total tax amount added, the IRS will also charge .54% interest monthly on the total outstanding balance.
This is the less severe of the two penalties, and is also more easily avoided. If you have not filed your 2290 at all, get a move on! The IRS charges an additional 4.5% of the total tax amount due that is added to your total every month for up to five months.
Not to mention, if you are driving around without a valid and current Schedule 1, you can face much more serious penalties. Many states that catch drivers without the proper tax paperwork will actually suspend the driver’s license or tags; don’t let that be you!
How Can I Limit These Fees?
The easy answer is to go to ExpressTruckTax.com and get filed today! It only take a few minutes, and the longer you wait, the more you’ll have to pay.
If you want to get filed but don’t have the money to pay the tax fees right now, there are some alternative options to limit the fees you owe. Even if you don’t have the money to pay the taxes, you can still get filed today, and then select check/money order as your payment method. This will keep you from having to pay the late filing penalty, and then you can just send in your check/money order as soon as possible.
So as you can see, the penalties for not filing or paying on time can get quite costly if you continue to wait, especially if you have a large tax amount owed. So please take our advice and get filed and paid today! We don’t want you to have to give the IRS and more of your hard-earned money. If you have any questions about 2290 late fees or about getting your 2290 filed, just give us a call at 704.234.6005, or email us at firstname.lastname@example.org.