Paying your 2290 form late is expensive. How expensive? Well, kinda like paying that “convenience charge” at the DMV for using a credit card. Do you want to pay that extra fee?
The two components of penalty
The IRS established two aspects of 2290 form penalty: late filing, and late payment.
Late Filing – This is 80% of your overall penalty. This penalty happens if you filed your form 2290 after the deadline.
Late Payment – This is the remaining 20% of your overall penalty. This charge is incurred when you filed on time, but didn’t pay. Or, if you didn’t file on time, and therefore didn’t pay.
Example: For a typical truck, if you’re 3 months late: Late Filing – $77.64 Late Payment – $17.16 Total penalty – $94.80 Note, these are assuming your original tax due was $550. And these penalty numbers are estimates only.
What can you buy with $94.80?
You can fill up your tank with 44 gallons of Diesel, at 4 mi/gal that will get you a whopping 176 miles. Ha. You can also get about 15 cartons of 6 packs. $94.80 will also get you about 16 packs of stoges. The list goes on. In short, why pay penalties when you can e-File now and save $94.80 in just 10 minutes of work? Click button below to save and get the IRS off your back.
