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IRS Form 2290 Truck Tax

HVUT

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Trucking industry is the one of the great source of finance for the country and keeps the GDP growing every year. In short, trucking grows the nation’s economy and moves the country forward. As a contribution to this growing industry, we simplified the process of reporting and processing 2290 Truck tax electronically at better rates. 

Truckers pay Federal excise tax on heavy vehicle with 55,000 lbs or more for the tax period starting from July 1st of the current year and ending on June 30thof the following year. Millions of owners, trucking carries operators and independent driver reports this 2290 truck tax both interstate and intrastate trucking companies.

Who Should File Form 2290?

When the taxable highway motor vehicle is registered or needs to be registered in your name under state, District of Canadian, Columbia or Mexican law at the time of the vehicle’s first use month during the tax period and the vehicle has the taxable gross weight of 55,000 pounds or more, the tax payer muse file the Form 2290 and receive the Schedule 1 for the tax period beginning on July 1st and ending on 30th.

IRS 2290 truck tax is liable for the tax payers who own and operate the heavy vehicles. The tax payers can be an individual, corporation, limited liability Corporation, partnership or other type of organization. (Including charitable trusts, nonprofit organizations, educational institutions etc).

When the taxable vehicle is registered under both the name of the owner and other person, in that case the owner is liable to pay the tax. This is applicable for dual registration of a leased vehicle. When the vehicle is operated under the tag, permit or license of the dealer, in that scenario it is considered to be registered in the name of the dealer and hence the dealer is liable for 2290 truck tax.

IRS HVUT Form 2290 Truck Tax Deadline

August 31st of every year is the deadline for Form 2290 Truck tax for the complete tax period. As mentioned earlier, the tax period starts from July 1st and ends on June 30th of a tax year. This federal excise tax should be filed for the month when the heavy highway taxable vehicle is first used on the public highways during the current tax period. If you need to register the traded used vehicle under your name or company’s name, then you are liable for the 2290 truck tax. The IRS 2290 Form must be filed by the last day of the succeeding month of the first use of the vehicle.

When you are using multiple vehicles for more than a month, then you need to file separate Form 2290 for each month. The rules of filing the tax returns are applicable whether you are paying the tax or reporting the suspension of the tax. A heavy highway vehicle is exempted from tax if the vehicle does not exceed the mileage use limit of 5,000 miles (7,500 or less for agricultural vehicles) during the tax period. Note that the exempt is only for paying the tax, not for reporting the HVUT Form 2290 truck tax.

IRS Form 2290 Electronic Filing

In order to file the Form 2290 truck tax and for suspension of tax based on the category, you need a Vehicle Identification Number (VIN) on Schedule 1. The stamped Schedule 1 received from the IRS is the payment proof that can be used while you register the vehicle in any state. The schedule 1 copy has the IRS watermark and returned by the IRS. While you are e-filing 2290 truck tax, you get the Schedule 1, the payment proof instantly in your inbox as soon as the IRS accepts your tax filings. No more waiting is required like the traditional method of tax filing.

The IRS recommends the electronic filing for HVUT return while you file and pay for 25 or more vehicles. Suspended vehicles are not added in this electronic filing requirement for 25 or more vehicles as the taxes are not paid for them. However, every tax payers are encouraged to file their 2290 tax returns electronically for quicker processing and instant Schedule 1.