If you are the owner of a trucking company or a driver who is leased on with a trucking company and you own your own commercial truck, you must file a Form 2290 with the IRS once a year. Below is a guide that will help you understand better about the Heavy Vehicle Use Tax and the requirements for heavy commercial vehicle owners to understand and learn how to file your Form 2290. If you are new and just starting out with a new trucking company, you can find more information about how to build a solid trucking company here

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The IRS Form 2290 for Heavy Vehicle Use Taxes (HVUT) must be filed annually by August 31st (September 3rd for 2019-20 Tax Year) for all registered vehicles used on public highways during the current tax period. The current tax period for heavy highway vehicles begin on July 1, 2019, and ends on June 30, 2020

 

What other terms refer to 2290 ?

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The Form 2290 is also considered to be referred by other agencies as Truck Tax, Highway Vehicle Tax, Heavy Vehicle Used Tax, or HVUT

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What is the reason for Form 2290?

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Here is a list Form 2290 can be used for:

• Pay tax for heavy commercial motor vehicles with a  gross weight of 55,000 pounds or more.

• To Report commercial vehicles, which will be used within 5,000 or 7,500 miles to claim a suspension from tax

• Claim credits for taxes paid on any taxable vehicles which are sold, stolen, destroyed or used 5,000 miles or less (7,500 miles, if agricultural vehicles)

• To report a correction of the VIN in Schedule 1 that was entered incorrectly

• To Report Form 2290 changes with an increase in taxable gross vehicle weight and taxable vehicle exceeds overall the allowed mileage limit

 

Who must file a Form 2290?

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If you own a trucking company that operates commercial motor vehicles with a gross weight of 55,000 lbs or more.

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When should I file Form 2290?

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Filing dates for Form 2290 is done by the last day of the month following the month of first use during the current tax period (July 1, 2019 to June 30, 2020). Your filing tax year period starts for July 1 until June 20. The due date to you’re your Form 2290 is August 31. These dates of filing are on business days only so if it falls on the weekend or a holiday, your filing would be due the following next business day.

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Define a Taxable vehicle?

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A commercial motor vehicle with a valid DOT that weighs 55,000 pounds or more is considered to be a Taxable Vehicle. This would include trucks, truck tractors and buses used for the purpose of carrying loads in public highways.

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Define Taxable gross weight?

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Taxable Gross Weight is the total unloaded weight of the commercial motor vehicle.

A commercial motor vehicle that is taxable includes the truck body, accessories, and attached trailer for operation of moving freight or loads

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What method can I use to file Form 2290?

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The best way to file your form 2290 is:

E-Filing - File electronically to IRS using online filing application that can be done by following the 2290 IRS Form Filing Online here https://www.irs.gov/e-file-providers/e-file-form-2290 .Once you have finished filing online, you will receive stamped copy’s and receipts from the IRS with proof of filing. You can also read more about form 2290 Heavy Highway Vehicle Use Tax Return here https://www.irs.gov/forms-pubs/about-form-2290

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How can I pay my Heavy Vehicle Use Tax Form 2290 tax dues?

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You can pay any 2290 tax dues with credit or debit card thru the IRS. To pay with a credit or debit card, go to IRS.gov/PayByCard

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Do I need an EIN to report my Form 2290 taxes online?

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You must have an EIN in order to report and pay your HVUT 2290 tax dues. If you do not have an EIN (Employer Identification Number) you can visit the IRS website and apply for one free. IRS EIN WEBSITE ,Your EIN must be at least 15 days old before you can report and file your Form 2290.

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How do I calculate penalties and interest for late payment?

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If you do not file Form 2290 on time, penalty and interest for late filing are likely to be charged. Penalties and interests will be calculated as given below:

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Define Schedule 1?

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A Schedule 1 is the copy or receipt showing that you paid for the Heavy Vehicle Used Tax due to IRS. Once you pay electronically your Form 2290, the IRS will send you a stamped copy for proof of payment that is considered schedule 1. This form is also used to register your vehicle with your State DMV and also leasing onto a trucking company for hire.

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For any questions concerning your Form 2290, please contact LFS and we will help you process your Heavy Vehicle Use Tax form.