HVUT - Heavy Vehicle Use Tax
If you own a truck carrying heavy goods on public highways with a gross weight equivalent to or above 55,000 pounds, you are required to pay the heavy vehicle use tax (HVUT) annually. One must provide the proof of payment of HVUT to the department of motor vehicles (DMV) to operate the vehicles on highways (each year).
Only when the vehicle weighs in the range of 55,000 to 75,000 pounds, the truck owners must pay HVUT. HVUT tax rate for a vehicle weighing 55,000 pounds is $100 and it increases $22 for each1,000 pounds. For vehicles over 75,000 pounds, the HVUT will be $550 per year.
Who Must File Form 2290?
Truckers who own a taxable vehicle with a registered weight of 55,000 pounds or above and have plans to drive more than 5,000 miles must file Form 2290 every year. The heavy vehicle use tax (HVUT) is applicable to all heavy motor carriers operating on public highways. However, there are few exceptions for vehicles operating on highways.
What is required to file Form 2290?
To file form 2290, one must provide details of both business and vehicle and acknowledge that the given details are correct before submission.
As part of business details, you must produce employer identification number (EIN), address, contact information, and details of authorized signatory. If you do not have an EIN, visit the IRS to apply.
As part of vehicle details, provide the vehicle identification number (VIN), gross weight etc.
When to file Form 2290?
Each year the tax period for HVUT begins from July and ends in June of the following year. So, we recommend you to file Form 2290 for your taxable vehicle at the very beginning of its use. For the new truckers, the form must be filed on the first month of its use on highways, i.e. if you start using the truck on September (or any other month) you must file the form by the end of the October (next month).
The due date to renew your form 2290 for the new tax year will be on August 31st of every year.
How to file Form 2290?
Online filing: Opting to file form 2290 online can result in time savings. Reach out to an e-file service provider or electronic return originator (ERO) or other online providers participating in the IRS e-file program to file the tax. You can simply provide the required details and can get your stamped schedule 1 form within minutes.
E-service providers like ExpressTruckTax.com will provide a safe and secure method to file online. You can instantly fill in the information, identify and correct the errors, and submit the form either through a desktop application or mobile app.
Paper filing: You can even pay through check or money order if you are not confident of the security in electronic fund transfer or Electronic Federal Tax Payment System (EFTPS). Mail your form 2290 to the below-given address.
Penalties: An individual failing to file form 2290 before the due date (August 31) will be liable to pay penalty. And, this penalty will be of a high cost i.e. about 4.5% of the total tax due. For late filers, the penalty will be on a monthly basis with additional charges.
