Trucking is one such industry, which is lively across the year. Even the weather does not allow the truckers to stay away from work. 365 days/ 24 hours trucking is living a new life on the highway.
And that welcomes, heavy vehicle used tax. We know you are the one who are working hard behind the wheels and we know you are always wondering why you do have to file tax when you are earning. We have an answer for that.
Once your vehicle is registered with the state, you are required to report HVUT through form 2290 annually if your vehicles gross weight is more than 55,000 pounds. Additionally, if your vehicle is likely to travel less than 5,000 miles a year, you don’t have to pay HVUT. However, you have to keep IRS informed about the suspension of tax through form 2290.
The tax season drops on your calendar on July 1st and lasts till August 31st. However, if the due date falls on a weekend or a public holiday, the next business day is declared as the official due date to file HVUT. Also, if you have bought your vehicle on road after the tax season, you are subjected to file and pay your prorated tax for the months you drove your vehicle till the tax season. For example, if your vehicle was first bought in service during the month of November, then you are required to file form 2290 by the end of December without fail. The tax would be calculated based on the weight of the truck.
Other than that, you should renew your form 2290 annually by August 31st of each calendar year. If you fail to do so, you are liable to file your return with penalties.
With two methods to file taxes, paper filing and e-filing, IRS recommends taxpayers to file and pay their dues online for ease. Also, tax filers who have more than 25 vehicles to report are mandated to e-file their return through an IRS certified e-file service provider like Tax2290.com.
When you paper file form 2290, you are likely to receive your schedule 1 copy in 5-45 days max and if you opt for e-filing, you receive your proof of payment to your registered account as well as your email address in minutes, once IRS accepts your return. The electronic copy will show a slightly visible watermark with the wording “Received XX / XX / XXXX.” Ensure you have a copy of the same in your heavy vehicle.
We have furnished enough information about form 2290 and that calls in for an update. If you have taken your vehicle out in the month of November, you are liable to file your return on or by the end of December 2014.
We have handpicked Tax Experts to assist you with filing form 2290 and solve queries if you are stuck in between. We will come in for your rescue. For more support, reach us @ 1-866-245-3918 or simply write to firstname.lastname@example.org.