IRS tax jargons are pretty complicated to decode, today let’s throw some light on the term “SUSPENDED VEHICLE”. Taxpayers mostly get confused with the term Suspended vehicle, reason is very simple as per their understanding they think it means any vehicle that they take out of service is defined as suspended vehicle. That’s absolutely incorrect. So what does it mean?… Continue reading
IRS Form 2290 is used to pay Heavy Highway Vehicle Use Tax (HVUT). IRS Form 2290 payment is set up to help provide funding to federal states to repair the roads damaged due to running of Heavy highway vehicles. Extensive running of Heavy highway vehicles weighing more than 55,000 pounds can cause repairs on the road. Thus the taxes collected through IRS Form 2290 helps for the maintenance and repair as well as a variety of other programs to keep the roads to function properly.
Any vehicle that has a gross weight of 55,000 lbs or more requires a Form 2290 to be filed with the IRS. And the taxes are paid on vehicles which runs 5,000 miles or above.