Tag Archives: exempt vehicle

Decoding IRS Tax Jargon – “Suspended Vehicles”

TaxesIRS tax Jargon’s are pretty complicated to decode, today let’s throw some light on the term “SUSPENDED VEHICLES”.  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?…

SUSPENDED VEHICLE: As per the IRS the term Suspended vehicle means, vehicles that are suspended from taxes in other words tax exempt vehicles. Any heavy vehicle with a gross weight of 55,000 pounds or above needs a Form 2290 filed for it by its respective owner. But the IRS has defined some distance speculations to determine whether the vehicle is taxable or Suspended (Tax Exempt). Continue reading

Brief Insight on Suspended and Agricultural Vehicles Reported Through Form 2290

Trucking is not all about Commercial vehicles, it about vehicles which deal with every purpose. From farming to deliveries, trucks are the only means of transportation to gear up the work load. Not all heavy vehicles are required to pay taxes through form 2290. There are different kinds of vehicles within the same category of heavy vehicles that are required to file their return just to keep IRS informed, not contribute to the nation. Keep reading to know more about the types of vehicles and their taxation systems imposed. Continue reading