Hello truckers, welcome back to our blog. Today we are going to speak about tax calculations. We know how difficult it is to keep a track on the receipts, the payment and of course, the due date. However, if a truck weighs more than 55,000 pounds and drives more than 5,000 miles in a taxable year, they are liable to pay taxes. These vehicles are categorized as taxable vehicles.
Below is the table for your better understanding:
|
|
Annual Tax (Vehicles Used During July)
|
Category
|
Taxable Gross Weight
|
Vehicles Except for Logging
|
Logging Vehicles
|
A
|
55,000
|
$ 100.00
|
$ 75.00
|
B
|
55,001-56,000
|
122.00
|
91.50
|
C
|
56,001-57,000
|
144.00
|
108.00
|
D
|
57,001-58,000
|
166.00
|
124.50
|
E
|
58,001-59,000
|
188.00
|
141.00
|
F
|
59,001-60,000
|
210.00
|
157.50
|
G
|
60,001-61,000
|
232.00
|
174.00
|
H
|
61,001-62,000
|
254.00
|
190.50
|
I
|
62,001-63,000
|
276.00
|
207.00
|
J
|
63,001-64,000
|
298.00
|
223.50
|
K
|
64,001-65,000
|
320.00
|
240.00
|
L
|
65,001-66,000
|
342.00
|
256.50
|
M
|
66,001-67,000
|
364.00
|
273.00
|
N
|
67,001-68,000
|
386.00
|
289.50
|
O
|
68,001-69,000
|
408.00
|
306.00
|
P
|
69,001-70,000
|
430.00
|
322.50
|
Q
|
70,001-71,000
|
452.00
|
339.00
|
R
|
71,001-72,000
|
474.00
|
355.50
|
S
|
72-001-73,000
|
496.00
|
372.00
|
T
|
73,001-74,000
|
518.00
|
388.50
|
U
|
74,001-75,000
|
540.00
|
405.00
|
V
|
Over 75,000
|
550.00
|
412.50
|
How do I file taxes:
First, you need to classify your vehicle based upon the category mentioned in the tabular column. If you are filing prorated taxes for your vehicle, then you need to calculate for the months your filing. Say, if April you took your vehicle on the highway for the first time, this May 31st is the last date to file your return depending upon the taxable weight. If your vehicle used only for logging and other forestry purpose, the tax rate would differ.
Now the question is which is easiest method to file your HVUT? Well, there are two major methods to file form 2290. One is the traditional method, paper filing. This consumes lot of time and energy, involving calculations to be done by t things are supposed to be done manually. It also provides you room with errors. If one error is found in your form, IRS would reject your return. So when you are opting for paper filing, ensure you are too good at math.
However, we have another option for you. May be this would work easy for you. Efiling is the method that can put you at ease. Here, there is nothing done manually. You have to register with Tax2290.com and then simply check on “Start A New Return”. Click on Heavy Vehicle Used Tax and fill in the details requested by the application. As you are typing, your info related to your vehicle, you will see your calculated taxes in the next slide in seconds. Also, add this point, the calculations done by our inbuilt application is the most accurate result, which will make you come to Tax2290.com again and again.
When things can get so techy, why do you have to stay dependent on paper and pen? So what is the wait for? Come over, and file tax for your heavy vehicle if you have used it for the first time on the highway in the month of April. So eventually, this May 31st would be the due date to file your return. Don’t wait anymore, if you go late, penalties would simply tag along which is not so likely.
Reach our Tax Experts for more assistance @ 1-866-245-3918 or write to us your queries tosupport@taxexcise.com. You stand as our inspiration to work harder, each day. We need to serve you with the best.
