HEAVY VEHICLE USE TAX IRS FORM 2290
What is the HVUT Form 2290? Form 2290, Heavy Vehicle Use Tax, is for remitting payment to the IRS for driving a vehicle over 55,000 pounds. This form is due either within one month of when the truck was first put on the road, or from July 1st to August 31st in subsequent years. Who must file HVUT Form 2290? All heavy vehicles, those over 55,000 pounds, must file annually the Form 2290. Even if a truck did not go over 5,000 miles for the year, or 7,500 miles if it is a logging or farming truck, a 2290 must still be filed. A 2290 must also be filed for any trucks first used any time during the year, within a month of when the truck was put into use. When is form 2290 due for 2014? The IRS Form 2290 for Heavy Vehicle Use Taxes (HVUT) must be filed annually for each taxable vehicle that is used on public highways during the current tax period. The current tax period for heavy vehicles begins on July 1st, 2014 and ends on June 30th, 2015. A Form 2290 must also be filed once a vehicle is placed in service. The due date for each month is the last day of the following month. For example: if a vehicle is placed in service on November 3rd, the Form 2290 due date on December 31st. How to fill out HVUT Form 2290? You will need your business’ details - Business Name (Sole proprietors can use their legal name) and address, EIN (Employer Identification Number), and details of the authorized signatory. Please note: you must have the EIN to file Form 2290. You need the details of your vehicle: Vehicle Identification Number (VIN) and Gross Weight of the vehicle. What is the federal heavy vehicle use tax? The Federal HVUT is assessed on heavy highway, logging, and farming vehicles to help repair the roads they travel on. It is an annual payment ranging from $100 to $550 or $75 to $412.50 for logging and farming vehicles.
When to file HVUT return Form 2290? The Form 2290 filing season begins July 1st and ends August 31st. Since it is an annual form, this deadline comes at the same time for every driver, every year. There is also a second deadline, the first use month requirement. This deadline occurs when a truck is purchased and used any time after the July deadline. Within one month of putting the truck on the road, the owner is required to file a 2290 for the truck. How much will the heavy vehicle use tax be? The HVUT is calculated based on weight and mileage, and pro-rated based of months of use. ExpressTruckTax’s software will calculate for you the amount you will owe on your truck(s) based on the information you have put in. Taxes range from $100 to $550 or $75 to $412.50 for logging and farming vehicles. Form 2290 Hvut tax calculations? Taxable Gross Weight Below 55,000 lbs 55,000 to 75,000 lbs
HVUT Rate
Logging/Farming Vehicle Rate
No Tax No Tax $100 plus $22 for every 1,000 lbs $75 plus $16.50 for every 1,000 over 55,000 lbs. 55,000 lbs
Over 55,000 lbs $550
$412.50
Form 2290 HVUT Penalties? The penalty for failing to file IRS Form 2290 by August 31st is equal to 4.5% of the total tax due, assessed on a monthly basis, up to five months. Late filers not making an HVUT payment also face an additional monthly penalty equal to 0.5% of the total tax due. Additional interest charges of 0.54 percent per month accrue as well. How do I send my HVUT (Form 2290) taxes to IRS? In order to transmit your Form 2290, simply log on to ExpressTruckTax.com or download our FREE Apple iPad and Android tablet app. From there, you will create a new account. Once you have created a new account, you will be taken to your Dashboard, which will be your homepage for filing. Click on “Create New Return” and begin filling out the 2290. After you are done, pay the necessary fees (only $9.90 for a single truck!) and transmit your form to the IRS. You should receive your stamped Form 2290 Schedule 1 back in around 15 minutes. It’s really that easy!