The IRS requires truck owners to file their taxes, including Form 2290. However, not everyone is aware of this and its importance. In this blog post, we will discuss Tax Form 2290 and its significance, including what it is, who should file it, when it’s due, and how it works.
What Is Tax Form 2290?
Tax Form 2290 is a form used by the IRS to calculate and collect the Heavy Highway Use Tax (HVUT).
This tax is imposed on trucks and other commercial vehicles with a gross weight of 55,000 lbs or higher, and it’s based on the total weight of the vehicle. This means that the heavier your vehicle, the more tax you have to pay.
Who Should File?
If you are a truck owner, you must file Form 2290 if your vehicle has a taxable gross weight of 55,000 pounds or more, and you use it on public highways.
Vehicles that are used for 5,000 miles or less (7,500 for farm vehicles) must file a return but are excluded from paying the tax.
When Is It Due?
If a vehicle is first used on a public highway after July of the current year, see the table below to determine the due date of the return and payment of tax.
If the vehicle is still being used in July of the following year, the Form 2290 filing deadline would be August 31.
How Does It Work?
To file Form 2290, you would need to provide basic information about your vehicle and its weight.
You will also need to indicate how it will be used during the tax year, and the amount of tax you are required to pay.
It is important to remember that you must have an employer identification number (EIN) to file Form 2290. (If you don’t have one, don’t worry — our pros can help!)
Once you have filed the form, you can pay the tax either by mailing a check, by credit/debit card, or through the Electronic Federal Tax Payment System (EFTPS).
For more useful information for truckers, check out our previous blog, “What Is a USDOT Number?”
La Senda Enterprises: Tax Preparation and More
Need help filing Tax Form 2290? From tax services to authority services, at La Senda enterprises we offer a full range of professional services designed to make your life easier.
We are located in Rancho Cucamonga, California, and serve clients all over the Golden State and beyond. Get in touch today by email at info@lasendaenterpriseinc.com or by phone at 909-466-5522.