The deadline to file and pay your Heavy Vehicle Use Tax (HVUT) is quickly approaching if you put a new truck on the road in March. It is important to understand the consequences of failing to file and/or pay your tax on time. In addition to needing the Stamped Schedule 1 to obtain your plates, if you miss the deadline to file or pay your HVUT, you can be hit with significant IRS penalties and interest charges.
Form 2290 Penalties
For example, if you fail to file your HVUT return by the due date, you could be penalized 4.5% of the total HVUT 2290 amount. This penalty can accrue for up to five months. If you fail to pay the full amount of tax due, you can also be subjected to a penalty of 0.5% of the unpaid tax per month, up to a maximum penalty of 25%.
These penalties can quickly add up and result in a significant financial burden for taxpayers who do not file or pay their HVUT liability on time. What’s more, failing to pay your tax debt can also result in the IRS placing a lien on your assets, including your trucks, and seizing those assets to satisfy the tax debt.
Avoid HVUT Penalties With ExpressTruckTax
To avoid these consequences, it is important that all truckers file their Form 2290 HVUT return and pay their tax due by the last day of the month following the first use. The good news is that you can file your HVUT, Form 2290 quickly and easily with ExpressTruckTax.
Creating an ExpressTruckTax account is simple, and filing your Form 2290 can be completed in just six easy steps. By using ExpressTruckTax, you can rest assured that your HVUT will be filed correctly and on time, avoiding costly penalties and interest charges.
Don’t let the deadline sneak up on you – create your ExpressTruckTax account today and file your HVUT return before it’s too late!