HVUT Form 2290 tips for Owner-Operators
The job of a Heavy Vehicle Owner Operator can be one of the most stressful and yet it is also one of the most vital for our nation’s economy. An owner operator’s job is not only physically strenuous due to the long hours on the road; it can also be mentally draining, confusing, and stressful due to the various regulations that are imposed on owner operators each year for their heavy vehicles. These highway regulations include Heavy Vehicle Use Tax (HVUT) which includes the IRS Form 2290 as well as IRS Form 8849. Another tax that affects the trucking industry is the International Fuel Tax Agreement (IFTA).
Filing IFTA can also be a very long and confusing process due to the amount of records that need to be collected and maintained. The reason for keeping these records is so that the Fuel Tax (IFTA) is accurately distributed to all of the states and provinces that were involved. For Example, if a driver drove through a state on its public highways, but did not purchase any fuel in that state, then that state did not receive any taxes from that driver. The Fuel Tax would redistribute the taxes so that certain states would not be neglected if they were used. Each driver must keep detailed trip notes for the number of miles that were traveled, and also how much fuel was purchased in each state or province.
The IRS Form 2290 has its own set of detailed instructions, sections. The first part, the Schedule 1, must be completed and stamped by the IRS in order for the vehicle to be registered with the Department of Motor vehicles. The traditional way to obtain this stamp from the IRS can be filed one of two ways. The form can be sent to the IRS office via postal mail and then wait for the stamped form to be sent in the mail, which can take several weeks. The other option is to file at the nearest IRS office and get it stamped in person. This is also a very time consuming option that often includes waiting in line for a long period of time.
Fortunately, these confusing processes have been made easier, simpler, and safer. ExpressTruckTax.com serves as a one-stop-shop for all truck tax needs! Express Truck Tax allows drivers to E-File a completed Form 2290 online with the IRS and receives a stamped Schedule 1 in minutes. (The stamp is actually a watermark, not a physical stamp. State DMV’s will accept this as proof) The IFTA process is also much easier thanks to the online tools that Express Truck Tax has to offer. With features like online trip sheets and abnormal MPG audits, Express Truck Tax has what it takes to get you back on the road with as little paperwork as possible.
2,479 total views, 3 views today