Whether or not you’re new to the trucking industry, or a veteran trucker, it’s important to know about Form 2290. To make the process fast and easy, you need to know what information you will need to fill it out.
At first glance, this form may seem complicated and time-extensive to fill out, but it is not. Here is a breakdown of what you need to know about Form 2290.
What is Form 2290?
No one enjoys filling out long, extensive, and time consuming tax forms, but it is necessary. Form 2290 is required for all truckers to file, but you may be wondering why?
Form 2290 is a tax return for heavy vehicles to figure out how much taxes a specific vehicle needs to pay. Every truck driver must file this form in order to pay their Highway Vehicle Use Tax (HVUT). This total is figured using the taxable gross weight for vehicles that weigh 55,000 pounds or more.
The taxable gross weight of a vehicle is determined by the total weight of a truck, plus trailer, plus the max load capacity. Heavy vehicles that are used for less than 5,000 miles are considered to be ‘suspended’ and won’t have to pay tax on that vehicle.
What information does Form 2290 need?
E-filing your form 2290 is quick and easy, once you have all the information needed close by. The information required on the Form 2290 is important in order to determine how much is owed based on the truck.
Business Name and Address
The name of the trucking business you own or work for is required on every form, as well as that business’ address.
A requirement is also the type of business that you work for. Typically, the type of business is listed out (as shown in the picture above). If you don’t know the type of business, there is an option to select “Others or not sure”.
EIN (Employee Identification Number)
Your Employee Identification Number (EIN) is required in order to keep track of the business’s tax records. The EIN is a nine digit code that is issued by the IRS to every business owner
If you do not know what your EIN is, you can use our sister product, TSNAmerica, and they can get you EIN for you.
Once the process is complete. Your information will be processed and validated by the IRS. Once processed, your EIN will be issued to you, but it will take around 15 days to become active.
VIN (Vehicle Identification Number)
A Vehicle Identification Number (VIN) is a 17 digit code given to each vehicle. This code is used to identify each vehicle, so no truck can have the same VIN.
The IRS requires this VIN when you are filling your 2290, so it’s important to know it. You can find this code on your vehicle registration, title documents, or on the actual vehicle.
Taxable Gross Weight
The IRS also needs to know the taxable gross weight of your vehicle when you file your 2290. This is used to figure out the HVUT that is required to be paid.
The HVUT will increase or decrease depending on the gross weight of your vehicle. The heavier the load, the higher the payment.
The taxable gross weight of your vehicle is calculated by adding the total weight of the truck, trailer, and maximum load capacity together.
If your vehicle’s taxable gross weight is less than 55,000 pounds, then you are not required to file form 2290. Click here to learn more about calculating your taxable gross weight!
First Used Month
The IRS requires you to fill out a Form 2290 from the date that you first put your vehicle on a public road. The first used month (FUM) relates to the first month that your vehicle was in motion on any public roads during that tax year.
The current tax year begins on July 1st, 2021 and ends June 30th, 2022 and the deadline to file form 2290 is the last day of the following month after your FUM.
For example, if the first time you drive your vehicle on public roads is any day in July, then you will need to have your form 2290 filed by August 31st (the end of the month).
Below is the list of due dates for this following tax year for you to reference:
What is a suspended vehicle?
A heavy vehicle will be considered “suspended” if it runs on public roads for less than 5,000 miles during one tax year. If the vehicle is used for agricultural purposes, then the limit would be less than 7,500 miles per tax period.
Suspended vehicles do not have to pay their HVUT, but they still must file a Form 2290 return to the IRS for it.
What’s the easiest way to file Form 2290?
Here is the answer to everyone’s question: What’s the fastest and easiest way to file? The easiest way to file your Form 2290, according to the IRS, is through e-filing online. By e-filing, the processing of the tax return would be quicker and you will receive your stamped Schedule 1 within minutes.
How do I submit my payment to the IRS?
The IRS provides multiple payment options for you to be able to pay your HVUT. No matter which payment method you use, it’s important to check that it has gone through before August 31st to avoid any unwanted fees.
Direct Debit or Electronic Funds Withdrawal (EFW)
You can pay your HVUT through Direct Debit or Electronic Funds Withdrawal(EFW). If you pay this way, the IRS should take the amount from your bank account within 1 or 2 business days.
Check or Money order
A Check or Money order is also an acceptable form of payment through the IRS, but you have to make the payment within the filing deadline in order to avoid penalties.
Electronic Federal Tax Payment System (EFTPS)
To pay through the Electronic Federal Tax Payment System (EFTPS), you must have an account and initiate this payment transfer at www.EFTPS.com. If you don’t have an account, you can create one using the same link.
Credit or Debit card
This year the IRS allows you to pay your HVUT through Credit or Debit card payments. After you file your Form 2290, go to IRS.gov/PayByCard to pay with your Credit/Debit card, but do understand that a convenience fee will be charged for this service.
File your 2290 Now!
The time to file your Form 2290 for the 2021-2022 year is fast approaching! Once you have all of the information that you need on hand, file online at Express Truck Tax in less than 5 minutes!
If you still feel overwhelmed by your Form 2290, Express Truck Tax’s sister company Truck Services of North America (TSNAmerica) will complete it for you, right over the phone!