Anyone with serious experience in the trucking or transportation industry will tell you that there are many more business and economic responsibilities for truckers and Owner Operators besides simply getting something delivered at the right time and place. Heavy Vehicle Use Tax
, or HVUT, is one of the most common taxes that the IRS imposes on heavy highway vehicles in the United States
. Paying this tax properly involves filing the IRS Form 2290
and then receiving a Stamped Schedule 1 from the IRS. This Form is so easy to E-File online, and thanks to Express Truck Tax, there is no reason to be late, as you can see from the following points:
The IRS can add all kinds of interest and late fees, but if you end up in court over the matter it will lead to the court costs as well as heavy fines. Unless you enjoy IRS Audits and spending time in courtrooms, it is a terrible to not pay your taxes.
A Form 2290
can be filed at any time after the deadline has passed but the tax due may be subject to penalties and interest. The penalty for failing to file IRS Form 2290
in a timely manner is equal to 4.5 percent of the total tax due, assessed on a monthly basis up to five months. Late filers not making an HVUT (Form 2290) payment also face an additional monthly penalty equal to 0.5 percent of total tax due. Additional interest charges of 0.54 percent per month accrue as well.
•Taxes help improve public roads
Paying taxes is never a joyful experience, but you should get some gratification in the fact that much of the taxes paid for HVUT
go back into the cost of roads and highway expenses. It just makes sense; if you enjoy using something, you shouldn’t mind paying for it.
•Not filing or not paying is a felony
Fines are bad enough, but it could be worse. Going to court can lead to criminal charges. The IRS & state governments could prosecute anyone who purposely cheats to avoid paying the truck tax. It can also lead to time in prison.
•Stay focused on your business
If these are not paid in a timely manner, the previously mentioned fines, court appearances, and possible jail time could seriously put a halt on your business. The time and energy spent worrying about IRS Audits, Fines, and Court Dates is not worth it.
•It’s So Easy
With Express Truck Tax, their team of Truck Tax experts will guide you through the process. All you need to do is login to www.ExpressTruckTax.com and start entering the vehicles that you need to file for. If there are any questions, you can call them at 704.234.6005 or send an email to support@ExpressTrucktax.com