Drivers of vehicles weighing 55,000 pounds or more are required to file IRS Form 2290 for the Heavy Vehicle Use Tax (HVUT). If one of these qualifying vehicles drives less than 5,000 miles a year, or less than 7,500 miles a year if the vehicle is used for agricultural purposes, the 2290 Form must still be filed. If this happens, the IRS will consider this vehicle as suspended and will be exempt from paying the Heavy Vehicle Use Tax. If this vehicle exceeds the mileage limit and is not suspended, the tax amount owed will depend on the vehicle’s Taxable Gross Weight and the vehicle’s First Used Month (FUM).
Why is Filing Form 2290 Necessary?
When it comes to driving a vehicle weighing 55,000 pounds or more, filing Form 2290 is important because it guarantees that the driver will receive a Stamped Schedule 1. This Stamped Schedule 1 is important because it is required when getting the registration and tags for the vehicle. If you do not have a current Schedule 1 then there is a chance that you will get penalized if you get pulled over. There are ways to avoid these penalties, however.
How do you Avoid Penalties from the IRS Regarding Form 2290?
In order to avoid penalties, you must ensure that you File Form 2290. This is because by filing form 2290, you are able to get the tags and registration for your vehicle by having a current stamped Schedule 1. If you get pulled over and found to not have one this can result in fines and penalties. The best way to avoid getting penalized for not having one is to file Form 2290 before the due date for the 2022-23 tax year.
When is the Form 2290 Due Date For the 2022-23 Tax Year?
The 2022-23 Form 2290 due date depends on the vehicle’s First Used Month. This is especially true if the vehicle has been on the road for a year or less and refers to the month that the vehicle was first put on the road. In this case, the payment for the Heavy Vehicle Use Tax will be due on the last day of the month following the First Used Month. For example, if you put your vehicle on the road in November, you should file your Form 2290 in November but the tax payment will be due on the last day of December to pay the Heavy Vehicle Use Tax to the IRS.
If the vehicle has been on the road for more than a year or is being put on the road for the first time in July, the vehicle’s First Used Month will be July. This means that the deadline to pay the Heavy Vehicle Use Tax to the IRS will be August 31st. The Heavy Vehicle Use Tax is always paid for the upcoming tax year. The tax year for Form 2290 goes from July 1st to June 30th. This means that the Form 2290 due date 2022 is August 31st, 2022 for the 2022-23 tax year.
The Benefits of Filing with ExpressTruckTax
When you file your Form 2290 with ExpressTruckTax you will find that the system is easy to use and follow. You are able to complete your Form 2290 filing for the Heavy Vehicle Use Tax in a few simple steps. All you need to do is enter your information, your business information, your truck information, and whether or not you are claiming credits for vehicles, and then you can choose between four convenient payment options.
These payment options include Credit or debit card, electronic funds withdrawal (EFW), EFTPS, and check or money order. By using a credit card you are able to pay your tax directly from ExpressTruckTax or another IRS-approved payment processor. If you select electronic funds withdrawal (EFW), you will enter your bank account information and the money will be withdrawn from your account within a couple of days of your Form 2290 is accepted. When it comes to EFTPS, you will go to EFTPS.gov to make your tax payment. If you do not have an existing EFTPS account, you will need to create one and it typically takes about 15 business days to become active. If you select a check or money order, you will receive a voucher that tells you where to send the payment to. Include this voucher with your payment when you mail it in.
ExpressTruckTax makes it easy and convenient for you to file your Form 2290. It offers easy-to-follow steps that help you file your Form 2290 before the August 31st due date. What are you waiting for? Visit ExpressTruckTax and file your Form 2290 today!