Have you purchased a heavy highway motor vehicle? Does the vehicle weight is more than 55,000 pounds? Then you need to pay Heavy Highway motor vehicle Use Tax to the IRS using Form 2290. IRS Form 2290 is a tax form used to report the taxable gross weight of the heavy motor vehicle which uses the Highways for carrying out business or trade activities.
Getting confused about what is Form 2290 HVUT? Don’t worry! We’ve provided you a complete guide to file IRS Form 2290. We’ll let you know about who must file Form 2290, tax exempted vehicles, taxable vehicles.
Who must file Form 2290 HVUT?
Any individual who registers a heavy highway motor vehicle in their name with a gross weight of 55,000 pounds or more must file Form 2290 and pay the tax. The trucks that used for 5,000 miles or less are required to file a return but are excluded from paying the tax.
As we know, most of the truckers are filing their returns electronically. If you’re reporting more than 25 or more taxable heavy highway motor vehicles, you should e-file Form 2290 HVUT.
Form 2290 tax exemption vehicles
Here are few criteria for highway motor vehicles. If you meet these requirements, there is a tax exemption. If the highway motor vehicle is operated by:
- District of Columbia, or Federal government, or American National Red cross, or by the state or local government.
- A non-profit volunteer of ambulance association, fire department, or rescue squad.
- Mobile machinery where its specifications fall under chassis for non-transportation functions.
- Blood collector organization blood collector vehicle.
There are a few criteria that are exempted from HVUT tax. It is also important note that logging vehicles enjoy reduced tax rates. They are given below:
- Agriculture vehicles with less than 7,500 miles annually.
- Commercial vehicles with less than 5,000 miles annually.
- Vehicles that don’t fall under highway motor vehicles.
Taxable vehicles to file Form 2290?
A heavy highway motor vehicle designed to carry load, and includes self-propelled vehicles is a taxable highway motor vehicle. The vehicles those intentionally designed for the transportation of goods over public highways are buses, truck tractors, trucks etc. These are considered as highway motor vehicles and need to file Form 2290.
Whereas, pickup trucks, vans, panel trucks which possess the taxable gross weight of 55,000 pounds or less are not subjected to tax. Given below are the categories of vehicles that are not considered as highway motor vehicles:
- Mobile machinery specially designed for non-transportation functions.
- Vehicles mainly intended for off-highway transportation.
What’s needed to file a Form 2290?
You only require a few pieces of information to file a Form 2290, but it is crucial that you’ve all necessary data when the time comes to file. Given below are the required information to file a Form 2290:
Employer Identification Number
You must have an EIN to file Form 2290. An Employer Identification Number is a unique 9-digit number assigned by the IRS to business entities operating in the US. The IRS uses an EIN for tax administration. Don’t use EIN for other purposes such as tax lien auction or sales, or lotteries. You cannot use your Social Security Number instead of EIN in filing Form 2290.
Vehicle Identification Number
A Vehicle Identification Number is a unique code assigned by the manufacturer to each on-road vehicle in the US. Every vehicle has its own 17-character code made up of both numbers and letters. A VIN reveals a vehicle’s make, model, serial number, the year it was built and more. To file Form 2290 HVUT, you must obtain the VIN for each vehicle that requires the form.
Taxable gross weight
You need to declare the gross weight of each vehicle in order to determine its tax category. The taxable gross weight of the vehicle is the unloaded weight of the vehicle, plus the unloaded weight of any trailers, plus the weight of the maximum load carried on the vehicle.
How does e-filing Form 2290 HVUT easier?
There is a huge difference between paper filing and electronic filing process. The E-filing process came up with many features and benefits to the filers compared to the paper filing process. Truck holders can easily report their heavy trucks or vehicles to the IRS in minutes by filing Form 2290 online.
E-file Form 2290 is the best option selected by the truck holders. Because filing Form 2290 online will reduce the risk and also saves lot of time to report vehicles. The person who chooses to file Form 2290 online don’t need to go to the IRS office. Also, it’s easy to get IRS Form 2290 Schedule 1 proof by filing online.
What are the payment methods to pay IRS Form 2290 HVUT?
There are two ways to pay the highway use tax electronically:
Electronic funds withdrawal
It is an integrated e-file option offered by the IRS for paying your taxes online. This method of payments is available only when filing your federal taxes using tax preparation software. When you choose this option, you can submit one or more payment requests for debit card from your designated bank account.
Electronic Federal tax payment system
The EFTPS is a tax payment service provided by the US Department of Treasury. After you’ve enrolled and receive your credentials, you can pay tax due to the Internal Revenue Service using this system. It allows five to seven business days for new accounts.
For now, the IRS says they cannot accept payments of HVUT by credit or debit card. To pay the tax, mail the completed Form 2290 and a check or money order with Form 2290-V payment voucher to the IRS address.
Have you got a detailed information about IRS Form 2290 HVUT? Then why to waste your precious time! We provide you service to file your Form 2290 HVUT online. You can get your Schedule 1 within minutes by filing your HVUT electronically.