What does Form 2290 mean for Your Trucking Business?
:If you are truck owner who owns a vehicle with a taxable gross weight of 55,000 pounds, then you are responsible for paying HVUT (Heavy Vehicle Usage Tax) tax every year and report the same to the federal using the Form 2290.
Taxable gross weight for a heavy vehicle will be calculated based on the following criteria
The actual unloaded weight of fully equipped truck.
The actual unloaded weight of any fully equipped trailer or semi-trailer.
The weight of the maximum load generally carried on the truck and trailer(s) or semi-trailer(s).
The HVUT will vary for each weight category and the maximum will be $550 per year for the weight over 75,000 pounds. Eventually, these HVUT are used for highway construction and maintenance by the Department of Transportation.
The following Info will be useful for you to calculate your HVUT:
Gross Taxable Weight - Below 55,000 lbs then Heavy Vehicle Use Tax Rates - No tax
Gross Taxable Weight - 55,000-75,000 lbs, then Heavy Vehicle Use Tax Rates - $100 plus $22 per 1,000 pounds over 55,000 lbs
Gross Taxable Weight - Over 75,000 lbs, then Heavy Vehicle Use Tax Rates - $550
If you stop using or sell your heavy vehicle halfway during the tax period, you can get a refund for part of the calendar year.
Form 2290 - :
Form 2290 is used by truck owners to pay & report the taxes for the usage of trucks on public highways during the current tax period, with a gross weight of more than 55,000 pounds.
You need to file the 2290 Form even if your Truck operates below 5,000 miles (7,500 for Farm trucks) & excluded from paying taxes.
Schedule Of Heavy Highway Vehicles - 2290 Schedule 1
As a truck owner, you need 2290 Schedule 1 as the proof of payment for the Heavy Vehicle Use Tax (HVUT) that you pay to the IRS.
Report all taxable vehicles and those that you are reporting tax suspension by category and vehicle identification number (VIN) requires the IRS stamped Schedule 1.
You will receive a Stamped Schedule from the IRS after you have filed the Form 2290. It is used as a proof of payment to register your vehicle in any state.
An IRS stamped Schedule 1 is required for tags and vehicle registration at the Department of Motor Vehicle (DMV).
When is the Deadline to File Form 2290?
Form 2290 must be reported on the last date following the first month usage of the truck. The current tax period begins on July 1st, 2019 and ends on June 30th, 2020 & the deadline is September 3, 2019.
ExpressEfile provides an easy way for you to e-file your 2290 Form
Switch to the 2290 electronic filing provided by ExpressEfile and get your schedule 1 in minutes.
The following are the few benefits that you can avail when using ExpressEfile:
Get stamped Schedule 1 in minutes through your registered email or get it directly to your mailing address
We ensure on-time filing with the IRS as the total filing process will take less than 5 minutes.
Our internal audit check will make sure that all your information is error-free to transmit
Get the real-time notification in just a few minutes about your filing status.
If your Form gets rejected, you can always correct it & retransmit it for FREE.
How to e-file your Form 2290 with ExpressEfile?
Create Form 2290
Complete form information
Our software audits your information for basic errors
Finally, Review Form Summary & transmit it to the IRS.
Then within a matter of minutes you will get your IRS Stamped Schedule 1 through your registered email.
Start Filing your Form 2290 with ExpressEfile Now