If you are into the trucking business, you must be familiar with form 2290 and the Heavy Vehicle Use Tax (HVUT). Owners of heavy vehicles are liable to file form 2290 and make the HVUT payment if they wish to operate their vehicle on US public highways.
What is Form 2290?
Heavy vehicle owners who utilize public highways must file Form 2290, which is an excise tax return. Truckers filing Form 2290 for the first time are astonished by the simplicity and quickness with which they can complete the Form 2290 e-filing process, and they have nothing but nice things to say about its portal and their approved e-filing service provider.
2290 online must be filed by the truck owner when the gross weight of the vehicle exceeds 55,000 pounds. The owner must furnish the vehicle manufacturer’s proof of registration as well as the annual sales tax report for the taxable year if one has been provided.
Who needs to file Form 2290?
- Your vehicle must weigh at least 55,000 pounds. This is the most essential factor in determining whether or not you need to file a form 2290 tax return for the year. If the weight is to be measured, it should be done by a reputable business. For your Form 2290, you must provide the proper gross weight value.
- Taxes on trucks must be paid by LLCs (Limited Liable Company). Even if you are an LLC, you are still required to file your truck tax. Multiple trucks can be registered under your company. It’s also possible to file your truck tax for all of your trucks at once. Just fill the form each month before the Form 2290 due date.
- Vehicles with 5000 miles (or 7000 miles in the case of agricultural vehicles) or more have to file Form 2290. Be very specific when examining this detail. Please be sure that your odometer hasn’t been reset before attempting to find this out. Check the duration of your consignments to obtain an estimate of how many kilometers you’ve driven your vehicle.
What is a taxable gross weight?
Taxable gross weight is the sum of the following:
- A vehicle’s actual unloaded weight when fully equipped.
- The weight of any trailer or semi-trailer fully outfitted for an operation that is normally used in conjunction with the vehicle.
- Vehicle and trailer/semi-trailer maximum load weight.
- The empty weight of a vehicle is the actual unloaded weight of a vehicle.
The usage of a trailer or semitrailer in conjunction with a vehicle is considered customary if the vehicle can pull the trailer or semi-trailer.
Vehicle body (including cargo-carrying equipment like a concrete mixer), all accessories, any equipment attached to or carried on the vehicle for operation, and a full supply of gasoline and oil for the engine and gearbox are all included in fully equipped for duty status.
Benefits of filing Form 2290 Online
E-filing your form 2290 has several benefits. Let’s take a look at them below:
- You will receive a Schedule 1 copy within minutes– If you e-file your form 2290 with an IRS authorized e-file service provider, you will receive your Schedule 1 copy within minutes. Whereas with paper-filing, it will take up to 6 weeks to receive your stamped Schedule 1 copy.
- VIN Correction- There are 17 characters in the Vehicle Identification Number (VIN), a combination of both numbers and letters. The IRS utilizes the VIN as a means of identifying a taxpayer. Every vehicle has a unique VIN, thus no two vehicles can have the same VIN.
Form 2290 VIN correction is required if you have previously submitted your Form 2290 return with the erroneous VIN and the IRS has accepted it.
If you make a mistake on Form 2290, you must file a VIN Correction. A VIN Correction can be filed at any time. When you find that you have made a mistake in the VIN of any vehicle on your Form 2290, you can file a VIN correction amendment. - Bulk Uploading- When filing Form 2290 returns online, bulk upload plays a key role. It takes a lot of time to manually enter information on each vehicle using paper forms. VIN uploading might seem like a never-ending procedure, especially for businesses that own a lot of heavy vehicles. For truck owners who opt to e-file their HVUT returns, the IRS has added bulk uploading facilities. Owners of trucks can use this function to import information of over 40,000 vehicles at once. This simplified the e-filing procedure and allowed truckers to fill out their vehicle information in a matter of minutes.
Thus, if you submit Form 2290 electronically, you can save yourself up to six weeks of laborious paper filing by using an IRS-approved e-filing service provider. Moreover, form 2290 e-file has made the tedious process of paper filing a thing of the past. Also, it is important that you timely file this form without any delays. Else, you will have to pay the penalties.