What Is a Truck Tax Year and When to File My Form 2290?

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What Is a Truck Tax Year and When to File My Form 2290? Are you new to the trucking industry? Do you know about filing Form 2290? IRS Form 2290 is a heavy vehicle use tax form used by the individuals who operate businesses using heavy vehicles like trucks, tractors, etc.

Are you not aware of filing Form 2290? Don’t worry! We are here to help you by providing awareness of the proceedings or details of the filing. Besides, we will let you know where to file HVUT returns. Clearly, you’ll get to know about the truck tax year and the current tax period for newly purchased vehicles.

Why do you need to pay 2290 truck tax?

The major purpose of paying truck taxes is to repair the damages caused by carrying heavy loads on national highways within the US. Furthermore, to increase the mobility for other vehicles. In general, 2290 tax is the federal highway use tax paid to the IRS by the vehicle owners who operate on public highways with a gross weight of 55,000 pounds or more. However, the federal government distributes the revenues back to state authorities for maintaining public highways. On the other hand, paying HVUT is mandatory and it should be paid as early as possible. Otherwise, you may be subjected to penalties which charge along with interests. In some cases, the trucker may get prisoned for not paying excise taxes and using public roads.

When does 2290 truck tax year begin?

The Federal Highway Use Tax season runs from July 1st until June 30th of the following year. Moreover, the trucker must pay road taxes and report it on IRS Form 2290 every year for each vehicle that piles on highways during the tax period. The key date to file the tax returns and pay the taxes annually to the IRS is “August 31st”. So, if you’re operating a business using an existing vehicle for the 2021-22 tax year, the truck taxes are due to the IRS by August 31st, 2021. This means you’re paying taxes in advance to use the heavy vehicle on highways for a tax period 2021-22.

What is the current 2290 filing period?

The current tax period for all heavy vehicles starts on July 1st, 2021, and ends by June 30th, 2022. So, you should file Form 2290 once a heavy vehicle is placed on service. However, the due date for newly purchased vehicles will be by the last date of the following month of purchase. For instance, if you purchase a vehicle during the tax period i.e., after July, then the truck tax depends on the number of months for the tax period to end. Suppose, if you purchase a vehicle in November, then file Form 2290 by December 31st, and taxes are calculated from November- June 30th, 2022.

What should you be aware of along with Form 2290 filing?

Along with Form 2290 filing due dates, the truckers must be aware of the penalties imposed by the IRS for the individuals who fail to file tax returns. Furthermore, the IRS imposes penalties for multi-varied reasons. Penalties are imposed from the date the trucker fails to file 2290 Tax Form and pay highway taxes to the IRS. Besides, Federal Excise Tax penalties are assessed for false or fraudulent filing Form 2290s. In spite of HVUT penalties, interests are also charged on monthly basis until five months after the due date. This means if you’ve failed to file Form 2290 for a vehicle weighing 75,000 pounds. You may end up paying nearly $700 along with penalties and interests.

Where do I file my Form 2290?

According to the IRS, you can file Form 2290 either through paper filing or e-filing. Papers can be collected manually and filled out manually. Moreover, traditional filing is possible only for fewer forms i.e., less than 25 tax forms. When you’re submitting more than 25 tax returns for a calendar year, you must submit them online. Online filing 2290s possible through an IRS authorized e-file provider. Alternatively, e-filing doesn’t require manual collecting or manual filling out information. Thus, the IRS recommends every trucker choose e-filing even if you’re filing a single return for a tax period.

Ready to file 2290 HVUT returns? 2290 Online Filing is the best IRS-certified e-file provider. We offer 24*7 e-filing services with a 100% US-based customer support team to resolve the queries in time. Therefore, the filers experience hassle-free and successful 2290 filing.

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