Are you new to working as an owner-operator in the trucking industry? Have you worked as an owner-operator for years? No matter how long you have worked as an owner-operator, it is important to stay informed and compliant with the IRS, especially with tax season approaching fast. This means knowing whether or not you have to File Form 2290 for your vehicle.
What is Form 2290?
If you drive a vehicle that has a Taxable Gross Weight of 55,000 pounds or more, you are required to file Form 2290 for the Heavy Vehicle Use Tax (HVUT) to the IRS annually. If you drive a vehicle of a qualifying weight but only travel 5,000 miles or less in a year, or 7,500 miles or less in a year if used for agricultural purposes, you still need to file Form 2290 for your vehicle but you will not owe any taxes. This is because the IRS considers vehicles that don’t exceed the mileage limit as suspended. Upon filing Form 2290, you will get a Stamped Schedule 1 for your vehicle, which allows you to obtain the tags and vehicle registration for it.
What information is Needed in order to File Form 2290?
In order to file Form 2290, you need to provide information that is needed to determine how much tax you owe for the Heavy Vehicle Use Tax.
Business Information
When filling out 2290 Form you will be asked to provide the name of your business as well as your Employer Identification Number (EIN). The EIN is not to be confused with your Social Security Number (SSN) which is entirely different and cannot be used for e-filing Form 2290. You will also need to provide the address of your business.
Vehicle Information
Another essential thing you need to file Form 2290 is information about the vehicle you are filing for. You need to provide the vehicle’s Vehicle Identification Number (VIN), a unique 17-digit sequence of numbers and letters.
You also need to provide the vehicle’s Taxable Gross Weight. A vehicle’s Taxable Gross Weight is determined by adding the total weight of the truck, the trailer, and the maximum load the truck is able to carry. This is one of the factors that determine how much taxes you owe for your vehicle. If a vehicle weighs less than 55,000 pounds, you are not required to file Form 2290 for it.
Knowing a vehicle’s First Used Month (FUM) is important because it also determines how much tax is owed for a vehicle. A vehicle’s First Used Month refers to the month it was first put on the road. If the vehicle has been on the road for a year or more, the vehicle’s First Used Month will be July. This is because the Form 2290 tax year goes from July 1st to June 30th of the following year and is paid in advance for the upcoming year.
When is the Deadline to File Form 2290?
The deadline to file Form 2290 is the last day of the month following the vehicle’s First Used Month. If your First Used Month is in July then the Form 2290 deadline is August 31st. This applies to drivers who are first putting trucks on the road in July and drivers who have had trucks on the road for a year or more. If your First Used Month is in any other month, for example, in October, the deadline to file Form 2290 for your truck will be the last day of November. In these cases you will not pay the tax for the full year, instead, you will pay a prorated amount for the remaining months of the tax year.
What’s the easiest way to file Form 2290?
Having to e-file Form 2290 might seem like a long and complicated process but before you do so, choosing an IRS-authorized e-file provider is a must. Filing Form 2290 with ExpressTruckTax is fast and easy and the entire process only takes a few minutes. ExpressTruckTax makes entering all of your business and vehicle information simple. There are multiple convenient payment options available for paying your Heavy Vehicle Use Tax. With ExpressTruckTax you are able to pay your Heavy Vehicle Use Tax using Electronic Funds Withdrawal (EFW), check or money order, Electronic Federal Tax Payment System (EFTPS), or using a credit or debit card. You can pay using a debit or credit card either through an IRS-approved third-party payment processor or directly from ExpressTruckTax alongside your filing fee.
Don’t get fined for late filing, file your Form 2290 by the deadline and get your Stamped Schedule 1 in minutes. What are you waiting for? File with ExpressTruckTax now for a simplified filing experience.
