With the tax season on the roll, we are sure, you have questions that are left unanswered. So we have got answers for the same. Here’s everything you’ve ever wondered about HVUT, broken down into one easy read. Because that’s what TaxExcise is all about, making things easier for the trucking industry!
What is Form 2290?
IRS Form 2290 with Schedule 1 is a tax form that must be filed each year for all taxable highway vehicles that are registered, or required to be registered in your name under state, District of Columbia, Canadian, or Mexican law.
And that means, if you own a heavy vehicle, with a gross weight of 55,000 pounds or more, or have one registered in your name in the U.S, the District of Columbia, Canada, or Mexico, you need to file Form 2290 and pay the excise tax every year!
When to File:
You need to file your 2290 every year during the tax season that begins on July 1st of every year and the following June. But tax for the year is due during the renewal period, which is typically from July 1st to August 31st of each year, giving you two whole months to e-file.
However, if you purchase a new vehicle during the tax year, then your HVUT is due the month after you purchase a new vehicle. Meaning if you purchased your vehicle in August, your HVUT would be due September 31.
When Is the Deadline?
The 2290 deadline to file for renewals is on August 31, every year. This means you now have just 20 days in hand to efile! and that seems to be a short period too! However, if you purchased your vehicle later during the tax year, your first-used month and your tax due date will be different.
You have a month to file after you purchase your new vehicle, for example, if you purchase your vehicle in October, your taxes are due at the end of November or you will face penalties.
However, it is better to e-file right away. That way you can have your taxes filed and out of the way until the next tax year and you don’t have to worry about missing any deadlines and getting penalized for it.
When Do I Need to Renew?
You need to renew your HVUT every year during the renewal period. If you wait to file, you risk facing some pretty hefty penalties for not filing. That and you can’t renew your vehicle registration with the DMV.
Is This a State Tax?
No, unlike IFTA, HVUT it is a federally-mandated tax. As stated previously, if you have a heavy vehicle registered, or required to be registered in your name in North America, and Mexico, you are required to file yearly Heavy Vehicle Use Taxes.
If you have any more questions about the 2290 and how to file, our dedicated support Experts team is here for you! So give us a call at 866-245-3918during our new extended business hours from 8AM to 8PM EST. Or you can send them an email at firstname.lastname@example.org for 24/hour support in English.