Attention truckers! November 30, 2023, is the last date to report Form 2290 HVUT returns on a pro-rated basis for October used heavy vehicles and trucks. With the deadline approaching in a few days, e-file Form 2290 online on TaxExcise.com to have a smooth and stress-free tax filing process and get the IRS Schedule 1 copy instantly.

Let us look into some frequently asked questions on pro-rated truck taxes,

What is pro-rated truck tax?

Generally, the trucking tax period starts at the beginning of July and ends in June of the following year. Truckers must estimate their taxes for the entire period, report, and pay them in advance by the end of August each year. But the IRS doesn’t charge taxes for the whole year for trucks which was newly purchased or first used on any month other than July. They charge 2290 tax returns on a pro-rated basis based on the vehicle’s first used month.

How pro-rated truck taxes are calculated?

Pro-rated Form 2290 taxes are estimated from the heavy vehicle or truck’s first used month till the end of the ongoing tax period. In this case, your vehicle’s first used month is October 2023. You must estimate Form 2290 pro-rated taxes from October 2023 to June 2024 and report them accordingly to the IRS.

What is the deadline to report Form 2290 pro-rated truck taxes?

As per IRS regulations, the deadline to report pro-rated truck taxes is the end of the following month of the vehicle’s first used month. Therefore, truckers reporting and paying pro-rated tax returns should not miss the deadline. As the first used month is October 2023 here, you must report pro-rated taxes and get the IRS Schedule 1 copy on or before November 30, 2023.

What is the best way to report pro-rated truck taxes to the IRS?

E-filing pro-rated truck taxes on TaxExcise.com is the best method to report your pro-rated Form 2290 tax returns and get the IRS digitally watermarked Schedule 1 copy on time. As the deadline is just a few days away, you can e-file pro-rated Form 2290 tax reports smoothly and accurately using the latest features of TaxExcise.com and get the instant Schedule 1 copy to continue the trucking operations on the public highways smoothly.

What if I miss the deadline to report my pro-rated truck taxes?

If you fail to report and pay your pro-rated truck taxes on time, the IRS will charge you penalties, late charges, and interest over your tax dues. Also, operating your vehicles on public highways is impossible without a valid Schedule 1 copy.