Hello, truckers! The new tax period, 2024-2025, is here. You must report your HVUT returns to the IRS using Form 2290 within the deadline. Keeping the wheels of commerce running and navigating the world of tax responsibilities during the season can feel like an extra uphill climb. One of the main hurdles you might encounter in your smooth ride is the Highway Heavy Vehicle Use Tax (HVUT) returns and Form 2290. You should handle your tax obligations within the deadline and get the proper acceptance to stay in compliance with the law. But fear not! TaxExcise.com is there for you to make your Form 2290 reporting process a smooth experience. Firstly, this blog post gives you a clear understanding of HVUT and Form 2290, empowering you to file your truck taxes with confidence.

What is HVUT?

The Highway Heavy Vehicle Use Tax (HVUT) is a federal excise tax imposed on certain heavy highway motor vehicles operated on public highways in the United States. This tax helps find the construction, repair, and maintenance of our nation’s highway infrastructure. Truck owners and operators must file the HVUT reports every year during the tax season using the IRS Form 2290. The taxes are collected in advance for the tax period. Taxpayers should estimate their tax returns and report them to the IRS at the beginning of the tax season.

Which vehicles are subjected to HVUT returns?

You are liable for Form 2290 HVUT returns if you have a highway heavy motor vehicle with a taxable gross weight of 55,000 or more and must be estimated to travel more than 5,000 miles (7500 for agriculture vehicles). The tax amount varies based on the taxable gross weight of the vehicle; it increases based on the weight. Also, the taxes for logging vehicles are different than those of the usual heavy highway vehicles. So, you need to ensure you fill out Form 2290 accordingly under the right category of your heavy vehicle. If you have any heavy vehicle that doesn’t fall under the taxable category, you need to file Form 2290 for that vehicle as well under the tax-suspended category. But you need to pay any tax amount for tax-suspended vehicles.

What is a tax period?

A tax period is the time duration for which your taxes are valid. The HVUT tax period starts in July and ends next June. Likewise, this year’s tax period has started from July 01, 2024, and it will end on June 30, 2024. As per the IRS regulations, you must estimate your Form 2290 HVUT returns for the entire tax period in advance and report them within the deadline. The last date to report Form 2290 for this new tax period is September 03, 2024.

What information do I need to report Form 2290?

To complete Form 2290, you’ll need the following information:

• Your vehicle information (VIN, taxable gross weight)
• The month your vehicle was first used on public highways during the tax period, in this case, July.
• Your tax liability (calculated based on tax tables)
• Your Employer Identification Number (EIN) or Social Security Number.

How to file Form 2290 tax reports to the IRS?

You can paper file Form 2290 by filing the physical form and mailing it to the IRS or submitting it in person. Otherwise, you can E-file Form 2290 directly to the IRS through an authorized service provider. Please remember that the IRS made Form 2290 E-file compulsory for truckers and trucking taxpayers reporting Form 2290 tax returns for 25 or more heavy vehicles in their fleet. Also, they encourage all truckers to prefer the Form 2290 E-filing method because of its efficiency and convenience.

TaxExcise.com is an IRS-approved modernized Form 2290 E-filing service provider where all truckers can comfortably E-file their truck tax returns and get the stamped Schedule 1 copy instantly. For queries and support, don’t hesitate to get in touch with our customer help desk at 1-866-245-3918 (toll-free) or write to us at support@taxexcise.com; we will reply promptly.