So truckers, are you yet to file form 2290 for the year 2014-15? If the answer is a no, then let us remind you that you don’t have much time in hand as the due date is round the corner. September 2nd of this taxation year is the due date for filing HVUT through form 2290. Usually, the tax season starts by July 1st and ends by 31st of August. As the last date of filing falls on the weekend, September 2nd is the due date declared by IRS. Saying that, you have only 6 days in hand to get your return filed and submitted to IRS, adding up the grace time. We advice every tax filers to come over to Tax2290.com, a product of ThinkTrade Inc and file their return online in order to receive their schedule 1 copy in minutes and leave the penalties behind.
So today, we are going to talk about types of vehicles filed through IRS Form 2290. Taxable vehicles are one among them. The list is not long yet, it will allow you to understand your vehicle better and so the filing of taxes.
So to start with, taxable vehicles are in the list.
These are one kind of vehicles that weight more than 55,000 pounds and are categorized accordingly. So when you are filing form 2290 for your rig, you should be sure of the category it is falling. This tax is directly contributed to the wear and tear of the highway caused due to the heavy vehicles.
The next type of vehicle in form 2290 is Suspended vehicles. When your vehicle does not cross the minimum mileage i.e. 5,000 miles (and 7,500 miles for agricultural vehicle), they are counted as suspended vehicles. You are not liable to pay any taxes; however, you need to keep IRS informed about your suspension through form 2290.
The vehicles that come under this category:
- Commercial vehicles traveling less than 5,000 and agricultural vehicle is less than 7,500
- Vehicles that are not considered as highway vehicles that includes mobile machinery for non-transportation function, non-transportation trailers and semi-trailers.
- Vehicles that are qualified as official blood collectors by blood banks and organizations come under this category
Important: In case, if the annual mile exceeds 5,000 for commercial vehicles and 7,500 for agricultural vehicles, the extra miles are calculated as payable miles.
These vehicles are owned and operated by government authorities and as they are exempted from filing taxes, they don’t have to pay anything to IRS, however, file form 2290 and keep them updated.
Following are the vehicles that come under the category:
- The Federal Government,
- The American National Red Cross,
- The District of Columbia,
- A nonprofit volunteer fire department, ambulance association, or rescue squad,
- A state or local government,
- Indian tribal governments (To carry out essential tribal government functions)
- Mass transportation authority’s (under certain conditions)
Also exempt from the tax (not required to file Form 2290) are:
- Qualified blood collector vehicles used by qualified blood collector organizations, and
- Mobile machinery that don’t come under the category of heavy vehicle.
This is another type of vehicle that is exclusively used to carry out logging and forestry operations. These vehicles are majorly used for transporting logs from forestry area and deliver to the destination, sometimes making use the public highway. They are registered highway vehicles; however, the tax rate is comparatively less than what is paid by the taxable vehicles.
Note: There is no special tag or number place required to identify the vehicle is used for logging or transporting harvested forestry products.
With the average miles limit 7,500 miles; these vehicles are indulged in delivering agricultural goods in and around the place.
Vehicles under This Category are:
- Primarily used for farming purposes
- Registered under the state law as a highway motor vehicle but are exclusively used for farming and agricultural purpose.
Important Note: There is no special tag or identification to recognize if the vehicle is exempted from filing form 2290, but a detailed report should be sent to IRS about your usage. Also, if the vehicle crosses more than 7,500 miles, you’re liable to pay Heavy Vehicle Used Tax for the exceeded miles.
So now that you have a clear idea about the type of vehicles, its time to file taxes and receive your schedule 1 in minutes only with Tax2290.com, a prime product of ThinkTrade Inc. Reach our Tax Experts for more assistance; it would be simply queries or feedback. Simply call us @ 1-866-245-3918 or shoot a simple email with your concerns typed to firstname.lastname@example.org.