The owners of vehicles with registered gross weight equal to or exceeding 55,000 pounds need to pay a tax called Heavy Vehicle Use Tax (HVUT) for using public highways. The HVUT would be proportionate to the gross weight of the vehicle and the load carried. The gross weight of the vehicle would be the addition of the weight of the motor vehicle & the trailers when empty. The load carried would be the maximum of the load carried through the vehicle and the trailers.
If you are owning a heavy vehicle with gross weight equal to or exceeding 55,000 pounds, you need to report HVUT through IRS Form 2290 and Schedule 1. The reporting would be for the tax period: July 1 of the existing year to June 30 of the following year after the first use of your vehicle under State, District of Columbia, Canadian or Mexican Law.
Get ready with your Trucking Company Details, Vehicle Details, Bank Account Details, etc.
The deadline to file Form 2290 is August 31st. That is, two months after the tax period between July 1 of the previous year and June 30th of the current year ends. If you are yet to report a vehicle you are using, start doing it from the month following the month of first use. For example, if your new vehicle is registered in January for first use, start reporting HVUT from February. You need to cover months up to the due date, that is, August 31st.
There are two methods to file form 2290: Electronic and Paper.
File your Form 2290 electronically along with the HVUT payment through any intermediate service providers of the IRS e-file program for excise taxes, such as ExpressTruckTax.com, or through any electronic return originator (ERO), transmitter etc. Visit www.irs.gov/trucker to get the list of the IRS e-file providers.
The e-file provider authorized by IRS, ExpressTruckTax, supports Form 2290, Form 8849 and Form 2290 Amendments. To learn more click here
To report HVUT through the paper, file Form 2290 with Voucher Form 2290-V to fill the details of check/ money order through which the tax is paid.
You need to mail your Form 2290 with Voucher Form 2290-V to:
Form 2290 with full payment:Internal Revenue Service,
Form 2290 without payment due or using EFTPS for payment:Department of the Treasury,
On paying and reporting HVUT for your vehicle after August 31st, you would face a penalty for every month up to 5 months of 4.5% of the total tax due. For being late in both paying and filing your return, you have to pay an additional monthly penalty of 0.5% of the total tax due along with an extra interest charge of 0.54% per month for the tax due.