Heavy Vehicle Use Tax (HVUT) is a dedicated tax obligation that must be paid by truck owners and drivers with vehicles that have a taxable gross weight of 55,000 pounds or more.
A dedicated form 2290 must be filed for paying the HVUT return. The HVUT tax is imposed on companies, individuals, and truck owners with ownership of heavy trucks that have traveled 5,000 miles or more (7,500 miles for agriculture vehicles).
Payment of the tax amount and filing of Form 2290 can prove helpful in the following ways:
- Claiming tax credit on destroyed and stolen vehicles:
Form 2290 allows you to claim credit for the tax paid on any taxable vehicle which is sold, stolen, destroyed, or used 5000 miles or less (7,500 miles or less for agricultural vehicles).
- Reporting purchase of a vehicle upon which tax has been suspended:
In case of acquisition or purchase of a vehicle on which the obligation for tax has been suspended, the filing of Form 2290 becomes essential. Likewise, if the vehicle purchased comes under the purview of being taxed, filing the form becomes necessary.
- Payment of tax amount of acquired vehicles:
Filing of form 2290 also becomes essential in the case of the acquisition of a used vehicle. Finding the correct amount and paying for the same can be made possible through form 2290 filed duly.
- To renew vehicle registration and tags at the DMV
You need to provide your IRS stamped Schedule 1 copy which acts as proof of HVUT payment when you renew vehicle registration and tags at the DMV.
Instructions for Filing Form 2290
Below are the form 2290 instructions for expedited tax filing and payment of the due amount.
- Electronic filing (E-filing):
E-filing is considered the quickest and easiest way of filing form 2290 and paying the HVUT return. When you e-file, you receive your IRS stamped Form 2290 Schedule 1 copy within minutes.
- Manual filing (Paper filing):
You can also file your form 2290 manually. However, paper filing is a tedious and time-consuming process. When you file manually, it will take up to 6 weeks to receive your Schedule 1 copy.
Steps to E-file Form 2290
Here is the step-by-step process of e-filing form 2290:
Step 1: Create an account with an e-file service provider by providing your name, email address, and phone number.
Step 2: Enter your business name, address, and Employee Identification Number (EIN). Don’t forget to specify the number of employees as well.
Step 3: Next, you will need to provide the name, phone number, title, and PIN of the signing authority. The IRS PIN is a 5-digit number considered an electronic signature when you file form 2290 online.
Step 4: Provide details of third-party designee (if any) such as their name, phone number, and PIN. A third-party designee is someone whom you have officially chosen to speak to the IRS regarding your HVUT return.
Step 5: Mention the filing type: whether you are filing for a single truck or multiple trucks.
Step 6: Specify the tax period you are filing for and the first use month. The first use month is the first month you drove your vehicle on U.S. public highways during the tax period. If this is your final return, check the ‘final return’ box on the form.
Step 7: Provide vehicle details such as the vehicle type, Vehicle Identification Number (VIN), taxable gross weight, and tax amount. Also, specify if your vehicle is a logging vehicle.
Step 8: Before submission, review the entered details for accuracy. Missing or incorrect information could result in IRS rejections.
Step 9: Next, you can make your HVUT payment using any of the following methods:
- Electronic Funds Withdrawal (EFW)
- Electronic Federal Tax Payment System (EFTPS)
- Debit/Credit Card
- Money Order/Check
Step 10: After filing form 2290, you will receive your IRS stamped Schedule 1 copy in your registered email address within minutes.
Final Thoughts
Tax filing and payment can be time-consuming and overwhelming. But with the right information, you will be able to file your form 2290 with ease. Make sure you file your form 2290 with a trusted IRS authorized e-file service provider and receive your Schedule 1 within minutes.
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