If you have the ownership or operation of the bulky vehicles with a minimum weight of 55,000 pounds on public highways, then the understanding of the Heavy Vehicle Use Tax (HVUT) and IRS Form 2290 will be essential. The money from this federal tax will be spent specifically on different infrastructure projects including the road network and other public facilities. It is a legal requirement for qualifying the commercial trucks' owners to pay the taxes directly to the government. Truck proprietors and fleet operators often have questions about submitting the returns, the time for the same, and the requirements about the documentation. The objective of this article is to make your understanding of the process very easy.

What Is Form 2290 and Who Needs to File?

Form 2290 is what you need in order to inform IRS about your Vehicle Use Tax and to pay them. Form 2290 is essential for truck owners, owner-operators and companies that carry out heavy vehicle operations. To legally operate your vehicle, you must pay the HVUT amount determined at registration. To enable the form to be completed, it is necessary that the details of the vehicle be contained. The filling of the form is done annually and the tax year runs from the first day of July to the last day of June. If a new vehicle must be carried on the road in the year, the form must be completed before the end of the following month.

Key Filing Deadlines and Required Information

For most truckers, the deadline for filing is quite often on the day of 31st of August during every year. The first three things you will require are the Employer Identification Number (EIN), the Vehicle Identification Number (VIN) for each truck, and the taxable gross weight of the vehicle. In case you are using a truck which does not travel a distance of up to 5,000 miles on the road annually but not more than 7,500 for agricultural vehicles you may qualify for a suspension of the tax but you must still file form 2290.

How to File Form 2290 and Get Your Schedule 1 Fast

The most convenient and quickest method for submitting Form 2290 is electronically via an IRS-approved e-file service provider. E-filing will not only quicken the processing but will also provide you immediate access to your Schedule 1 that has been stamped as proof of payment—necessary for vehicle registration. Hence, the accuracy of your information is crucial to prevent the delays. By being updated about the HVUT regulations, you are on the safe side and will not cause any interruptions to your business as a result of fines.

Note: For more information, visit IRS website