If you are an owner of a large commercial or agricultural truck, you will need to file an IRS 2290 Tax Return. This document allows you not only to pay your truck taxes, but also to report reasons why you may be exempt from this tax or in need of a refund. This is a brief overview of the IRS 2290 excise tax return and how to use it.
What is the IRS 2290 Tax?
The 2290 tax return is used to collect the Heavy Vehicle Use Tax (HVUT) from truck owners. The reasoning behind this tax is that large commercial vehicles create more wear and tear on the nation's highways, so the owners of these trucks should pay taxes in order to maintain the national transportation system. These taxes are used to repair and maintain roadways, bridges, and the like throughout the United States.
Who Should File IRS 2290?
If you own a truck weighing in excess of 55,000 pounds and drive it more than 5,000 miles per year (7,500 miles in the case of an agricultural vehicle), then you need to file form 2290. Additionally, if your vehicle changes weight classes during the course of the tax year, then you need to file a form 2290 to report this to the IRS.
How Do I File Form 2290?
First, you must determine the taxable gross weight of your vehicle. This is done by adding the weight of your fully equipped vehicle, the weight of the empty trailer attached to your vehicle, and the weight of your truck's maximum load capacity. Additionally, you need to determine when this truck went into service. The tax year for form 2290 runs from July to June, so you will use the standard tax rate tables for 2290 if your vehicle began service in July. If not, you will need to look at the prorated tax tables for partial years.
Once you have determined the total tax due based on the tax tables, you then can file your form 2290 electronically (this is required if you have a fleet of 25 or more vehicles). Due dates for filing are the last day of the month following the month that the vehicle went into service. For example, if your truck started service on March 1, the due date would be April 30.
If you would like a simple solution to filing form 2290 that doesn't involve spending hours filling out tax documents, consider using Etax2290.com. All you have to do is enter your truck's information, and we will check your return, submit it electronically, and have your schedule 1 back to you from the IRS within minutes. Our proven online system ensures that you are paying the correct tax amount by the due date, and we handle it all, from single owner/operators to large vehicle fleets. We also maintain records of all filings for future tax records.
When it comes to filing taxes, we all could use a large dose of easy. Use ETAX2290.com, and we guarantee it will save you a great deal of time and headaches. Register here to get started today or call (703)-229-0326 to speak to a service representative! Below are few document links with IRS Instructions, and sample completed Form 2290 and IRS Stamped Schedule-1.