The 2290 HVUT or Heavy Vehicle Use Tax is basically a $550 federal excise tax which is obligatory to be paid on the use of all sorts of heavy vehicles weighing 55,000 lbs and more. These heavy vehicle owners need to pay their 2290 taxes if they use their vehicles on the highways on a regular basis. IRS 2290 filing starts from 1st July during a particular year and ends on 30th June of the next year. The tax bill which is presently due will be for the reporting period of 1st July 2015 through 30th June 2016. However, if the vehicle does not put on extra miles going above 5000 miles in the coming year o if the vehicle is used for agricultural purposes, the $550 payment is not needed. However, owners still have the obligation of filing form 2290. Owners generally receive their forms 2290 in the mail until they are not a new owner or operator. The instructions received in the mail need to be followed thoroughly and only then the form should be filled in. the filled in form needs to be submitted through email by 31st August along with the payment.
The Important Documents You Need
In case, you purchased a truck or any other heavy vehicle before the month of July 2015, it is important for you to make sure that you made the payments for 2290 tax for the months you were driving before July. If you do not do so, the IRS will surely find out whether the taxes were paid or not and they will have you paying the tax that you owe along with the interest and the penalties. Therefore, it is quite important for you to have a clear understanding of the form 2290 due dates. The most important documents that you will require for IRS 2290 filing include EIN or Employer Identification Number and VIN or Vehicle Identification Number. Remember one thing that the IRS will not accept any social security number for identifying an individual who submits form 2290.
Who Must Go Through the Filing Procedure?
Irrespective of the fact that whether you are purchasing or leasing a heavy vehicle, you bear the responsibility of filing and even making the payment for 2290 Heavy Vehicle Use Tax. In case the vehicle is registered in your name, make sure that this tax is taken care of in the best way possible. You can ensure paying the taxes on time without having to make payments in the form of interest and penalties by remaining aware of the form 2290 due dates. If you have purchased a second-hand truck then you will have to pay the taxes for the time span post which you took the possession of the vehicle. The person who owned the vehicle formerly would have to make payments for the months before which he or she sold the vehicle.