Category: HVUT Tax Credits

FAQ Friday: Can you Transfer Form 2290 to a New Truck?

Posted on March 17, 2023 by - 2290 credit, credit vehicle, Credit vehicles, Credits For Sold, form 2290 credit vehicle, HVUT credits, HVUT Tax Credits

What is Form 2290?

Form 2290 has to be filed by drivers of vehicles weighing 55,000 pounds or more to the IRS for the Heavy Vehicle Use Tax annually. The Form 2290 tax year goes from July 1st to June 30th of the following year. Form 2290 as well as the Heavy Vehicle Use Tax are filed and paid for the upcoming year in advance. 

Can you Transfer Form 2290 to a New truck?

When you file Form 2290 for the upcoming year this means you are paying for your truck to be on the road for the entire duration of the tax year. If this is the case, what happens if your truck is sold, destroyed, or stolen halfway through the tax year? You are able to transfer the tax of the old truck to the new one in the form of credits. The tax amount for the remaining months of the tax year that the vehicle was not on the road will be deducted from the total tax amount owed for the new vehicle. 

How can you pay your Heavy Vehicle Use Tax using Sold/Destroyed Vehicle Credits?

  1. Log in to your ExperessTruckTax account, or sign up for one if you don’t have one.
  2. On the dashboard, under “Start New Return” you will select the option to “E-File for Multiple Vehicles”.
  3. Choose the tax year and First Used Month that corresponds to your vehicle.
  4. You will add your new truck under “Taxable Vehicles” and provide the information for that vehicle, including the VIN (Vehicle Identification Number) and any additional information you have for this vehicle.
  5. You will then add the old truck under “Sold/Destroyed Credits” and provide the information for that vehicle as well as a description of what happened to it. 
  6. The tax you owe for the new vehicle will be calculated once the credits from the old vehicle are applied and deducted from the original tax amount owed. 
  7. Once this is all complete, review the Summary of your return and then transmit it to the IRS. 

Why File with ExpressTruckTax?

ExpressTruckTax not only offers a fast and easy solution to filing Form 2290, but it makes claiming credits for sold, destroyed, or stolen vehicles a breeze. It is important to keep in mind that if the credit amount for the old vehicle is higher than the HVUT owed, the remaining amount can be claimed using Form 8849. This form will be generated automatically in this case. Do you have a vehicle you need to transfer the Heavy Vehicle Use Tax from to a new vehicle? What are you waiting for? File with ExpressTruckTax today for an easy and stress-free way to file Form 2290. 

Save Money On Your Form 2290

Posted on June 28, 2017 by - 2290, 2290 Credits. 2290 Tax Credits, 2290 Savings, 2290 Schedule 1, 2290 stamped Schedule 1, e-file 2290, E-file HVUT, HVUT, HVUT Savings, HVUT Tax Credits, phone file 2290, pre-file 2290, pre-file form 2290

You know what’s a good practice in the trucking industry? Penny-pinching! Saving anywhere you can really help out in the long run, and can actually make or break fleets trying to emerge into the market. Unfortunately, with the Heavy Vehicle Use Tax (HVUT) Form 2290 deadline you’ll have to pay the amount you owe or face hefty penalties. But don’t worry, we know a few ways to save on your HVUT.

Use These Tips To Save On Your 2290:

1. Take Advantage of Our Wallet Feature 

Before filing your HVUT Form 2290 see how many forms you actually need to file because with ExpressTruckTax you can purchase prepaid credits through their exclusive wallet feature. Each credit provides a 10% discount off of your filing fee, so the more credits you buy, the more you save. Don’t worry about purchasing more credits than you need, because they never expire and can be used next season. 

The credits save you time and money because instead of having to hunt down your wallet and enter in all of your card information, you can conveniently use your prepaid credit to pay for your form.

To purchase prepaid credits log into your free ExpressTruckTax account and you’ll see your wallet in the top right corner. Click the orange ‘Buy’ button to purchase the number of credits you need.

2. Get A Refund Or Credit With Form 8849

After you file Form 2290 and pay the amount of HVUT that you owe you can file Form 8849, the Refund or Claim of Excise taxes form, which is used to claim refunds or credits on suspended vehicles and vehicles that were sold, stolen, or destroyed.

Suspended or credit vehicles are vehicles that don’t exceed 5,000 miles (7,500 miles for agricultural vehicles) during the current tax period.

While filing your Form 2290 with ExpressTruckTax if your credit vehicles exceed the amount of HVUT you owe then Form 8849 will automatically be generated for you, and all you need to file is your name, address, and EIN. You’ll also need the information for your vehicle that you’re claiming a refund on, including details as to why, if your vehicle was lost, stolen, or destroyed, and the date that the incident occurred.

3. Avoid Penalties By Filing on Time

If you file late you could face a penalty of 4.5% of the tax due. To make matters worse that amount collects on a monthly basis for up to 5 months! Also, if you don’t pay the amount you owe then you’ll face another penalty of 0.5% of the amount owed per month. You’ll really save by filing on on time.

If you wait until just days before the deadline you could run into a problem that causes your form to be rejected and then counted as late if you can’t fix it by the deadline. For example, if you enter the wrong VIN or Vehicle Identification Number, or wait too late to apply for an EIN or Employer Identification Number your form could get rejected.

Luckily ExpressTruckTax makes it easy to fix any mistakes. If your form is rejected you’ll be notified almost immediately with notes as to why. Then you can easily make Form 2290 amendments, retransmit your forms to the IRS, and make free VIN corrections at any time. The sooner your pre-file, the sooner you’ll learn if your form has been rejected or accepted.

How To Pre-file?

You can create your free ExpressTruckTax account to access our step-by-step 2290 e-filing guide to complete your form in a matter of minutes today. Then as soon as the IRS stamps your Schedule 1 you’ll receive a copy via email. You don’t even need a computer to file, download the free ExpressTruckTax App to file on your smartphone or tablet from any location.

Also, you can call TSNAmerica at 803.386.0320 to speak with a representative who will pre-file your 2290 for you, over the phone. How does it get any easier than that? Plus, you’ll get a copy of your stamped Schedule 1 via email.

If you have any questions please don’t hesitate to contact the outstanding ExpressTruckTax customer support team. We’re available Monday-Friday from 9 AM to 6 PM EST at 704.234.6005. We can also be reached via live chat and offer 24/7 email support at support@expresstrucktax.com.