Are you new to the trucking industry? Have you been driving a truck for a while? No matter how long you have been driving a truck, something every truck driver must know about is Form 2290. To better understand the form, you need to know what the form is for and what information the form requires.
What is Form 2290?
If you drive a vehicle that has a Taxable Gross Weight of over 55,000 pounds and drives over 5,000 miles a year, 7,500 miles if the vehicle is used for agricultural purposes, then the 2290 Form must be filed and the Heavy Vehicle Use Tax (HVUT) must be paid. If a vehicle travels less than 5,000 miles in a year or 7,500 miles for agricultural vehicles, it is considered suspended. In this case Form 2290 still needs to be filed, but you will be exempt from paying the HVUT.
What Information is Needed to File Form 2290?
Form 2290 requires several pieces of information to be filled out. The information entered helps determine how much tax is owed for the HVUT.
Business Name and Address
When you fill out Form 2290, it asks you for the name of the business you own or work for as well as the address of that business. The form will also ask you what type of business you work for. If you are unsure of the business type, you can select the “others or not sure” option.
EIN (Employer Identification Number)
Your Employer Identification Number (EIN) is required to fill out Form 2290. The EIN is a unique nine-digit number that is issued to every business owner by the IRS. If you just recently obtained an EIN, it could take up to 15 business days for it to become active and recognized by the IRS.
VIN (Vehicle Identification Number)
A Vehicle Identification Number (VIN) is a 17-digit code unique to each vehicle. Because no two vehicles have the same VIN number, it makes it easier to identify the vehicle. This number can be found on the vehicle’s registration, its title, or on the actual vehicle itself.
Taxable Gross Weight
The Taxable Gross Weight of a vehicle is determined by adding the total weight of the truck, the trailer, and the maximum load the truck is able to carry. This is used to determine the tax amount that needs to be paid for the HVUT. The higher the Taxable Gross Weight of a vehicle, the higher tax owed. If a vehicle’s Taxable Gross Weight is less than 55,000 pounds, then Form 2290 does not need to be filed for this vehicle.
First Used Month
A vehicle’s First Used Month (FUM) is the month that you first put the vehicle on the road. The last day of the following month is when Form 2290 is due for the current tax year. If you first put a truck on the road in October of 2022, the deadline to file the 2022-2023 Form 2290 is November 30th, 2022. In this case, the rate is prorated since you are only filing for part of the tax year.
The current tax year begins on July 1st, 2022, and ends on June 30th, 2023. If you have had your truck on the road for longer than a year, you will put your first use month as July and will be paying the full tax for the upcoming tax year.
What’s the easiest way to file Form 2290?
The IRS recommends that you e-file Form 2290 as opposed to paper filing. If you paper-file your Form 2290 it will take much longer for the IRS process. By e-filing your Form 2290 you will receive your stamped Schedule 1 in minutes. The stamped Schedule 1 is needed in order to obtain tags and the registration for your vehicle.
How do I submit my payment to the IRS?
The IRS accepts multiple payment options in order to pay your HVUT. Regardless of which payment method you choose, the payment must be made by August 31st in order to avoid any late fees.
Electronic Funds Withdrawal (EFW)
One of the options you have to pay your HVUT is through Electronic Funds Withdrawal (EFW). If you choose this payment method, the tax payment will be withdrawn from your account as soon as your Form 2290 gets accepted.
Check or Money Order
A Check or Money order is another acceptable form of payment for the HVUT, but you have to make sure that the payment is made before the deadline.
Electronic Federal Tax Payment System (EFTPS)
Another option that is available to pay your HVUT is through the Electronic Federal Tax Payment System (EFTPS). In order to use this payment method, you must have a or create an account and initiate this payment transfer at www.EFTPS.gov.
Credit or Debit card
The IRS also allows you to pay your HVUT via Credit or Debit card payments. After you file your Form 2290, you will go to IRS.gov/PayByCard to pay your HVUT with a Credit/Debit card. There will be a convenience fee charged for this service.
File your Form 2290 Now!
The time to file your Form 2290 for the 2022-2023 year is fast approaching! Once you have all of the information that is required in order to file Form 2290, file online with ExpressTruckTax to save time and money. What are you waiting for? File Form 2290 now and get your stamped Schedule 1 in minutes!
