Form 2290: What Is It and When Is It Due?
Truck drivers who need to report changes to their tax status, vehicle, or truck weight might use Form 2290 for a variety of needs. The completion and submission are quite simple. But there are a few things you should be aware of first, like the Form 2290 due date.
What Does a Trucking 2290 Form Entail?
Form 2290, formally known as the Heavy Highway Vehicle Usage Tax Report, is a tax document intended for truck drivers that determines excise tax. Especially for highway usage. Although there are few exceptions, truck drivers are required to pay this fee yearly.
What Is the Purpose of Form 2290?
Anybody who registered a heavy highway motor vehicle in their name at the time of initial use on a public highway during the reporting period, or who is obligated to do so, must utilize Form 2290. The taxable gross weight of this highway motor vehicle must be 55,000 pounds or higher.
How Should I Submit the Form?
Below are the filing instructions for Form 2290. It can be submitted to the IRS either by mail or electronically. You will also want two duplicates of Schedule 1. The IRS will receive one copy, and the other will be stamped as a payment receipt and returned to you.
Use the mailing address listed under “Where To File” to send Form 2290. Include a Form 2290-V with your check or cash if you did not pay through the Electronic Federal Tax Payment System (EFTPS) or a credit or debit card.
- Data needed to submit the form.
- Your employer’s unique identifier (EIN).
- the vehicle’s unique Vehicle Identification Number (VIN).
- Each vehicle’s taxable gross weight establishes its categorization.
In 2023, When Is Form 2290 Due?
Depending on when you drive your truck, the filing deadline for the form changes. You have until the last day of the month after driving your car during the current month to submit Form 2290 and make payment. If you’re paying or declaring the suspension of tax on your truck, this deadline applies.
- Who must submit this form?
Form 2290 must be submitted by anyone who registers a heavy highway vehicle in their name with a taxable gross weight of 55,000 pounds or more. A return must be filed but the tax is not due for cars utilized for 5,000 miles or less (7,500 for farm vehicles).
- What occurs if the form is not submitted?
A penalty of 4.5% of the total amount owed is assessed for missing the filing deadline. If ignored, the fine may rise once a month for a maximum of five months.
- Do I need to submit it annually?
You must submit Form 2290 to the IRS by the end of the month after your vehicles are operated for the first time on public roads. Especially if their combined gross weight is 55,000 pounds or more.
- What is the cost of the form?
The fees for this form are calculated depending on the gross taxable weight per vehicle. A car that weighs 55,000 pounds or more when registered must pay $100. Above 55,000 pounds of additional weight incurs a fee of $22 per 1,000 pounds, up to a maximum of 75,000 pounds.
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