04-19-2024
How much is the 2290 tax in 2024? | Simple Form 2290
Trucking companies must file Form
2290 and pay the tax to get a license for a heavy highway motor truck weighing
55,000 pounds or more. The Highway Heavy Use Vehicle Tax returns get processed
this way. Let's explore the factors affecting Form 2290 tax cost and how to
calculate it.
Factors affecting Form 2290 tax cost:
The 2290 form filing tax cost varies based on key factors. Understanding these elements fully is crucial for proper tax evaluation and compliance. Trucking businesses should think about these things to budget and handle taxes better:
·
The main thing that decides the tax rates for different weight
groups is the vehicle's gross weight.
·
Also important is how much the vehicle drives on public roads.
This greatly impacts the taxes owed.
·
If the truck is used for logging, there will be an effect on the
tax cost.
·
Depending on the business, logging trucks might qualify for a
separate tax rate.
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How much is 2290
tax:
Form 2290 tax depends on the total weight of a truck. The rate is based on the overall vehicle weight and its use for logging. Trucks over 55,000 pounds pay a Heavy Vehicle Use Tax. The owners can submit Form 2290, and pay the HVUT tax from July 1 of this year to June 30 of the next year.
|
Gross Total Weight |
Vehicles
Except Logging |
Logging
Vehicles |
|
Below 55,000 pounds |
Zero Tax |
Zero Tax |
|
55,000 to 75,000 pounds |
|
|
|
Above 75,000 pounds |
$550 |
412.50 |
Source: IRS
The Wrap:
Fleet companies to owner-operators
should file Form 2290 when they meet the above criteria.
If you find the manual filing is time-consuming,
efile form
2290 with Simple Form 2290 today and feel the convenience!
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