04-05-2024

What is a Form 2290 in Trucking? | Simple Form 2290

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Form 2290, also known as the Heavy Vehicle Use Tax (HVUT) return, is a tax form for truckers. This tax is applicable for trucks with a gross weight of 55,000 pounds or more. Form 2290 is a federal excise tax governed by IRS through Internal Revenue Code section 4481.

Who Needs to Submit Form 2290?

Fleet Companies, Small Businesses, or Owner-Operators of heavy vehicles are required to submit the online Form 2290 by August 31st every year. Read this article on Form 2290 due date to learn more.

Usage of Form 2290:

1. If a truck weighs 50,000 pounds or over, it becomes taxable, and its owner is responsible to pay HVUT and submit Form 2290 to the IRS.
2. Vehicles previously suspended but now exceed mileage limits
3. Increase in taxable gross weight
4. Acquisition of used vehicles during the period
5. Suspend tax if vehicle use is expected to be under 5,000 miles.
6. Claim credit for tax paid on destroyed, stolen, or sold vehicles.

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Conclusion

Form 2290 is a vital tax form in the trucking industry that allows for reporting and paying HVUT. Maintaining tax compliance in a sense guarantees a smooth running of the business with no form 2290 penalties.

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