Heavy Vehicle Use Tax (HVUT) season is vital for truckers and fleet owners in the USA. And with the right preparation, you can reduce the time you spend on it, reduce penalties, and stay in line with IRS obligations. Having said that, here is a guide to get you prepared for the upcoming HVUT tax season.
While preparing for this tax season, it is important to first understand the fundamentals of HVUT. Do note the following:
The first step is to gather the requisite information and documents, with the most important being:
Form 2290 can be lodged in two ways.
It is vital that you calculate your HVUT accurately. The IRS has a tax schedule defined based on the gross weight of vehicles and their mileages. Make an effort to cross check your calculations as nobody wants overpayment or underpayment penalties.
HVUT can be paid through a variety of payment methods the IRS offers:
Pick a method that you deem fit for your financial position and time
Considering that law and requirements for filing keep changing, ensure to:
You can incur interest and be penalized for late payment and submission. Therefore, it’s important that you do not forget August 31st for timely submission of documents with the taxes.
Add the following documents to the personal files and folders as they will be necessary for the future audits and renewals of vehicle licenses/tags:
If the task seems burdensome, then one should not hesitate to consider hiring professional help. To ensure there are no mistakes made during submission and to assist with problems that arise during the IRS audit.
Assuming the above principles reduces the worry linked to HVUT tax filing phobia. Part of the preparation involves being organized in order to meet all requirements. No need to panic as filing with the right or help makes the whole thing straightforward.
Note: For more information, visit IRS website