Getting to Grips with IRS Truck Tax

In the United States, owners and operators of trucks must file and pay for the Heavy Vehicle Use Tax (HVUT) each year. This tax is levied on trucks that weigh a gross total of 55,000 pounds or more and use public highways. The Heavy Vehicle Use Tax (HVUT) is reported through Form 2290, and if you do not make timely payments, there are penalties available and your vehicle won’t be compliant. Hence, be sure to pay time.

What Is The IRS Truck Tax Due Date?

For most truck owners, IRS truck tax due date is August 31st of every year. The tax period is from July 1st to June 30th and the vehicle has to be on the road in any month other than July to comply with the due date of being month the vehicle is being used plus one month. For example, if you begin using the truck during October, your deadline for filing Form 2290 will be due by November 30th.

What Happens When You Don’t Meet the Deadline?

Not filing Form 2290 by its deadline principle date means you will face late filing penalties as well as some interest charges.

The IRS usually charges 4.5% penalty in late payments of tax that increases every month for the first five months. Furthermore, 0.5% monthly interest is charged on unpaid late payments. You might also not get reimbursed for the necessary stamped Schedule 1 which you need to renew vehicle registration. How to File and Pay on Time Truck owners who wish to have their tax processed faster can submit Form 2290 through an IRS-endorsed e-filing vendor. It is particularly recommended for fleets exceeding 25 vehicles as they receive Schedule 1 immediately. Other payment methods include Electronic Funds Withdrawal (EFW), check or money order and through the Electronic Federal Tax Payment System (EFTPS). Selling compliance means that one can submit any time and just set the IRS truck tax due date reminder. Stay compliant keep everything in check and avoid penalties as they are necessary for any trouble related to the operations and ensure that it is run smoothly.

Note: For more information, visit IRS website