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01-09-2023

This guide will provide you with everything you need to know about Form 2290.

Trying to get into the trucking business for the first time? What is the length of your truck driving experience? Every truck driver should be familiar with Form 2290, no matter how long they have been driving. Knowing what the form is for and what information it requires will help you understand it better.

What is the purpose of Form 2290?
Heavy vehicle use tax (HVUT) is payable if your vehicle has a Taxable Gross Weight of over 55,000 pounds and you drive over 5,000 miles a year, or 7,500 miles if you use the vehicle on an agricultural basis. Agricultural vehicles are considered suspended if they travel less than 7,500 miles in a year. HVUT does not need to be paid in this case, so Form 2290 remains required.

Do I need to provide any information to file Form 2290?
It is necessary to provide several pieces of information when filling out Form 2290. HVUT tax obligations are determined by the information entered.

Address and name of a business
You must provide the name and address of the business you own or work for when you fill out Form 2290. In addition to asking what type of business you work for, the form will also ask about your job title. The "others or not sure" option can be selected if you are unsure what kind of business you have.

EIN
In order to complete Form 2290, you must provide your Employer Identification Number (EIN). Every business owner is issued an EIN by the IRS, which is a unique nine-digit number. Obtaining an EIN and having it recognized by the IRS could take up to 15 business days if you just recently got one.

VIN
Each vehicle is identified by a 17-digit number called a Vehicle Identification Number (VIN). A VIN number enables a vehicle to be uniquely identified because no two vehicles have the same number. You can find the vehicle identification number on the registration, title, or on the vehicle itself.

Gross weight for tax purposes 
Vehicles are taxed based on their total weight, including the trailer and the maximum load they can carry. Using this information, the tax amount for the HVUT can be determined. There is a direct correlation between a vehicle's Taxable Gross Weight and the amount of tax owed. If the Taxable Gross Weight of the vehicle is less than 55,000 pounds, Form 2290 is not required.  

The month of first use 
When a vehicle is first put on the road, it is considered to have its First Used Month (FUM). The due date for Form 2290 for the current tax year is the last day of the following month. Form 2290 must be filed by November 30th, 2022, if a truck is put on the road for the first time in October of 2022. Due to the fact that you are only filing for part of the tax year, the rate is prorated. 

The tax year 2022 is going to start on July 1st, 2022, and end on June 30th, 2023. Your first month will be July if you have had your truck for more than a year, and you will have to pay the full tax for the upcoming year. 

How can I file Form 2290 in the quickest and easiest way?
Rather than filing Form 2290 on paper, it is recommended that it be filed electronically. You can expect the IRS to process your Form 2290 much more slowly if you submit it on paper. The stamped Schedule 1 will be sent to you minutes after you e-file your Form 2290. In order to obtain tags and registration for your vehicle, you need a stamped Schedule 1.
 
What is the process for submitting an IRS payment?
There are several ways in which you can pay your HVUT to the IRS. If you want to avoid late fees, you must make the payment by August 31st, regardless of the payment method you choose. 

EFW stands for Electronic Funds Withdrawal
Electronic Funds Withdrawal (EFW) is an option for paying HVUT. You will be withdrawn from the tax payment once your Form 2290 has been accepted when you choose this method of payment. 

Money order or check
Checks or money orders are another acceptable form of payment, but you must send them before the deadline. 

EFTPS (Electronic Federal Tax Payment System)
EFTPS (Electronic Federal Tax Payment System) is another option for paying your HVUT. A website called www.EFTPS.gov is required to initiate a payment transfer with this payment method. 

Debit or credit card
Additionally, the IRS allows you to pay your HVUT using a credit or debit card. When you file Form 2290, you can pay your HVUT online using a credit or debit card by going to IRS.gov/PayByCard. In order to take advantage of this service, you will have to pay a convenience fee.
 
Filing Form 2290 now is the right time to do so!
We are fast approaching the deadline for filing your Form 2290 for the 2022-2023 year! To save time and money, you can file Form 2290 online with Simple2290 once you have gathered all the necessary information. Why not get started today? Schedule 1 will be stamped minutes after you submit Form 2290!