Truck Tax : Schedule 1 form 2290 and its due dates
What is Form 2290 Trucking Tax?
Form 2290 is a tax return that trucking companies must file with the IRS to report their annual taxable gross weight. The form can be filed online, but you'll need to have your company's EIN (Employer Identification Number) and access to a computer in order for this process to work.
The tax applies only if your vehicle weighs over 55,000 pounds and has an unladen weight of at least 16,000 pounds when fully loaded. In other words: If it's not big enough or heavy enough, then no worries!
If you're wondering how much you'll owe based on your vehicle's weight and size, there are online calculators available from both the IRS itself as well as third-party sites.
When is Form 2290 Due?
If you own a truck that weighs 55,000 pounds or more, then you must file Form 2290 each year by the last day of the month following the month in which your vehicle was used. For example, if your truck was used in March 2019 and you didn't file until April 2020--the deadline for filing would be May 31st (the last day of April).
If you miss this deadline due to circumstances beyond your control (such as a natural disaster), then there are ways for taxpayers to extend their filing date. This includes:
Filing an extension request with IRS before midnight on April 15th;
Requesting an automatic six-month extension from IRS after filing Form 2290.
How to file schedule 1 form 2290
To file Schedule 1 Form 2290, you must first file Form 2290 with the IRS. Those with taxable gross weights of 55,000 pounds or more must report heavy highway vehicles using form 2290. For the current period beginning July 1, 2022, and ending December 31, 2022, the form must be filed in the month the first taxable vehicle is registered on public highways. On June 30, 2023. The deadline for filing Form 2290 is the last day of the month following the month of first use. Once Form 2290 is filed, you should complete and file both copies of Schedule 1. If you file more than 25 returns reporting and paying tax on more than 25 vehicles, you must file them electronically. Make sure the IRS watermark and the receipt date are legible on a printed copy of your stamped Schedule 1, and keep it in your vehicle at all times printed copy.
To file Form 2290, you can use the IRS e-file system or file a paper return. If you file electronically, you will receive a stamped Schedule 1 copy within minutes. If you file a paper return, it may take up to 5 to 45 days to receive your Schedule 1 copy.