July 2024 - EZ2290

Try EZ2290’s One-Click eFiling or Take a Picture of schedule 1 and upload for a smooth & faster eFiling experience.

Know Logging Vehicles and HVUT Requirements

Posted on July 23, 2024 - 7:25 am by Sandeep

Logging vehicles have been an important sector in the timber industry. They play a critical role in the movement of logs from the forests to the mills. For participants in logging activities, it is essential to know what logging vehicles are and what are the HVUT requirements.

What Are Logging Vehicles?

Logging Vehicles are robust vehicles engineered to carry heavy-sized logs. They are designed to be strong and come in different configurations:

Short Log Trucks: These are multiple-axle trucks designed to carry shorter logs to ensure equal weight distribution.

Long Log Trucks: These trucks are equipped to haul longer logs and usually have one or several extended trailers.

Self-Loading Trucks: These trucks are fitted with a fixed crane, enabling them to load logs independently without the need for additional machinery.

Each type is designed to do specific jobs, so they can get the logs across rough territory and over long distances efficiently yet safely.

What is the Heavy Vehicle Use Tax?

Heavy Vehicle Use Tax (HVUT) is another synonym of the annual taxes imposed on heavy vehicles (like tractor trailers, large commercial vehicles, buses, etc.) using public highways at registered gross weights equal to or exceeding 55,000 pounds. The tax is collected by the IRS, and the funds are utilized for the maintenance and highway repair.

If the gross taxable weight is from 55,000 to 75,000 pounds, the HVUT is $100, plus $22 per 1,000 pounds over 55,000 pounds. For vehicles over 75,000 pounds, the maximum HVUT is $550 per year.

Logging Vehicles and Excise Taxes

Since logging vehicles are heavy on the scale, they’re typically subject to pay the HVUT. However, special rules apply for these vehicles.

Lower Tax Rates: Logging trucks have lower HVUT rates than other heavy vehicles. For example, other heavy trucks might pay as much as $550 a year in HVUT. Logging trucks are not charged as much because of their distinct role. Tax on logging vehicles is less than 25%.

Filing and Registration: The owner of a logging truck must file IRS Form 2290 annually to report and pay the HVUT. The taxable year is from July 1 to June 30 (next year), and the form is due on August 31.

Proof of Payment: When the excise is paid and Form 2290 is filed, owners receive a stamped Schedule 1. This document is one of the requirements for registering the truck with state motor vehicle departments. Without it, you are not allowed to renew the registration of the truck.

Exemptions and Refunds: Logging trucks may be, under extraordinary circumstances, exempt from the tax levied or entitled to a refund. An example is when a truck covers less than 5,000 miles in a year, a truck owner may request suspension of tax. In cases where the truck is sold, destroyed, or stolen, a refund may be made to the unused months.

What Information is needed to File Form 2290 for Logging Vehicles?

One will need to provide the following information while filing Form 2290 for logging vehicles:

Name and address of the logging vehicle owner.

The Employer Identification Number or Social Security Number of the logging vehicle owner.

The Vehicle Identification Number and gross weight of the logging vehicle(s).

The first month of the logging vehicle(s).

Number of miles the logging vehicle(s) will operate over public highways during the tax year.

Miles that the logging vehicle(s) will operate over the public highways during the tax year.

Tips to Maintain Compliance:

Logging truck owners should be cognizant of the HVUT regulations. Following are some tips:

Maintain Good Records: Keep accurate records of all the trucks that are liable for HVUT, including their weight, their use, and their tax filings. Proper recordkeeping eases the process of filing.

File on Time: Be sure to file Form 2290 by the deadline each year. Late filing will incur penalties with interest charges.

Stay Updated: The IRS tends to change its guidelines from time to time, so noting them out can save you much trouble later.

How does EZ2290 help you with Logging Vehicles HVUT?

Easy Filing Process

Fast and Accurate: EZ2290 will help in filing Form 2290 for heavy vehicles quickly and accurately.

Easy to Use: The platform is mobile-friendly and designed to help finishing up your HVUT filing anywhere, anytime.

Save Time and Avoid Mistakes

Quick Filing: EZ2290’s new One-click filing feature allows you to file your 2290 in seconds. Just select the business, review & file.

Error Checking: Checks in real-time for mistakes, so need not worry about IRS rejections.

Instant Updates and Confirmation

Track Your Submission: Be updated instantly for the filing status and be notified.

Quick Schedule 1: Receive your stamped Schedule 1 in minutes to keep your business in compliance and keep those trucks moving.

Click here to e-file HUVT 2024 for your logging vehicles with EZ2290 to avoid any penalties.

When is 2290 Due for 2024

Posted on July 16, 2024 - 11:59 am by venu

The Form 2290 due date for 2024 is Aug 31st, 2024 on weekend, so this tax year 2024-25 2290 due date is extended to September 3rd, 2024.

IRS Form 2290 Due Date

Form 2290 used for reporting Heavy Highway Vehicle Use Tax Return, this 2290 form used in the United States. It is filed by owners or businesses operating trucking fleets, vehicles with a taxable gross weight of 55,000 pounds or more on public highways. Every year 2290 due date for the tax season is August 31st of that tax year.
First Use Month Rule: If your vehicle’s first use month is other than July, the due date is the last day of the month following the first use month. For example, if you start using your vehicle in August 2024, your filing due date is September 30, 2024.

Understanding Form 2290 for Suspended Vehicles

Posted on July 1, 2024 - 12:08 pm by aritri

Fill As a truck owner or operator, you know that proper paperwork and abiding by regulations are important. Understanding the rules and regulations surrounding suspended vehicles and Form 2290 is crucial to ensuring compliance with the law. Nowadays, it’s not easy to pay taxes, particularly when filling out different forms for your vehicles.

Whether you’re a seasoned trucker or new to the road, understanding the nuances of tax-suspended vehicles is essential. This blog delves into all about Form 2290 and its implications for suspended vehicles. It will guide you to the compliance essentials to process everything you should know. Let’s start the journey.

What is Form 2290?

As a heavy vehicle owner, you may be accustomed to filing the form 2290. If not, first, understand it before thoroughly exploring other essentials. Owners of automobiles must file the Heavy Vehicle Use Tax (HVUT) 2290 form with the IRS to legally drive their vehicles on highways.

You are required to pay tax if your truck has transported a gross weight of at least 55,000 pounds on public roads. This tax is imposed on all these vehicles due to the highways’ maintenance and construction. On the contrary, the suspended vehicles are exempted from giving tax instead of getting away by providing a nominal fee.

Suspended Vehicles in Form 2290:

The suspended vehicles refer to those vehicles that have yet to travel more than 5,000 miles (regular trucks) on public highways are called suspended vehicles. It should be at most 7,500 miles for agricultural vehicles. Another name for this kind of vehicle is ‘low mileage vehicles.’

Before filing Form 2290, check whether your truck belongs to this exempted HVUT 2290 suspended vehicle category. When your vehicles are temporarily out of service or travelled beyond 5,000 miles, you just fill in the 2290 form and need not pay the HVUT.

What to Remember While Filling Form 2290 for a Suspended Vehicle:

Form 2290 is compulsory to adhere to HVUT guidelines. According to the IRS, the tax year runs from July 1 to June 30. You must keep the following things at the time of filling out the form:

Basic Information: Like every other form, the owner’s basic information is to be included in Form 2290. This information includes name, address, etc.
Proper documentation: However, you must still mention this in the form. This documentation states that your trucks comply with the IRS documentation and that you are aware of the vehicle’s suspension.
Deadline: You must file form 2290 before the last date for submitting the form, i.e. August 31 every year. Make sure to put your essentials in and submit the form as the deadline is not too far.
Keeping the record of Mileage Limit: It is essential to keep supporting documents for mileage claims, including proof that the vehicle has traveled fewer than 5,000 miles. These documents will serve as important evidence in case of an audit.
Penalties for Non-Compliance: The HVUT suspension regulation requires vehicle owners to report their vehicles as suspended if they meet certain criteria. If you fail to comply with requirements such as mileage limits, proper documentation, or accurate reporting, you may face penalties.
Taxable Status: By any means, if the suspended vehicle crosses the upper limit, which is set by the IRS, it turns out to be a taxable vehicle. That’s why remember not to exceed the limit in the tax year or else pay additional tax consequently. As a result, amended form 2290 has to be submitted.
Accurate VIN: With the other documents, the accurate Vehicle Identification Number (VIN) should be entered in Form 2290 for a suspended vehicle. Any incorrect VIN leads to a potential penalty.
No Tax Due: As a heavy vehicle owner, make sure there were no outstanding taxes on your vehicle from the previous year. This is under the rules and regulations of IRS.

How to Fill HVUT 2290 for a Suspend Vehicle?

Filing the Heavy Vehicle Use Tax (HVUT) Form 2290 for a suspended vehicle is a straightforward process that involves providing specific vehicle details and selecting the appropriate suspension category.

Here are the steps you need to follow while filing Form 2290 for a suspended vehicle with Tax1099:

Step 1: Account Setup
Create an account or log in to Tax1099 for free.

Step 2: Enter Details
Fill in the Vehicle details & select the option ‘Suspended Vehicle’.

Step 3: Review & eFile
Transmit the form to the IRS & receive your stamped schedule 1 instantly.

Note: If your suspended vehicle crosses the 5,000 miles limit during the tax year, you have to file 2290 Amendment form to report the exceeding mileage to the IRS.