It’s time to file Form 2290 and pay your HVUT to the IRS. With everything going on in the world, getting ready for your deadline might feel overwhelming. We’ve broken it down to four simple things you need to know to file on time and remain IRS compliant.
1- Your Deadline
Your Form 2290 deadline is based on your truck’s first use month (FUM). Unless you just bought a new vehicle, this will probably be July 1st. The HVUT Form 2290 deadline for the 2020-21 tax year is August 31, 2020.
2- Your Information
In order to file Form 2290, there’s some information you’ll need to have ready. Be prepared to report your business name, Employer Identification Number (EIN), Vehicle Identification Number (VIN), and taxable gross weight.
Visit our quick safety checklist to get all your information prepared to file Form 2290 online.
3- How to Calculate Your HVUT
The Heavy Vehicle Use Tax (HVUT) is the payment that owners of trucks that weigh over 55,000 pounds make to the IRS. This tax is calculated based on your vehicle’s taxable gross weight and miles traveled. Taxable gross weight is how much your vehicle weighs unloaded but with all of it’s equipment on board. Trucking professionals do not have to pay this tax for years that their vehicle traveled under 5,000 miles, or 7,500 for agricultural vehicles.
4- How to Pay
Once you have all your information collected and know how much you owe the IRS, it’s time to pay your HVUT. The IRS accepts several different payment methods.
You can pay the HVUT using EFW, EFTPS, check, or money order.
Electronic Funds Withdrawal (EFW) is only available when you file Form 2290 online with an e-file provider. To pay this way with ExpressE-file, you’ll just need your bank account information.
If you would like to pay using the U.S. Department of Treasury’s Electronic Federal Tax Payment System (EFTPS), you’ll need to make an account. You’ll also be responsible for scheduling your payment to the IRS.
To pay with a check or money order, you’ll mail it to the IRS along with the 2290-V found on page 11. Mail your payment and voucher to:
Internal Revenue Service
P.O. Box 932500
Louisville, KY 40293-2500
For more information on Form 2290 filing and accepted IRS payment methods, click here. Get ready for your August 31, 2020 deadline with this blog.
Now that you have everything you need to know to meet your HVUT deadline, you’re ready to e-file your 2290 form. E-filing is the IRS recommendation and it makes truck taxes simple and safe. When you file with ExpressE-file, you’ll get your IRS stamped Schedule 1 in minutes for the lowest price in the industry.
