If you haven’t renewed your Schedule 1 for the 2020-21 tax year, it’s time to file Form 2290 and pay your HVUT.
Nobody looks forward to giving the IRS money, but the Highway Vehicle Use Tax (HVUT) is an investment in your business because it goes to maintaining roads.
Here’s what you need to know about the HVUT and the IRS’s accepted payment methods to keep your truck legal on the road.
What is the Heavy Vehicle Use Tax (HVUT)?
The Heavy Vehicle Use Tax (HVUT) is a payment that goes with Form 2290. If you own a vehicle that weighs over 55,000 lbs, you need to file Form 2290. If that vehicle travels more than 5,000 miles in a year–or 7,500 miles for agricultural vehicles–you will also need to make a tax payment with Form 2290.
Once you file Form 2290 and pay your HVUT, you’ll receive a stamped Schedule 1. You should keep this document in your truck as proof that you paid your HVUT and your truck is legal and in good standing with the IRS. Right now, your 2019-20 Schedule 1 from last year is expired, and it’s time to file again and renew it for 2020-21.
Click here for everything you need to know about HVUT Form 2290.
What HVUT payment methods does the IRS accept?
Debit and credit payments aren’t an option right now for Form 2290 returns. The IRS has these payment methods temporarily suspended, but they should be back in January 2021.
For right now, you can pay your Form 2290 HVUT through an electronic funds withdrawal, the Electronic Federal Tax Payment System, or a check or money order.
Electronic Funds Withdrawal (EFW)
Electronic funds withdrawal is only available when you use an e-file provider. ExpressE-file makes it safe and easy.
To make a payment, you’ll just need to know your bank account number, routing details, and whether you are paying from a checking or savings account.
Electronic Federal Tax Payment System (EFTPS)
The Electronic Federal Tax Payment System (EFTPS) is the U.S. Department of Treasury’s electronic tax payment system, and the IRS recommends it for businesses. To use this method, you’ll need to enroll. You can go to http://www.eftps.gov or call 1-800-555-4477 to create an account. It can take up to 10 business days to get all set up, so you’ll want to make sure you have plenty of time before your deadline if you are considering this option.
Once you get your account set up, you’ll be responsible for scheduling your HVUT payment to the IRS. There can be lags with processing, so it’s a good idea to pay your HVUT before 8 pm the night before your deadline so that the IRS has the chance to receive your payment on time and doesn’t think that it is late.
Check or Money Order
The third way you can get your HVUT payment to the IRS is by check or money order. For this option, you’re going to need to provide your completed payment voucher along with your payment. To get this, finish your Form 2290 and print out your 2290-V. You should include this page when you mail your check or money order to the IRS, but it’s best to avoid stapling anything together.
How to write your HVUT Check or Money Order Payable
You can make out your check or money order payable to the United States Treasury. You’ll include your name, address, and EIN. You can designate the payment as for “IRS Form 2290.”
Where do I mail my HVUT payment?
You can mail your HVUT payment and 2290-V to:
Internal Revenue Service
P.O. Box 932500
Louisville, KY 40293-2500
E-file HVUT Form 2290
However you decide to pay your HVUT, e-filing Form 2290 is the best option. Visit this blog to find out why top truckers choose to switch to e-filing. Our software is safe and straightforward, and if you have any questions, our support team is 100% U.S. based and always happy to help.
As the trucking industry adapts and transportation professionals continue to work hard during COVID-19, we are so thankful for your service. Click here for our complete Form 2290 safety checklist.
If you want to pay your HVUT easily and get your stamped Schedule 1 in minutes, choose ExpressE-file.
