The Internal Revenue Service is reminding truckers and owners of heavy highway vehicles that in most cases, their next federal Highway Use tax return is due August 31st. The deadline applies generally to Form 2290 and the accompanying tax payment for the year that begins July 1st, 2017 and ends June 30, 2018. Returns must be filed and tax payments made by the deadline for vehicles used during July. If you used the vehicle after July, the deadline is the last day of the month following the month you used the vehicle in.
Although you can file the Form 2290 on paper, it is highly encouraged that all taxpayers take advantage of filing the form electronically as well as paying any taxes due electronically. If you are reporting 25 or more taxed vehicles, you must use the e-file option. Tax-suspended vehicles do not count towards the vehicle threshold. You can use one of these e-file providers that are IRS-Approved.
The Highway Use tax applies to highway motor vehicles with a taxable gross weight of 55,000 pounds or more. This can include trucks, truck tractors and buses. Usually, vans, pickups, and panel trucks are not taxable because they fall below the 55,000-pound threshold. The tax, which can reach us to $550, is based on weight and a variety of special rules apply. You can find these rules in the instructions of your Form 2290.
Generally, if you file your return electronically, you will receive your IRS-stamped Schedule 1 minutes after you file. You can then print the Schedule 1 and provide it to your state’s department of motor vehicles without ever needing to go to an IRS office. For more information on the Highway Use Tax, you can visit the Trucking Tax Center.
If you need help figuring out which returns you need to file and how much you should pay, Polston Tax is here to help. Our team of tax preparers and tax attorneys can help find the right fit for you. We’re open Monday through Friday 8am-5pm. Call us at 405-801-2146 or fill out a form for a free consultation online!