Trucking businesses are preparing to file the HVUT form 2290 for the tax year 2021-2022. So, here’s your complete guide to filing Form 2290 before the due date + tips for easy IRS compliance.
After a bitter 2020 and restricted road activity, businesses in the trucking industry are picking up the pace and looking forward to the HVUT filing season in 2021-2022.
If you are an owner-operator or work with a trucking business, you must know how much the trucking industry was impacted because of the Covid-19 global pandemic.
Several businesses came to a halt and others were permanently closed as they were unable to sustain the choked-up economic scenario.
With the Covid-19 regulations and a possible second wave in place (which may need the governments to declare an emergency), filing your 2290 forms may seem like the last thing you want to do. However, not filing your taxes can do more damage than good.
You may know by now that the IRS is focused on ensuring compliance and regulating for-profit organizations, and it is not going to stop anytime soon. This approach is in consensus with the general penalty assessment rules.
This brings us to the subject at hand – HVUT Form 2290 and how truckers and trucking businesses should approach their tax filings in the tax year 2021-2022. When should you file and how to go about it.
Find all the answers here.
But before you skip to the due dates, here’s a blurb on Form 2290.
About Form 2290
Form 2290 (view here) is an IRS informational return, which must be filed by owner-operators and businesses in the trucking industry. You are required to file Form 2290 if the taxable gross weight of the vehicle weighs 55,000 pounds or more.
When Is Form 2290 Due For 2021?
Truckers and trucking businesses must be filed the IRS Form 2290 for Heavy Vehicle Use Taxes (HVUT) every year by August 31st for the current tax period for heavy highway vehicles begin on July 1, 2021, and ends on June 30, 2022.
Form 2290 Due Dates For Vehicles First Used On Public Highways
Use the following table to determine the due date for vehicles purchased and used in the current and previous filing periods.
| If The Vehicle Is First Used During This Period | File Form 2290 And Make Your Payment By | Enter This Date On Form 2290, Line 1** |
| July | August 31 | YYYY07 |
| August | September 30 | YYYY08 |
| September | October 31 | YYYY09 |
| October | November 30 | YYYY10 |
| November | December 31 | YYYY11 |
| December | January 31 | YYYY12 |
| January | Last day of February | YYYY01 |
| February | March 31 | YYYY02 |
| March | April 30 | YYYY03 |
| April | May 31 | YYYY04 |
| May | June 30 | YYYY05 |
| June | July 31 | YYYY06 |
How Much Does It Cost To File Form 2290?
The cost to file Form 2290 depends on the number of heavy vehicles on which you’re liable to pay the tax + weight of the vehicle + any pending penalty. For example: Let’s assume that you own 1 truck and started using it in July 2020. Say that the taxable gross weight is 55,000 pounds. In this case, you are liable to pay $75.00 as Heavy Vehicle Use Tax by 31st August 2021.
How Do I Pay My Heavy Duty Tax?
The IRS is encouraging businesses and individuals alike to e-file Form 2290 to pay Heavy Highway Vehicle Use Tax on vehicles that have a taxable gross weight of 55000 pounds or more.
Businesses can file by paper or electronically in a few simple steps. However, if you are planning on e-fling your 2290 taxes, then we recommend EZ2290 for its simple-to-follow e-filing process and a minimal processing fee. You can estimate your HVUT taxes with EZ2290’s Smart Tax Calculator.
How Can I File Form 2290 Online With EZ2290?
- Create Your Free Account
Create your EZ2290 account for free. No credit card details are required.
- Enter Business & Vehicle Information
Enter the required business and vehicle information to calculate tax and report.
- Submit To The IRS
Submit your returns to the IRS through our secure e-filing platform.
- Get IRS Stamped Schedule-1 Instantly
Receive the IRS Stamped Schedule-1 within minutes of successful submission.
IRS Form 2290 Stamped Schedule 1 (Proof for Payment)
Paper filing requires a lot of effort to prepare and mail the files. You may not know if the IRS has reviewed your files unless they process and send you the IRS-Stamped Schedule-1. This entire process may take between 2 days to 2 weeks.
However, when you choose to e-file your HVUT forms, you will instantly receive the IRS-Stamped Schedule-1 after successful submission.
The IRS-Stamped Schedule-1 is proof of receipt of tax payment by the IRS. You can use this to document and track your 2290 filings.
What Is The Penalty For Late Filing Of Form 2290?
Delayed tax filings accrue interests. The IRS imposes a 0.54% penalty on the total tax you owe, which is assessed every month until the total tax + interest is received in full. An additional 0.5% interest is also accrued every month.
For example, if you owe $100 as HVUT taxes, then the final tax amount would accrue a 0.5% penalty + 0.5% interest for every month.
Please note that the interest will keep accruing until you pay your taxes, be it days, months, or even years.
However, the IRS also provides relief to filers who have a valid reason for delaying the 2290 files and tax payments. Find more information on penalty relief on 2290 files directly from the IRS here.
Related Ez2290 Blogs:
What Is Form 2290? Are You Required To File It?
IRS Form 2290 Instructions For The 2021-2022 Tax Year
Vehicle Identification Number (VIN) – Here’s Everything You Need To Know
