IRS Form 2290 Taxes on Truckers

According to the U.S. Bureau of Labor Statistics, the demand for truckers is increasing and is

expected to continue to increase 10% over the next 10 years. The heavy vehicle use tax or HVUT is a

fee assessed annually on these heavy vehicles operating on public highways at registered gross

weights equal to or exceeding 55,000 pounds. This tax is paid by filing IRS Form 2290. The current

tax period is July 1, 2012-June 30, 2013. The deadline to file for all vehicles used during the month

of July is August 31, 2012.

The penalty for not filing the IRS Form 2290 by August 31st is equal to 4.5% of total tax due. This

amount is assessed on a monthly basis up to five months. Those who choose not to make their

HVUT payment also face an additional monthly 0.5% of the tax due penalty. Additional interest

charges of 0.54% per month accrue as well. Within 5 months of not filing and paying the HVUT tax,

the HVUT liability that was originally $550 will be over $700 in IRS tax debt. In addition to the

monetary federal penalties, states suspend the registrations of vehicles for which proof of HVUT

payment has not been provided. So not only will the taxpayer owe more money, they will also be

unable to renew their registrations, so they will be unable to work. HVUT evasion penalties can

even be as severe as fines and incarceration.

There are a few instances where a vehicle is exempt from paying the HVUT tax, even if most of

those instances; a Form 2290 is required to be filed even if no tax is due. You can find detailed

information on the IRS site at www.irs.gov/trucker.

You can e-file your Form 2290 quickly and easily at ExpressTruckTax.com and receive your Schedule

1 within minutes. Your Schedule 1 serves as proof of payment for your HVUT and when you file by

the August 31, 2012 deadline you will avoid any IRS penalties. Contact our friendly US based

customer support center in Rock Hill, SC at 704-234-6005 or email us at

support@ExpressTruckTax.com.