From CDL Life.
The Internal Revenue Service (IRS) has issued a reminder to truckers that a major tax deadline is just weeks away.
The Form 2290, Heavy Highway Vehicle Use Tax Return is due on August 31, 2022, for vehicles first used in July 2022. The IRS encourages truckers to e-file the form.
Who must file Form 2290 and pay the tax?
- Truckers that have a highway motor vehicle with a taxable gross weight of 55,000 pounds or more registered in their name must file Form 2290 and pay the tax. However, on vehicles they expect to use for 5,000 miles or less (7,500 for farm vehicles), they’re required to file a return, but pay no tax. If the vehicle exceeds the mileage use limit during the tax period, the tax becomes due.
- Vehicles first used on a public highway during the month of July 2022 must file Form 2290 and pay the appropriate tax between July 1 and August 31.
- Taxpayers must file Form 2290 by the last day of the month following the month in which the taxpayer first used the vehicle on a public highway during the taxable period, regardless of the vehicle’s registration renewal date.
- The filing deadline is NOT tied to the vehicle registration date
For an IRS chart outlining when Form 2290 is due based on when your vehicle was first used on the road, please click here.
See the complete article online at CDL Life.