Heavy Vehicle Use Tax is a compulsory tax requirement that must be fulfilled by truckers, trucking businesses and owner-operators of heavy vehicles. They are required to file form 2290 and pay the necessary tax amount to avoid penalties and legal hassles. It’s an important and compulsory taxation filing requirement that one must fulfill if he or she falls under the following brackets:
1. Owner or driver of a truck that weighs more than 55,000 pounds or more. This is known as the taxable gross weight of the vehicle and it can be ascertained at a certified weighing company. A form certifying the correct value must also be furnished.
2. A Limited liability Corporation owning a fleet of heavy trucks.
3. Companies, drivers, and owners of trucks that travel a distance of 5,000 miles. This limit is 75,000 miles for trucks used for agricultural purposes.
How to file the HVUT tax?
There are two ways tof file the HVUT tax:
1. Electronic filing or e-filing:
The best and the easiest way of filing the HVUT tax is to e-file it online through an IRS approved e-filing service provider. For this, the user needs to register an account, enter the necessary details about the taxable vehicle and make the tax payment online.
2. Paper filling:
Paper filers need to procure a copy of the form 2290 and schedule 1, fill out the copies and mail it to the IRS. It takes several weeks for the IRS to process forms that are submitted manually unlike e-filing which offers instant processing.
Form 2290 Schedule 1
Form 2290 Schedule 1 serves as a proof of tax payment. After filling out the online form and completing the payment of the required tax amount, form 2290 schedule 1 is sent to the user which serves as a tax receipt issued by the IRS for record-keeping. . The user must always carry a copy of the IRS stamped schedule 1 with them at all times. The designated authorities mail the watermark form 2290 schedule 1 receipt to the registered email ID that can be printed. While paper filing, the following information must be provided on the two copies of Schedule 1: :
1. Vehicle identification number
2. Taxable gross weight
3. Employer’s identification number
4. The name and address of the business
5. Other dedicated details about tax suspension, if the vehicle is tax suspended.
Form 2290 schedule 1 and its benefits:
1. It serves as proof of payment of HVUT tax
2. Schedule 1 is needed for updating vehicle registration and tags at the DMV
3. Form 2290 schedule 1 is an essential document that must be supplied upon leasing and contracting the truck to a third party.
4. It even acts as proof essential for renewing the vehicle registration.
The period for obtaining the schedule 1 receipt:
A taxpayer who has already paid the necessary amount of HVUT tax can obtain the designated schedule 1 form 2290 received from its official website. The same can be obtained through mail within minutes directly. The form can be obtained from the dashboard of the e-filing platform , downloaded to one’s system, and printed easily.
However, in the case of manual filing and processing, the stamped schedule 1 receipt may require at most 6 weeks of waiting time.
Steps to be followed in case of lost form 2290 schedule 1 receipt:
A truck owner, driver, or even a company that has lost the form 2290 schedule 1 receipt can get the same from the e-filing platform. The receipt can be printed. However, in the case of manual filing, the user needs to contact the IRS for delivery of the form, which can be a lengthy process.
Form 2290 Schedule 1 is considered to be one of the most essential documents that a taxpayer of HVUT tax must obtain from the IRS. It is a crucial document that serves as a proof of completion of all the necessary tax formalities concerned with the vehicle. Moreover, printing and submission of the same on time can save oneself from any kind of future penalties.
To make the process of filing and obtaining the form 2290 schedule 1, one must opt for e-filing. The process becomes completely convenient and hassle-free that can help taxpayers in getting dedicated services on time. Unlike manual filing, the document can be received on time and with minimum hassles. Printing and submission of the same to the IRS on time can protect one from any kind of future litigation and imposition of penalties. Moreover, one can easily obtain a copy of the lost schedule 1 document from the dashboard of their e-filing service provider.
