Reasons to File IRS Form 2290

Last Updated on  November 6, 2020  By  Eform2290 Editorial Team

Form 2290 is a tax form for truckers who operate heavy vehicles on public highways. If your vehicle is registered at a gross weight of 55,000 pounds or more and used your vehicle for 5000 miles and above (7500 miles and above for agricultural vehicles) you are required to pay HVUT.

Many of you may have a lingering question of why should you pay HVUT and more importantly how does this benefit you. So here are a few reasons why you must file your Form 2290 and also a brief understanding of the process.

1.Smooth & Safe Travels

There are currently 3.91 million class 8 trucks operating in the United States.1 The number of freight vehicles has significantly increased over the past few decades. Paying HVUT helps authorities maintain highways and ensure any damage is fixed at once. This ensures you can drive smooth and safe.

Numerous accidents can be attributed to bad roads especially when the weather isn’t the best of times. In order to avoid accidents during these times, highways need to be smooth.

2.Enhances Emergency Responses

Did you know there were 2734 fatal crashes involving heavy vehicles such as trucks and buses in the United States in 2019? According to a preliminary report released in January 2020, 3087 people died and 60,818 people faced injuries in accidents involving heavy trucks and buses.

Accidents can happen anytime irrespective of how careful you are at times. During these times, emergency response is critical in saving a life. Paying your HVUT religiously gives authorities updated information about you and your truck. This information speeds up the emergency process and enhances the ability to respond as soon as possible.

[ Read: How to Pay 2290? ]

3.Business Continuity

As truck drivers, your profession entails timely and safe deliveries. A delay or any damage in delivery would mean a personal loss for you. Wondering how is this related to you spending more money on HVUT?

With the number of heavy vehicles operating in the United States currently, the highways are prone to damage. Let’s not forget there are other vehicles operating on the highways. Bad roads would mean congestion and more time on the road. Slowing down to make sure the goods aren’t damaged will become a norm.

2290 Road Tax payment is one way to make sure your wages and work is not affected and thereby ensure business continuity. e-File form 2290 now and enjoy risk-free deliveries.

4.Economic Growth

In 2019, the estimated revenue generated by the trucking industry was USD 279.9 billion. Considering how trucking is a major driver of the US economy, HVUT is used to ensure seamless functioning of the trucking industry.

The money you pay as HVUT is essentially used to finance various programs such as:

  • Highway Infrastructure and Improvement

  • Highway Law Enforcement

  • Congestion Relief Programs

  • Administrative Costs

  • Safety Programs (Driver education and training, vehicle inspection programs, vehicle weight enforcements etc.)

File your form 2290 today and make the best of your life in transit.

5.Claim Credits

A huge advantage of the Heavy Vehicle Use Tax is you can claim credit for tax paid on any taxable vehicle which is sold, stolen, destroyed or if you’ve used 5000 miles or less (7,500 miles if agricultural vehicles). You can also use Form 2290 to make any amendments in your vehicle gross weight or any other changes such as VIN corrections.

Apart from the above, you can also use Form 2290 to report acquisition of your used taxable vehicle for which tax has been suspended. File your Form 2290, pay your HVUT and make the most out of it.

6.Stay away from Trouble

We kid you not when we say, IRS penalties for late or unpaid HVUT can leave your pockets, lockers, and bank drained out. The penalties will be additional to the late payment interest charges leaving you frustrated with all the big numbers.

Also, due or unpaid HVUT can call for trouble with highway authorities putting an unnecessary break to your drive. Pay your HVUT on time and make sure your pockets stay full while you make timely and damage-free deliveries. Maybe you’d even make a few extra bucks for that professionalism.

But, Where do I Start?

Know if you fall under the HVUT criteria. You are required to pay Heavy Vehicle Use Tax annually if:

  • You are registering a vehicle in your name

  • The vehicle has a gross weight of 55,000 pounds or more

  • You are using the heavy vehicle on a public roadway
  • You have used your vehicle for 5000 miles or above (7500 miles and above for agricultural vehicles)

  • You do not fall under the category of tax-exempted vehicles

You can calculate the gross weight by adding the unloaded weight of your vehicle, the unloaded weight of any trailers you use in combination with your truck, and the maximum load carried on your vehicle and trailers if used in combination with your truck. Sounds like too much work and some jargon? Well, you can now file your Form 2290 online and use a tax calculator to know your dues in less than 5 minutes. Know your dues and pay your HVUT now to avoid late payment charges and penalties.

[ Use 2290 Tax Calculator ]

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