5 W’s of Form 2290 to Help Truckers Understand Aspects of Heavy Vehicle Use Tax Filing

May 16, 2012 by  Filed under: Taxes 

Often when you learn of anything, there is a series of questions that follows to better help you understand the information introduced to you. These questions are quite broad, but the responses are frequently informative: who, what, where, when and why? These “5 W’s,” are pivotal to understanding the foundation of any piece of information, especially when it comes to research in any capacity.

Who came up with Form 2290?

The Internal Revenue Service is the overarching entity that handles federal taxes for the United States of America. Being that entity of power, the IRS was approached by national roadway officials and task forces with an ongoing issue that effected commuters on a daily basis. The IRS teamed up with the Highway Trust Fund and the Federal Highway Administration to properly amend the roadway conditions issue.

What is Form 2290?

Form 2290, or the heavy vehicle use tax, is a tax form specific to heavy-weight trucks and as one can assume, cross-country trucking damages highways and roads; therefore, it is important to implement taxes for trucks that can be categorized as “heavy vehicles.” Typically, heavy vehicles are characterized as highway automobiles designed to carry a load over public highways with a gross weight exceeding 55,000 pounds. Trucks, truck-tractors and buses are usually the types of automobiles classified as heavy vehicles because of their large capacity for storage. It is the storage’s weight that is able to inflict large-scale damage to national roadways by way of road deterioration and car accidents caused by flat tires. It is for the aforementioned reasons that these heavy-weighted vehicles must be registered and filed on an annual basis.

Where can you file Form 2290?

Form 2290 is typically done through the IRS office whether it is in the office or through the mail. Recently, there has been a push to get taxpayers to file the form by way of “e-filing.”E-filing offers the option of filing your Form 2290 from the comfort of your home without taking more than thirty minutes out of one’s day. Meaning that you are able to avoid waiting for your Stamped Schedule 1, paying for postage and keeping track of your tax filing process. Above all else, “e-filing” is the most feasible option because of the provided customer support that is able to walk you through the process of filing your Form 2290 from your home (quality services varies by selected tax service).

When do you file Form 2290?

The filing season for Form 2290 begins July 2012 and ends June 2013. The tax operates through a pro-rate system in which truck owner/operators pay a tax amount dependent on the truck’s time of use.

Why is form 2290 important?

The HVUT benefits all since it is a source that generates revenue to ease inevitable travel. One of the biggest complaints that all Americans share about their road travels is traffic congestion, which is often caused by accidents, road work and volume of travelers. The profits made by the HVUT do not solely go towards road re-construction, but actually funds a vast amount of projects that are to improve the traveling conditions throughout the country. A smoother flow of traffic comes with better roads, law enforcement, congestion relief projects and road administration. And through the efforts of the Heavy Vehicle Use Tax and the Highway Trust Fund, the greatest pain of road travel, heavy traffic congestion, can be greatly reduced.

Seun is an associate of Etax2290 which is a leader in e-file industry, with approval from IRS and various other trusted organizations for filing tax form 2290 online with ease and hassle free. File form 2290 now and avoid possible penalties.

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