How to Register Trucks at DMV by Filing Form 2290 and Collecting Stamped Schedule 1 Receipt From IRS

June 16, 2012 by  Filed under: Taxes 

Becoming a trucker is an exciting and beneficial decision that has several perks. Although it is not a tough profession to get into, it takes patience and hard work to rise through the trucking ranks and become a success. If one decides to enter this industry, it is important to know the pertinent information affecting truckers on a daily basis, such as the various “truck taxes,” more specifically the heavy vehicle use tax. The heavy vehicle use tax is one of the more important taxes that truck owner/operators have to face for the tax funds roadway improvement projects. New truckers are obliged to understand the in’s and out’s of this tax for the IRS’s penalties can become quite costly, not only to the driver, but to the public as a whole.

The biggest part of getting into the trucking industry is obtaining a tractor-trailer vehicle that is able to haul thousands of items at one time. The hardest part is not necessarily buying the vehicle, but ensuring that it is able to legally travel the roads without interference. In order for this to happen, a trucker must pay the heavy vehicle use tax indefinitely. State governments must review, verify and obtain proof of payment from heavy truck owners subject to the tax. This requires active involvement of state governors to oversee that these proofs of payments are being collected and verified. State leadership certifies compliance by submitting a letter confirming that the state continually obtains proof of payment as a condition of registering heavy trucks subject to the heavy vehicle use tax. There is no legal way around this; the heavy vehicle use tax has to be paid in order for a truck to be in use.

Being that the heavy vehicle use tax is an inevitable financial obligation, it would be beneficial to know how it works. The HVUT is also known as Form 2290, which happens to be the title of the official tax document that must be filed. Form 2290 requires a bit of information from a given taxpayer such as the employer identification number, vehicle identification number, and taxable gross weight of the vehicle. The employer identification number is utilized to identify the company or business that owns and operates the truck, also known as the federal tax identification number; it really is the commercial equal of the social security number, but for companies. The vehicle identification number is a distinctive serial number employed to identify a certain car, which one intends to pay taxes for. Finally, the taxable gross weight decides the tax amount the owner must pay and can be decided by adding the actual unloaded weight of the vehicle entirely outfitted for service; the actual unloaded weight of just about any add-on completely outfitted for service; and the weight of the highest load carried on the auto or truck usually employed in combination using the vehicle.

Now, the Schedule 1 is one of the more important components of Form 2290. This is where you list your vehicle(s) and its weight category. This is the page of the form where you really figure out your total tax amount based on the amount of vehicles you have and their weight. This is the part of the document necessary to register your vehicle(s) at your local DMV office. Only after the DMV representative verifies that your Schedule 1 has been approved by the IRS can you obtain your vehicle’s registration and plates.

If you decide to disregard the HVUT & Form 2290, you will find yourself in a tough spot because the IRS is known for assessing hefty financial penalties. Penalties for HVUT non-compliance are quite costly to motor carriers. The penalty for failing to file the IRS Form 2290 by its deadline is nearly equal to 4.5 percent of the total tax due, which is assessed on a monthly basis up to five months

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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