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What is the IRS Form 2290?

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Truck drivers in the United States face some unique challenges on the job. Even doing their taxes is a challenge. Heavy highway use and other intricacies of working and living on the road require special attention during tax season.

The IRS created Form 2290 to assist people who put serious miles in on the road for their job. Learn more about IRS Form 2290, how to file, as well as common filing errors.

What is IRS Form 2290?

IRS Form 2290, Heavy Highway Vehicle Use Tax Return, is commonly used by truckers and others who spend the bulk of their working hours on the road. There are many other uses for Form 2290, so it helps to have a clear understanding of the document.

The form helps you determine and pay the taxes due on large capacity motor vehicles (55,000 lbs. or more) as well as used vehicles acquired during the tax year. It also provides the opportunity to suspend taxes on lightly used vehicles (including agricultural vehicles) and any vehicle used less than 5,000 miles in a year.

The IRS also requires larger fleets with more than 25 vehicles over 55,000 pounds (combined gross vehicle weight) to file Form 2290. 

Why do I need to file Form 2290?

According to the IRS, there are many reasons a taxpayer should consider filing a Form 2290:

●      Calculate and pay the taxes due on highway motor vehicles used during the period with a taxable gross weight of 55,000 pounds or more.

●      Calculate and pay the taxes due on a vehicle for which you completed the suspension statement on another Form 2290 if that vehicle later exceeded the mileage use limit during the period.

●      Figure and pay the taxes due if the taxable gross weight of a vehicle increases and the vehicle falls into a new category.

●      Claim a tax suspension when a vehicle is expected to be used 5,000 miles or less. Agricultural vehicles have an exception of 7,500 miles or less per year.

●      Claim a credit for taxes paid on vehicles that were sold, destroyed, or stolen and used 5,000 miles or less. Once again, agricultural vehicles have an exception of 7,600 miles or less.

●      Report the acquisition of a used taxable vehicle for which the tax has been suspended.

●     Calculate and pay the taxes due on a used taxable vehicle acquired and used during the period.

Common Filing Errors of Form 2290

All in all, Form 2290 is considered fairly straightforward to complete and submit. However, there are a few common filing errors.

The most important thing to keep in mind with Form 2290 is that you will need to provide information about your vehicle. This includes the Vehicle Identification Number (VIN). The VIN is a unique, 17-character (letters and digits) identification code. It is specific to each vehicle and helps buyers, sellers, dealers and governments track each car or truck.When it comes to Form 2290, the VIN is a common filing error. Either A) the taxpayer is having problems locating the VIN on the vehicle, or B) the VIN is entered into Form 2290 incorrectly (usually because of a typo).

You can find the VIN of your vehicle by looking at the dashboard on the driver’s side. The easiest way to read off your VIN is to stand outside the automobile and look at the corner of the dashboard where it meets the windshield.

If the VIN is not found by looking on the dashboard, try opening the driver’s side door and look at the doorpost. The VIN is often stamped where the door latches when it is closed.

The other common filing error with Form 2290 is to enter the wrong taxable gross weight of the vehicle. You will want to make sure the weight is correct based on what was recorded by the state where the vehicle is registered.

Contact Levy & Associates for More Assistance

Levy & Associates can help you avoid common filing errors on IRS Form 2290 to keep you in good standing with the IRS. Filing errors reduce tax liability, so it is important to make sure you are preparing the form correctly. Contact us today at www.levytaxhelp.com or call 800-TAX-LEVY.

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