The 2290 Heavy Highway Automobile Use Tax is a $550 federal excise tax that need to be paid on all cars that weigh 55,000 lbs or additional and operate on public highways. The reporting period is from July 1st in any offered year to June 30 the subsequent year. The tax bill that is presently due is for the reporting period of July 1st, 2008, by way of June 30, 2009. If the car will not place on additional than five,000 miles in the coming year (or, if it is agricultural, if it will not place on additional than 7,500 miles in the year), the $550 payment is not expected, but you nonetheless need to file kind 2290.
Unless you are a new owner operator, you really should have received kind 2990 in the mail. You are going to have to have to study by way of the guidelines, fill out the kind, and mail it in by August 31st with payment.
If you purchased a truck just before July, 2008, you have to have to be positive the 2290 was paid for the months you have been driving it prior to July. Trust us, the IRS will discover out if the tax wasn't paid and they will demand you to spend the owed tax, plus penalties and interest.
You will have to have: Your VIN (car identification quantity), your EIN (employer identification quantity). The IRS does not accept your social safety quantity for identification purposes on kind 2290.
Who need to file? Irrespective of whether you are leasing or getting a truck, you are accountable for filing and paying the 2290 Heavy Use Tax. If the car is registered to you, you'd improved be positive the tax is taken care of! If you purchased a utilised truck, you are only expected to spend the tax for the time period immediately after you took possession of the truck- the former owner is expected to spend the tax for the months prior to promoting it to you. If, even so, the former owner did not spend, the IRS expects you to spend the complete quantity owed.
When to file: If you utilised the truck in the course of July, 2008, then the tax is due August 31st. If you did not use the truck till August, 2008, then the tax is due September 30th. And so on. The tax is due the final day of the month immediately after the truck hits the road. If the truck is not in use for the complete tax period, you will not have to spend the complete $550. Web page 10 of the 2290 Directions shows a sliding payment schedule.
Quantity to spend: Amounts shown are for trucks with a taxable gross weight of 75,000 or additional that are not classified as logging cars. If you will use the truck for the complete 12 months, you will spend $550. If the truck is was utilised beginning July, 2008, you need to spend the complete $550. If you will be promoting the truck or will, for what ever cause, not have the truck in use for the complete tax period, you nonetheless have to spend the $550, but you can request a refund. It utilised to be that as soon as you paid your 2290 for the coming year, your funds was gone. If you sold the truck, you have been nonetheless out the $550, and, if you did not offer the purchaser with proof of the 2290 getting paid, the purchaser would have to file and spend a pro-rated 2290. 1 current adjust to the 2290, is that if you sell your truck or if it is destroyed or stolen (unless it is recoverd and place back into use in the course of the tax period), you can file for a tax credit. You can not claim a larger credit than what you paid when you filed the kind. If you want to file for a credit, you need to fill out kind 8849 (Claim for Refund on Excise Taxes) and Schedule six (Other Claims).
The quantity you need to spend is as follows: If the truck was very first in use in July, 2008: $550 due August 31. If the truck was very first in use in August, 2008: $504.17 due September 30. If the truck will very first be in use in September, 2008: $458.33 due October 31. If the truck will very first be in use in October, 2008: $412.50 due November 30. If the truck will very first be in use in November, 2008: $366.67 due December 31. If the truck will very first be in use in December, 2008: $320.83 due January 31. If the truck will very first be in use in January, 2009: $275.00 due February 29. If the truck will very first be in use in February, 2009: $229.17 due March 31. If the truck will very first be in use in March, 2009: $183.33 due April 30. If the truck will very first be in use in April, 2009: $137.50 due May possibly 31. If the truck will very first be in use in May possibly, 2009: $91.67 due June 30. If the truck will very first be in use in June, 2009: $45.83 due July 31. Following that, you will be in the 2009 2290 tax reporting period.
Factors to bear in mind: Never Overlook TO Place YOUR Complete VIN ON SCHEDULE 1 (Type 2290)! If you file by mail, make copies of the kind and the verify you send to hold for your records. You will have to have to have proof of 2290 payment in order to hold your truck registration existing.
If you have to have support filling out the kind, you can contact the IRS 2290 Get in touch with Web page toll absolutely free from the US at 866-699-4096. From Canada or Mexico, contact 859-669-5733 (not a absolutely free contact). You can also quit in at your nearby IRS workplace for help.