IRS Form 2290 Deadline is on March 31, 2021 for 2020-21 tax period, If your First Used Month is February 2021

Stamped Schedule 1


If you put a truck on the road in  February 2021, you will need to file your Form 2290 before midnight on March 31, 2021. Every owner of a highway motor vehicle weighing 55,000 pounds or more must have a current Stamped Schedule 1 (proof of Heavy Vehicle Use Tax payment) in order to remain compliant.

What is IRS Form 2290? 


The IRS Form 2290 is used to calculate and pay yearly heavy vehicle use taxes (HVUT) for the operation of highway motor vehicles weighing 55,000 pounds or more on public highways. If a vehicle is driven less than 5,000 miles (7,500 for agricultural vehicles) in a given tax year, the owner must still file a Form 2290 but is not required to pay HVUT.

 

When is Deadline for Filing Form 2290?


If you put a new truck on the road during a given tax year, your Form 2290 deadline is based on the vehicle's month of first use. In this case, your deadline will be the end of the month following the month of first use. For instance, if you started using a truck in February 2021, your Form 2290 deadline will be March 31 2021 (unless the end of the month falls on a weekend, then your deadline will be the next business day). 


If you do not file a Form 2290 by the deadline and pay your HVUT, you will face penalties and interest. Once your Form 2290 is accepted, you will receive a (which acts as proof tax payment) that you must keep in your vehicle.


However, if you are still using the same truck as the last tax year, your Form 2290 deadline will be August 31 of each year.



How to Calculate 2290 Tax?


Heavy vehicle use taxes are calculated based on your vehicle’s weight and duration of use during each tax year. For instance if you start using a truck with a gross taxable weight of 55,000 pounds in February, your tax payment for 2020-21 will only be $41.67. However, if you are renewing your HVUT in August for a truck weighing over 75,000 pounds, your tax payment will be $550 (the maximum HVUT amount).


How to get a Stamped Schedule 1


2290 Schedule 1

When you e-file with TruckTax, your Form 2290 will be accepted or rejected by the IRS within minutes. There is no need to wait for it to reach them by mail (which can take several additional weeks for them to process). Once accepted by the IRS, you will receive a stamped Schedule 1 in your email. This can then be printed and placed in your truck. 


Penalties for Late Filing Form 2290 


If you fail to file by March 31, 2021, you incur penalties and interest on your HVUT payments. If you miss the deadline by one day, the IRS will add 4.5% of the total tax amount due. Then your penalty will increase on a monthly basis for up to five months. Then you will also face an additional interest charge of 0.54% for every additional month late. 

HVUT tax payments are already expensive. For most truckers, HVUT payments are at least $550. With extra penalties and interest, this number inflates quickly. File your Form 2290 ahead of the deadline to avoid any additional charges.


Why Filing Form 2290 Online with Truck Tax is Beneficial?


E-filing with TruckTax is simple, Fast, and accurate. The whole process takes less than five minutes and you can file from any device, from anywhere in the world. 


TruckTax also offers Instant Error Check and free 100% US-based customer support. We’re here to help you and simplify your trucking taxes along the way.


Plus, with pricing starting at just $9.90 for a single truck, there’s no reason not to e-file today!






Location: United States

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