If you’re new to trucking the numbers used for necessary forms may be a bit overwhelming. There’s the 2290s, 8849s, 4868s, 1099s, and 123s, we might be exaggerating with the 123s, but you get the gist, it’s a lot of forms and a lot of numbers to remember. We won’t bore you and got through each form 1 by 1, but we will tell you about the two most relevant ones for this filing period.
What is Form 2290?
The form that you have probably heard the most about, as of late is Form 2290. So what is Form 2290, and how does it relate to you, if at all.
Form 2290 is used to figure and pay the tax due on highway motor vehicles used. Your next question is probably does it even apply to you, and the answer is it might. All vehicles with a taxable gross weight of 55,000 pounds or more than travel by highway are required to file Form 2290.
After paying taxes you will be given a Stamped Schedule 1 that serves as proof of payment from the IRS. This document is important, as it is needed in order to register your commercial vehicle.
Do You Need to File Form 8849?
There are exemptions and claim suspensions that apply to some vehicles meeting certain requirements. The requirements are as follows:
- The vehicle used 5,000 highway miles or less during the period.
- The vehicle is an agricultural vehicle and used 7,500 miles or less during the period.
- The Vehicle was stolen during the period
- The vehicle was destroyed during the period
- The vehicle was sold during the period
The above list leads us to the importance of Form 8849. If any of the above is true about a vehicle you owned then you must first file a Form 2290 and pay the correct amount of Heavy Vehicle Use Tax (HVUT
) and then complete the Form 8849.
Claims and Refunds
In order to claim credits or refunds for vehicles stolen, destroyed, sold, or only used for 5,000 miles or less and 7,500 miles or less for agricultural vehicles, the Form 8849 is required. The things you’ll need to file a Form 8849 are your name, address, details on the vehicle you are seeking a claim/refund for and your Employee Identification Number (EIN). Be sure to double-check that the EIN you are using is consistent with what the IRS has on file.
*If an EIN is needed you are able to apply for one online with the IRS.
File With ExpressTruckTax
The great thing about our sister company, ExpressTruckTax is that it makes all of your Form 2290 filing simpler. It even gives you a chance to auto-generate a Form 8849 if you are in need of one for the current filing period.
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