Truckers,
over this article we are going to discuss on how to go about claiming a refund
on your vehicle if you realized that you have not driven it over the desired
mileage limit for exemption. It is said by the Internal Revenue Service that
the mileage limit for exemption remains to be 5000 miles or more for commercial
based units and 7500 miles for Farming & Logging based units.
The Heavy
Highway vehicle Used Tax Return HVUT Form 2290 is an annual tax paid to the
Internal Revenue Service on vehicles which grosses over 55000 lbs or more and
if the same vehicle is been used for its desired purpose. The Form 2290 is
basically due by June and its payable until the end of August.
The Form
2290 needs to be filed for the upcoming 12 months hence one must be really sure
about the mileage the truck is going to be used. If the truck will be used over
the desired mileage lit for exemption, then you pay no taxes to the IRS. Only
upon exceeding the desired mileage limit of exemption we have to pay the tax
due amount to the IRS.
The Annual
Heavy highway vehicle used tax return is due by June of every year and its
payable until the end of August. However, the Federal law states that Form 2290
must be e-filed by the last day of the month following the month of its first
use. On that basis the Form 2290 is now due by June 30th, 2019 for
vehicles first used since May 2019.
At this time, we would like to remind you about the Pre-filing your HVUT Form 2290 for the period beginning July 1st, 2019 through June 30th, 2020. By Pre-filing you’d be able to receive the IRS digital watermarked copy of schedule 1 back in your registered email address soon after the IRS begins processing 2019-2020 Form.