Hey there Truckers, Hope you’ve all file your 2290’s on time and done with it . Some customers have brought up questions relating to categorizing your trucks. Some might have filed a 2290 under suspended or exempt from taxes in doubt thinking that your vehicle would not go more than 55,000 miles in a tax year but when you realized it’s going to do more than 5,000 miles and thinking what to do? well In this article we are going to discuss what you need to do when your truck exceeds the exemption limits. Wanted to know more briefly, here it is… Generally, Form 2290 is a Federal Tax Paid to the Internal Revenue Service (U.S. Department of Treasury) which is annually due.
The IRS has drafted guidelines to differentiate the vehicle category by the total gross weight and the number of miles for which the desired vehicle is used over the public highway within a respective tax period. Federal law states, For a vehicle that needs to be reported over a Form 2290 it must possess a minimum taxable gross weight of 55000 lbs (Weight of the Tractor + Weight of the Loaded trailer) and when this subjected vehicle is used OVER 5000 (For commercial based units) & 7500 miles for (for Agricultural Units) miles within a tax period, it is called a Taxable vehicle & when the vehicle is used UNDER 5000 miles (For Commercial based units) and 7500 miles (for Agricultural Units) its declared to be exempt from paying HVUT regardless of the taxable gross weight reported. such vehicles are also known as “Suspended Vehicles” in 2290 terms.