It’s just a weeks’ time to report any new vehicles bought by the month of April as the pro-rated tax filing due date is on the horizon. But you might think the tax year for all the heavy vehicles is just a month away (July 01) and why to pay for the new vehicles now? Well As per the Federal law any new vehicle bought by an individual or a company is to be registered and to be reported to the government. The vehicles will fall under taxable category provided the vehicle is estimated to run above 5,000 miles and it has a gross weight of 55,000 lbs or more.
So, if you have bought a new vehicle and if you have plans of operating it on the public highway for more than 5,000 miles within the next couple of months its high time you report the vehicle and file taxes to evade penalties charged by the Government.
And what does the federal law state about the pro-rated payments and due dates? “The pro-rated taxes are to be paid on or before the last day of the following month form the first month of use or purchase of vehicle” and so if you have bought any new vehicle or transferred the owner ship to yourself in the month of April you will be liable for paying the pro-rated taxes. But how do you file a new vehicle under pro-rated taxes? It’s quiet easy when you report it through TruckDues.com, Just select the month of first use (e.g. April) the website itself would do the math for you and give you the precise tax to be paid.
What if you have paid for an old vehicle which you have sold to buy a new one? But haven’t operated the old vehicle for the whole year and paid the taxes in full? There’s no need to worry about it. The taxes can be transferred to the old vehicle to the new once as credits. Just by filing a Form 2290 for the new vehicle and old vehicle by listing it under sold category. Here at TruckDues.com this process is made simple and the calculations are done automatically such that the website itself will do the math and notify you the difference. This will help you assess whether if there is anything to be paid out of pocket or if the available credits would cover up the taxes for the new vehicle.