New to the trucking business or are you in the process of adding a truck to your fleet? Well it’s about time you registered the vehicle and got the tags done. But before you could get your license plates you need to file a HVUT Form 2290 tax return and get the schedule-1 copy. This schedule-1 copy needs to be submitted to the DMV for registration purposes.
A common question which arises among the new truck operators is “Should I pay the taxes in full for the year?” Not necessarily you can file the taxes under Pro-rated basis. Meaning you can repot the vehicle from the first month of use.
Now what does the IRS says about the pro-rated filing and what’s the maximum time that you get to file the taxes for new trucks. Well its simple “the taxes can be paid until the last day of the following month from the first month of its use”.
For example, if you would have purchased a truck by October 1st, 2019 the due date to pay the taxes would be November 30th, 2019. So basically you get 60 days’ time to file a return and pay the taxes. The taxes paid will be valid until June 30th, 2020 and again up for renewal by the July 1st, 2020. So do you have a new truck which needs to be put on road? File your form 2290 and get the schedule-1 copy instantly and hit the roads.
So don’t be confused on comparing this pro-rated deadline versus the annual renewals which are generally due by June & payable until August of every year. Should you have more questions regarding the HVUT Form 2290, feel free to contact our customer support team @ (347) 515-2290 for any further assistance.