Tax season is one of the times businesses dread the most. If you have a company involved in managing a fleet of trucks, now might be the time to know about tax form 2290.
If you drive a vehicle, it’s possible that you have experienced the highs and lows of highway use. Highways are sometimes are in a good or bad condition. This happens as certain roads deteriorate due to the large amount of vehicles passing through them every day.
Heavier vehicles passing on roads mean more weight placed on pavements. Weight adds to the natural wear and tear, along with the eventual destruction of highways.
By providing the government with proper funding for road maintenance, tax form 2290 maintains the structural integrity highways. Part of these funds goes to fixing certain areas of the highways with potholes or cracks. Others go to road safety inspections that determine if repairs are necessary. Overall, tax form 2290 helps highways remain safe.
Also known as Heavy Highway Vehicle Tax, tax form 2290 only requires businesses using heavy vehicles for commercial purposes to pay. These include businesses using heavy vehicles to deliver different kinds of goods.
Tax form 2290 provides exemptions for different entities, including government entities and charitable institutions. Trucks and other heavy vehicles used by the government, such as fire trucks and emergency medical vehicles, are exempted. Even with more than 5,500 of mileage each year, there’s also no need to file for heavy vehicles used in charity or volunteer work.
Also exempted from filing tax form 2290 are people who use heavy vehicles in agriculture. For trucks, this is only applicable if they run less than 7,500 miles each year.
Like with all taxes, it’s better to file tax form 2290 earlier. If you need more time to weigh the options, research further or consult specialists.