IRS Reminds Truckers of Aug. 31 Tax Fee Deadline

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For truckers who first used their automobiles in July on a public freeway, the Inside Income Service is reminding them of an Aug. 31 fee deadline to electronically file their heavy freeway car use tax return.

“Autos first used on a public freeway in the course of the month of July 2023 should file Type 2290 and pay the suitable tax between July 1, 2023, and Aug. 31, 2023. For extra taxable automobiles positioned on the street throughout any month aside from July, the tax needs to be prorated for the months throughout which it was in service,” the IRS said Aug. 17.

“You could file Type 2290 for these vans by the final day of the month following the month the car was first used on public highways. These due date guidelines apply whether or not you’re paying the tax or reporting the suspension of tax. You will need to file and pay all of your Type 2290 taxes on time to keep away from paying curiosity and penalties.”

The IRS cautioned that truckers shouldn’t confuse the federal tax submitting deadline with being linked to a heavy truck’s registration date.

“Taxpayers should file Type 2290 by the final day of the month following the month through which the taxpayer first used the car on a public freeway in the course of the taxable interval, whatever the car’s registration renewal date,” the company mentioned.

The IRS defined that the annual federal excise tax is for heavy freeway motor automobiles with a taxable gross weight of 55,000 kilos or extra that function on public highways.

Steering was additionally given on how you can deal with heavy automobiles used within the agriculture business in addition to for individuals who personal and have registered greater than two dozen heavy vans.

“Taxpayers which have 25 or extra taxed automobiles registered of their title should e-file Type 2290 and pay the tax,” the IRS mentioned. “Nevertheless, on automobiles they count on to make use of for five,000 miles or much less (7,500 for farm automobiles), they’re required to file a return, however pay no tax. If the car exceeds the mileage use restrict in the course of the tax interval, the tax turns into due.”

Graphic by Transport Subjects

The IRS has a timetable to assist taxpayers decide submitting deadlines and a particular webpage referred to as the Trucking Tax Middle. Varied data is offered, equivalent to trucking business tax publications, widespread questions requested by truckers who e-file and a brief interactive interview referred to as, “Do I Have to Pay the Heavy Freeway Automobile Use Tax?”

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