The 2290 Heavy Highway Vehicle Use Tax is a $550 federal excise tax that must be paid on all vehicles that weigh 55,000 lbs or more and operate on public highways. The reporting period is from July 1st in any given year to June 30 the next year. The tax bill that is currently due is for the reporting period of July 1st, 2008, through June 30, 2009. If the vehicle will not put on more than 5,000 miles in the coming year (or, if it is agricultural, if it won’t put on more than 7,500 miles in the year), the $550 payment isn’t required, but you still must file form 2290.Unless you are a new owner operator, you should have received form 2990 in the mail. You’ll need to read through the instructions, fill out the form, and mail it in by August 31st with payment.If you bought a truck before July, 2008, you need to be sure the 2290 was paid for the months you were driving it prior to July. Trust us, the IRS will find out if the tax wasn’t paid and they will require you to pay the owed tax, plus penalties and interest.You will… Read full this story
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