58,000 lb Truck Tax in Vermont

Understanding Form 2290 for Your 58,000 lb Truck in Vermont

If you operate a heavy highway vehicle with a gross taxable weight of 55,000 pounds or more on public highways, you are likely subject to the Heavy Vehicle Use Tax (HVUT) and required to file Form 2290 with the Internal Revenue Service (IRS). This guide specifically addresses the requirements for a truck weighing 58,000 pounds operating in Vermont.

The HVUT is an annual tax, and the tax year runs from July 1st to June 30th. You must file Form 2290 and pay the HVUT for each vehicle meeting the weight threshold. The filing deadline is typically August 31st, covering the period from July 1st of the current year to June 30th of the following year. Failure to file and pay on time can result in penalties and interest charges.

Determining Gross Taxable Weight

Gross taxable weight isn't simply the empty weight of your truck. It includes the unloaded weight of the truck, the unloaded weight of any trailers it pulls, and the maximum load customarily carried on the vehicle and trailer(s). For a truck operating at 58,000 lbs, this weight already exceeds the 55,000 lb threshold requiring Form 2290.

Form 2290 Tax Rate for a 58,000 lb Truck

The HVUT is calculated based on the vehicle's gross taxable weight. For vehicles weighing 55,000 pounds or more, the tax rate consists of a base amount plus an incremental amount for each 1,000 pounds (or fraction thereof) exceeding 55,000 pounds. As of the latest IRS guidance, the base tax amount is $100, plus $22.00 for each 1,000 pounds (or fraction thereof) over 55,000 pounds. Since your truck weighs 58,000 pounds, you'll calculate the tax as follows:

• Weight exceeding 55,000 lbs: 58,000 lbs - 55,000 lbs = 3,000 lbs
• Number of 1,000 lb increments: 3,000 lbs / 1,000 lbs = 3
• Tax per increment: 3 increments * $22.00/increment = $66.00
• Total HVUT: $100.00 (base) + $66.00 (incremental) = $166.00

Therefore, the HVUT for your 58,000 lb truck in Vermont will likely be $166.00, subject to change based on annual IRS updates to the HVUT rate.

Filing Form 2290

You can file Form 2290 electronically (e-file) or by mail. The IRS encourages e-filing, especially for those filing for 25 or more vehicles. E-filing offers several advantages, including faster processing and confirmation of receipt. You can find a list of IRS-approved e-file providers on the IRS website. If you choose to file by mail, you can download Form 2290 from the IRS website and mail it to the address listed in the form instructions. Be sure to include Form 8453-HV, U.S. Return of Highway Use Tax, with your payment.

Required Information for Filing

When filing Form 2290, you will need the following information:

• Employer Identification Number (EIN): You must have an EIN to file Form 2290. You cannot use your Social Security number.
• Vehicle Identification Number (VIN) for each vehicle.
• Gross Taxable Weight of each vehicle.
• Tax year for which you are filing.
• Payment method (e.g., Electronic Funds Withdrawal, check, money order).

Keep a copy of your filed Form 2290 Schedule 1 as proof of payment. You may need this to register your vehicle in Vermont or other states, and for other official purposes. The Schedule 1 acts as your receipt.

Credits and Suspensions

There are situations where you may be eligible for a credit or suspension of the HVUT. For example, if a vehicle is used for 5,000 miles or less during the tax year (7,500 for agricultural vehicles), it may be exempt from the tax. There are also specific rules for vehicles that are destroyed, stolen, or sold during the tax year. Refer to the IRS Form 2290 instructions for detailed information on credits and suspensions.