59,000 lb Truck Tax in Colorado

Understanding Form 2290 for Your 59,000 lb Truck in Colorado

If you operate a heavy highway vehicle with a gross vehicle weight of 55,000 pounds or more in Colorado, you're likely required to file Form 2290, Heavy Vehicle Use Tax (HVUT). This guide provides a detailed overview of Form 2290 requirements specifically for a truck weighing 59,000 pounds operating within Colorado.

The HVUT is an annual tax levied by the IRS on heavy highway vehicles operating on public roadways. The tax is assessed based on the vehicle's gross taxable weight. Knowing the nuances of this tax is crucial for compliance and avoiding penalties.

Who Needs to File Form 2290 in Colorado?

Any individual, business, or organization that owns and operates a heavy highway vehicle (generally, one with a gross vehicle weight of 55,000 pounds or more) on public highways during a tax period must file Form 2290. Since your truck weighs 59,000 pounds, you are definitely within the scope of this tax.

Tax Rate for a 59,000 lb Truck

The HVUT is calculated based on the vehicle's gross taxable weight. As of the current tax year (which begins July 1st), the rate is $100 for vehicles weighing 55,000 pounds or less, plus $22 for each 1,000 pounds (or fraction thereof) over 55,000 pounds. Therefore, for a 59,000 lb truck, the calculation is as follows:

$100 + ($22 x 4) = $100 + $88 = $188.

Thus, the annual HVUT for your 59,000 lb truck operating in Colorado is $188.

Filing Deadlines

The filing deadline for Form 2290 is generally August 31st for vehicles that were in use during July. The tax period runs from July 1st to June 30th. If you put your truck into service after July, you must file Form 2290 by the last day of the month following the month the vehicle was first used on public highways. For example, if you started using your truck on Colorado highways in September, your filing deadline would be October 31st.

How to File Form 2290

You have two options for filing Form 2290:

• Electronically (e-file): E-filing is required for taxpayers filing for 25 or more vehicles. However, even if you have fewer than 25 vehicles, e-filing is generally recommended as it's faster and more efficient. The IRS provides a list of approved e-file providers on their website.
• By Mail: You can download Form 2290 from the IRS website, complete it, and mail it to the address listed in the instructions. Make sure you mail it early enough to account for processing delays with mail.

Required Information for Filing

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

• Your Employer Identification Number (EIN). Note: You cannot use your Social Security Number (SSN).
• Your Vehicle Identification Number (VIN) for each truck.
• The truck's gross taxable weight.
• Your business name and address.

Penalties for Non-Compliance

Failure to file Form 2290 and pay the HVUT by the deadline can result in significant penalties. These penalties can include:

• Failure to file penalty: This penalty is generally 5% of the unpaid tax for each month or part of a month that the return is late, up to a maximum of 25% of the unpaid tax.
• Failure to pay penalty: This penalty is generally 0.5% of the unpaid tax for each month or part of a month that the tax remains unpaid, up to a maximum of 25% of the unpaid tax.
• Interest on underpayments: Interest is charged on any unpaid tax from the due date until the date it is paid.

To avoid these penalties, it's crucial to file Form 2290 and pay the HVUT on time.