60,000 lb Truck Tax in New Mexico

Understanding Form 2290 Tax for a 60,000 lb Truck in New Mexico

As a trucking tax consultant, I understand that navigating the complexities of federal highway use taxes can be daunting. This guide provides detailed information about Form 2290 and how it applies to a 60,000 lb truck operating in New Mexico. The Heavy Vehicle Use Tax (HVUT), reported on Form 2290, is an annual tax assessed on heavy highway vehicles operating on public roads with a taxable gross weight of 55,000 pounds or more. Even though your truck may operate primarily within New Mexico, this is a federal tax, meaning the rules are the same regardless of the state.

Who Needs to File Form 2290?

If you own and operate a heavy vehicle with a taxable gross weight of 55,000 pounds or more on public highways, you are required to file Form 2290. The taxable gross weight includes the unloaded weight of the truck, the unloaded weight of any trailers customarily used in combination with the truck, and the weight of the maximum load carried by the truck and trailer.

In your specific case, with a truck weighing 60,000 lbs, you are required to file Form 2290 and pay the HVUT.

Calculating Your HVUT for a 60,000 lb Truck

The HVUT is calculated based on the taxable gross weight of the vehicle. As of 2024, the tax rate is $100 per year for vehicles weighing 55,000 pounds or more, plus an additional $22 for each 1,000 pounds (or fraction thereof) over 55,000 pounds. Therefore, the calculation for your 60,000 lb truck is as follows:

• Base Tax: $100
• Excess Weight: 60,000 lbs - 55,000 lbs = 5,000 lbs
• Additional Tax: (5,000 lbs / 1,000 lbs) * $22 = 5 * $22 = $110
• Total HVUT: $100 + $110 = $210

Therefore, the annual HVUT due on your 60,000 lb truck in New Mexico is $210.

Filing Deadlines and Requirements

Form 2290 must be filed annually for each vehicle subject to the tax. The filing period runs from July 1st to June 30th. The deadline for filing Form 2290 is typically August 31st. If August 31st falls on a weekend or holiday, the deadline is moved to the next business day. For trucks put 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 start using the truck on New Mexico roads in October, the filing deadline would be the end of November.

You will need the following information to complete Form 2290:

• Your Employer Identification Number (EIN). A Social Security Number (SSN) cannot be used to file Form 2290.
• The Vehicle Identification Number (VIN) for each vehicle.
• The taxable gross weight of each vehicle.
• Your business name and address.

How to File Form 2290

You can file Form 2290 electronically (e-file) or by mail. The IRS strongly encourages e-filing, as it is faster, more accurate, and provides immediate proof of filing. You can e-file through an IRS-approved e-file provider.

If you choose to file by mail, you can download Form 2290 from the IRS website and mail it to the address listed on the form. However, be aware that processing times for paper returns are significantly longer than e-filed returns.

Penalties for Non-Compliance

Failing to file Form 2290 and pay the HVUT on time can result in substantial penalties. Penalties can include:

• Failure to File Penalty: 5% of the tax due for each month or part of a month the return is late, up to a maximum of 25% of the tax due.
• Failure to Pay Penalty: 0.5% of the unpaid tax for each month or part of a month the tax remains unpaid, up to a maximum of 25% of the unpaid tax.
• Interest: Interest is charged on underpayments from the due date of the return until the date the tax is paid.

To avoid penalties, ensure you file Form 2290 and pay the HVUT on time.