63,000 lb Truck Tax in Mississippi

Understanding Form 2290 for Your 63,000 lb Truck in Mississippi

As a trucking professional operating a vehicle with a gross vehicle weight of 63,000 lbs in Mississippi, you're likely subject to the Heavy Vehicle Use Tax (HVUT) and required to file Form 2290 with the Internal Revenue Service (IRS). This comprehensive guide will delve into the specifics of Form 2290 as it pertains to your situation, ensuring you understand your obligations and avoid potential penalties.

The HVUT is an annual tax levied on heavy highway vehicles operating on public roads in the United States. It applies to vehicles with a taxable gross weight of 55,000 pounds or more. The tax amount is determined by the vehicle's weight, and understanding your vehicle's taxable gross weight is critical for accurate filing.

Determining Your Taxable Gross Weight

For your 63,000 lb truck, the taxable gross weight is straightforward. It includes the unloaded weight of the truck, the unloaded weight of any trailers customarily used with the truck, and the weight of the maximum load customarily carried on the truck and any trailers. Because your truck exceeds 55,000 lbs, it is taxable. The filing requirement and applicable tax amount applies regardless of whether you only operate within the state of Mississippi, or cross state lines.

Calculating Your HVUT Tax Liability

The HVUT rate is tiered based on the taxable gross weight. The rate consists of a base amount, plus an additional amount for each 1,000 pounds (or fraction thereof) over 55,000 pounds. As of now (October 26, 2023), the rate is $100 plus $22.00 for each 1,000 pounds (or fraction thereof) over 55,000 pounds.

For your 63,000 lb truck, the calculation is as follows:

• Weight over 55,000 lbs: 63,000 lbs - 55,000 lbs = 8,000 lbs
• Number of 1,000 lb increments: 8,000 lbs / 1,000 lbs = 8
• Additional tax: 8 x $22.00 = $176.00
• Total HVUT: $100 + $176.00 = $276.00

Therefore, the HVUT due for your 63,000 lb truck in Mississippi is $276.00 for the filing period.

Filing Form 2290

Form 2290 must be filed annually for each vehicle subject to the HVUT. The filing period starts on July 1 and ends on June 30 of the following year. The deadline for filing Form 2290 is August 31 if you are filing for the period that started on July 1st. For vehicles 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.

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 faster processing and confirmation of receipt. When you e-file, you'll receive a stamped Schedule 1 copy of Form 2290 almost immediately.

What You Need to File

Before you begin, gather the following information:

• Your Employer Identification Number (EIN). You cannot use your Social Security number.
• Your vehicle identification number (VIN) for each truck.
• The taxable gross weight of each vehicle.
• Your business name and address.

Paying the HVUT

You can pay the HVUT electronically using the Electronic Federal Tax Payment System (EFTPS) or by check or money order if filing by mail. EFTPS is the preferred method of payment for most filers. Be sure to pay the tax on or before the due date to avoid penalties and interest.