64,000 lb Truck Tax in Mississippi

Understanding Form 2290 for Your 64,000 lb Truck in Mississippi

As a trucking professional operating a vehicle with a gross taxable weight of 64,000 pounds in Mississippi, you are likely required to file Form 2290, Heavy Vehicle Use Tax Return with the Internal Revenue Service (IRS). This form is used to report and pay the annual heavy vehicle use tax (HVUT) imposed on vehicles operating on public highways with a taxable gross weight of 55,000 pounds or more.

Failing to file Form 2290 correctly or on time can result in penalties and interest charges. This guide provides a comprehensive overview of Form 2290 requirements specific to your 64,000 lb truck operating in Mississippi, ensuring you stay compliant with federal regulations.

HVUT Calculation for a 64,000 lb Truck

The HVUT is determined based on the vehicle's taxable gross weight. For a truck weighing 64,000 pounds, the calculation is as follows:

• Vehicles weighing 55,000 to 75,000 pounds: $100 base tax plus $22.00 for each 1,000 pounds (or fraction thereof) over 55,000 pounds.

Therefore, for your 64,000 lb truck:

• Weight exceeding 55,000 lbs: 64,000 - 55,000 = 9,000 lbs
• Number of 1,000 lb increments: 9,000 / 1,000 = 9
• Tax on weight exceeding 55,000 lbs: 9 * $22.00 = $198.00
• Total HVUT: $100.00 (base) + $198.00 = $298.00

This means you'll owe $298.00 in HVUT for your 64,000 lb truck for the tax year. The tax year begins on July 1 and ends on June 30 of the following year.

Filing Deadlines and Methods

The deadline for filing Form 2290 is typically August 31st for vehicles that are used on public highways during July. 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 start using the truck on Mississippi highways in September, your filing deadline is October 31st.

You have two main options for filing Form 2290:

• E-file: The IRS encourages electronic filing (e-file) for Form 2290. E-filing is faster, more accurate, and provides confirmation that your return has been received. You'll need to use an IRS-approved e-file provider.
• Mail: You can also mail your completed Form 2290 to the IRS. However, this method takes longer, and there's a higher risk of errors or delays. The mailing address depends on whether you are including a payment. Refer to the IRS instructions for Form 2290 to find the correct address.

Required Information for Form 2290

When filing Form 2290, you'll need the following information:

• Your Employer Identification Number (EIN). A Social Security number (SSN) is *not* acceptable for filing Form 2290. You must obtain an EIN from the IRS.
• The Vehicle Identification Number (VIN) for each truck.
• The taxable gross weight of each truck.
• Your name and address.
• Payment information (if you are not paying through EFTPS when e-filing).

Exemptions and Suspensions

Certain vehicles may be exempt from HVUT or have their tax suspended. Common exemptions include:

• Vehicles used for fewer than 5,000 miles during the tax year (7,500 for agricultural vehicles). You'll still need to file Form 2290 and claim the suspension.
• Vehicles owned by the federal government, state governments, or local governments.
• Certain blood collector vehicles.

Keeping Records

It is crucial to maintain accurate records related to your Form 2290 filings. Keep copies of your filed Form 2290, Schedule 1 (Proof of Payment), and supporting documentation for at least three years from the date you filed the return. This documentation can be crucial in case of an audit or any discrepancies.

By understanding these requirements and following the guidelines provided, you can ensure compliance with Form 2290 regulations for your 64,000 lb truck operating in the state of Mississippi.