65,000 lb Truck Tax in Wisconsin

Understanding Form 2290 Tax for Your 65,000 lb Truck in Wisconsin

As a trucking professional operating a vehicle with a gross vehicle weight of 65,000 pounds in Wisconsin, understanding and complying with the Heavy Vehicle Use Tax (HVUT) requirements is crucial. The HVUT is reported using IRS Form 2290 and applies to vehicles operating on public highways with a taxable gross weight of 55,000 pounds or more. This guide provides a detailed overview of the 2290 tax requirements specific to your 65,000 lb truck in Wisconsin, including how to calculate the tax, when and how to file, and potential penalties for non-compliance.

HVUT Calculation for a 65,000 lb Truck

The HVUT is calculated based on the taxable gross weight of the vehicle. For a 65,000 lb truck, the tax calculation is as follows (according to IRS guidelines, see IRS Form 2290 instructions):

• Base Tax: $100
• Additional Tax: $22.00 per 1,000 pounds (or fraction thereof) exceeding 55,000 pounds.

Therefore, for your 65,000 lb truck:

• Excess weight: 65,000 lbs - 55,000 lbs = 10,000 lbs
• Tax on excess weight: (10,000 lbs / 1,000 lbs) * $22.00 = $220.00
• Total HVUT: $100 + $220.00 = $320.00

Your Form 2290 tax liability is $320.00 for the tax year. Note that the tax year runs from July 1st to June 30th.

Filing Deadlines and Requirements

The deadline for filing Form 2290 is August 31st, covering the period from July 1st of the current year to June 30th of the following year. If you place a new taxable vehicle 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 put your truck into service in September, your filing deadline is October 31st.

Required Information for Filing:

• Employer Identification Number (EIN): You must have an EIN to file Form 2290. Social Security Numbers are not accepted.
• Vehicle Identification Number (VIN) for each truck.
• Taxable Gross Weight of each truck.

How to File Form 2290

You can file Form 2290 electronically or by mail. The IRS highly encourages e-filing, especially for those filing for 25 or more vehicles, as it is faster and more efficient. E-filing can be done through an IRS-approved e-file provider.

Payment Options:

• Electronic Funds Withdrawal (EFW): You can debit your bank account when e-filing.
• Electronic Federal Tax Payment System (EFTPS): You can make payments through EFTPS, which requires prior enrollment.
• Check or Money Order: If filing by mail, you can pay by check or money order payable to the U.S. Treasury.

Penalties for Non-Compliance

Failure to file and pay Form 2290 taxes on time can result in significant penalties. These penalties can include:

• Failure to File Penalty: 4.5% of the total tax due, assessed monthly, up to a maximum of 22.5%.
• Failure to Pay Penalty: 0.5% of the unpaid tax, assessed monthly, up to a maximum of 25%.
• Interest: Charged on underpayments, which varies with the federal short-term rate.

To avoid penalties, ensure you file and pay your HVUT on time and accurately. Keep detailed records of your vehicle's information and tax filings.