67,000 lb Truck Tax in Tennessee

Understanding Form 2290 Tax for a 67,000 lb Truck in Tennessee

As a trucking professional operating a vehicle with a gross vehicle weight (GVW) of 67,000 lbs in Tennessee, you are likely required to file Form 2290, also known as the Heavy Vehicle Use Tax (HVUT). This federal tax, imposed by the IRS under Section 4481 of the Internal Revenue Code, applies to vehicles operating on public highways with a taxable gross weight of 55,000 pounds or more. Understanding your obligations and the specifics of Form 2290 is crucial for staying compliant and avoiding penalties.

Who Needs to File Form 2290?

The primary responsibility for filing Form 2290 lies with the registered owner of the heavy vehicle. However, if the vehicle is registered in the name of a company or business, the business entity is responsible. Since your truck weighs 67,000 lbs, it falls squarely within the weight threshold requiring HVUT payment. Leasing companies, individual owner-operators, and corporations are all potentially responsible parties.

Tax Calculation for a 67,000 lb Truck

The HVUT rate is determined by the taxable gross weight of the vehicle. For vehicles weighing between 55,000 and 75,000 pounds, the tax is calculated using a tiered system. The current base tax is $100, plus an additional $22.00 for each 1,000 pounds (or fraction thereof) over 55,000 pounds. To calculate the HVUT for your 67,000 lb truck:

1. Determine the weight exceeding 55,000 lbs: 67,000 lbs - 55,000 lbs = 12,000 lbs
2. Calculate the additional tax: (12,000 lbs / 1,000 lbs) * $22.00 = 12 * $22.00 = $264.00
3. Calculate the total HVUT: $100 (base tax) + $264.00 (additional tax) = $364.00

Therefore, the HVUT due on your 67,000 lb truck in Tennessee is $364.00.

Filing Deadlines and Requirements

The HVUT tax year runs from July 1st to June 30th. Form 2290 must be filed by August 31st for vehicles that are in operation on July 1st. If you put your truck into service after July 1st, you must file Form 2290 by the last day of the month following the month in which the vehicle was first used on public highways. For example, if you started using your 67,000 lb truck on September 15th, you must file Form 2290 by October 31st.

You'll need the following information when filing:

• Your Employer Identification Number (EIN)
• Vehicle Identification Number (VIN) for each truck
• Taxable gross weight of each truck
• Address where the vehicle is registered

How to File Form 2290

The IRS encourages electronic filing (e-filing) of Form 2290. E-filing offers several benefits, including faster processing and immediate proof of payment. You can e-file through an IRS-approved provider. Alternatively, you can file a paper return by mail. If filing by mail, use the address specified in the Form 2290 instructions, which varies based on your state.

Penalties for Non-Compliance

Failure to file Form 2290 or pay the HVUT on time can result in significant penalties. These penalties include:

• Failure to File Penalty: 5% of the unpaid taxes for each month or part of a month that the return is late, up to a maximum of 25% of the unpaid taxes.
• Failure to Pay Penalty: 0.5% of the unpaid taxes for each month or part of a month that the taxes remain unpaid, up to a maximum of 25% of the unpaid taxes.
• Interest: Interest is charged on underpayments and late payments.

These penalties highlight the importance of timely filing and payment of Form 2290 to avoid unnecessary financial burdens.