67,000 lb Truck Tax in Virginia

Understanding Form 2290 for Your 67,000 lb Truck in Virginia

If you operate a heavy highway vehicle with a gross taxable weight of 55,000 pounds or more on public highways, you are likely required to file Form 2290, the Heavy Vehicle Use Tax (HVUT) Return, with the Internal Revenue Service (IRS). This guide provides specific information regarding Form 2290 as it pertains to a 67,000 lb truck operating in Virginia.

The Heavy Vehicle Use Tax is an annual tax, and the filing period typically runs from July 1st to June 30th. You must file Form 2290 and pay the HVUT for each vehicle that meets the weight requirement. The tax is based on the vehicle's gross taxable weight, which includes the unloaded weight of the truck, trailer, and any other items typically carried on the vehicle.

Determining Your Tax Liability for a 67,000 lb Truck

For the tax year beginning July 1, 2023, the HVUT rate is $100 per vehicle plus $22 for each 1,000 pounds (or fraction thereof) exceeding 55,000 pounds. Let's calculate the HVUT for a 67,000 lb truck:

• Taxable weight exceeding 55,000 lbs: 67,000 lbs - 55,000 lbs = 12,000 lbs
• Number of 1,000 lb increments: 12,000 lbs / 1,000 lbs = 12
• Tax amount based on weight: 12 * $22 = $264
• Total HVUT: $100 + $264 = $364

Therefore, the HVUT for a 67,000 lb truck is $364. This figure is subject to change based on IRS regulations. Always refer to the official IRS Form 2290 instructions for the most current rates and guidelines.

Filing Requirements and Deadlines in Virginia

Even though Virginia does not have its own separate heavy vehicle use tax, because your vehicles operate on Virginia public highways, the 2290 *federal* tax is applicable. Form 2290 must be filed annually. The deadline for filing Form 2290 is typically August 31st if you are filing for the period beginning July 1st. If you place a vehicle in 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 place a 67,000 lb truck into service on September 15th, you must file Form 2290 by October 31st.

You can file Form 2290 electronically through an IRS-approved e-file provider, or by mail. E-filing is generally recommended for faster processing and to receive your stamped Schedule 1 proof of payment more quickly. The Schedule 1 is crucial for vehicle registration and other purposes.

Required Information for Filing

To file Form 2290 accurately, you will need the following information:

• Your Employer Identification Number (EIN). Note: You cannot use your Social Security Number (SSN).
• The Vehicle Identification Number (VIN) for each truck.
• The gross taxable weight of each truck, determined as described above.
• Your business name and address.

Consequences of Non-Compliance

Failure to file Form 2290 and pay the HVUT on time can result in penalties and interest charges. The penalty for late filing is 4.5% of the total tax due, assessed monthly, up to a maximum of 22.5% of the tax. There is also a penalty for late payment, which is 0.5% of the unpaid tax for each month or part of a month that the tax remains unpaid, up to a maximum of 25% of the unpaid tax. Interest also applies to underpayments and late payments.