68,000 lb Truck Tax in South Dakota

Understanding Form 2290 Heavy Vehicle Use Tax for a 68,000 lb Truck in South Dakota

If you operate a heavy truck with a taxable gross weight of 55,000 pounds or more on public highways, you're likely required to file Form 2290, the Heavy Vehicle Use Tax (HVUT), with the IRS. This guide specifically addresses filing Form 2290 for a truck weighing 68,000 pounds operating in South Dakota.

The HVUT is an annual tax levied on heavy highway vehicles. The tax year runs from July 1 to June 30. You generally need to file Form 2290 and pay the tax by August 31st for the current tax year. If you start operating your truck 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.

Calculating Your HVUT for a 68,000 lb Truck

The HVUT is calculated based on the vehicle's taxable gross weight. For a truck weighing 68,000 pounds, the tax is determined using a specific IRS table. As of the current IRS guidelines, the tax is calculated as follows:

• Vehicles weighing 55,000 pounds or more are taxed at a base rate.
• For every 1,000 pounds (or fraction thereof) over 55,000 pounds, an additional amount is added.

Therefore, the calculation for a 68,000 lb truck is as follows (using the most recent IRS rates as of October 26, 2023 – please verify with current IRS publications): The base rate for vehicles 55,000 lbs or more is typically around $100, and the incremental rate per 1,000 lbs over 55,000 lbs is typically around $22.00. Therefore:

Tax = $100.00 + (($22.00 * (68,000 - 55,000) / 1,000))

Tax = $100.00 + ($22.00 * 13)

Tax = $100.00 + $286.00

Tax = $386.00

Important Note: This is just an example. Always refer to the official IRS Form 2290 instructions and tables to determine the exact tax amount for the current tax year. Tax rates can change annually. Using outdated information can result in penalties.

Filing Form 2290 in South Dakota

You can file Form 2290 electronically (e-file) or by mail. The IRS strongly encourages e-filing, especially for those filing for 25 or more vehicles. E-filing is generally faster, more accurate, and provides immediate proof of filing.

To e-file Form 2290, you'll need to use an IRS-approved e-file provider. These providers offer software and services to help you prepare and transmit your form electronically. You will need your Employer Identification Number (EIN) to file Form 2290. A Social Security Number (SSN) cannot be used.

If you choose to file by mail, you can download Form 2290 from the IRS website. Make sure to use the correct form for the current tax year. Mail the completed form and your payment to the address listed in the form instructions, which will vary depending on your location and payment method.

Exemptions from Form 2290

While most heavy trucks are subject to the HVUT, certain vehicles are exempt. Common exemptions include:

• Vehicles used exclusively for agricultural purposes and travel limited distances on public roads.
• Vehicles owned by state or local governments.
• Vehicles that travel less than 5,000 miles during the tax year (7,500 miles for agricultural vehicles). You must keep accurate mileage records to prove eligibility for this exemption.

Even if you qualify for an exemption, you may still need to file Form 2290 and claim the exemption. Refer to the Form 2290 instructions for details.

Penalties for Non-Compliance

Failing to file Form 2290 and pay the HVUT on time can result in significant penalties. 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 charges on unpaid tax.

Avoid penalties by filing and paying your HVUT on time and accurately.