71,000 lb Truck Tax in Mississippi

Understanding Form 2290 for a 71,000 lb Truck in Mississippi

As a trucking professional operating a vehicle with a gross vehicle weight (GVW) of 71,000 pounds in Mississippi, you are likely subject to the Heavy Vehicle Use Tax (HVUT) and are required to file Form 2290 with the Internal Revenue Service (IRS). This comprehensive guide will break down the specifics of Form 2290 as it applies to your situation, covering key details, deadlines, and payment options.

What is Form 2290? Form 2290 is used to report and pay the HVUT, which is a federal tax levied on heavy highway vehicles operating on public roadways with a taxable gross weight of 55,000 pounds or more. The tax is calculated based on the vehicle's weight, and the tax year runs from July 1st to June 30th.

Calculating Your HVUT for a 71,000 lb Truck

For the tax year beginning July 1, 2023, the HVUT rate for vehicles weighing 55,000 pounds or more is calculated as follows:

• $100 base tax
• $22.00 per 1,000 pounds (or fraction thereof) over 55,000 pounds

Therefore, for a truck weighing 71,000 pounds, the calculation would be:

1. Weight subject to tax: 71,000 lbs - 55,000 lbs = 16,000 lbs
2. Number of 1,000 lb increments: 16,000 lbs / 1,000 lbs = 16
3. Tax amount based on weight: 16 increments * $22.00/increment = $352.00
4. Total HVUT due: $100.00 (base tax) + $352.00 = $452.00

You will owe $452.00 in HVUT for your 71,000 lb truck. Keep in mind that the IRS updates these figures, so you must verify these numbers with the current tax year's instructions.

Filing Deadlines and Requirements

The deadline for filing Form 2290 is typically August 31st for vehicles that are used on public highways during July. If you begin using your truck on public highways after July, you must file Form 2290 by the last day of the month following the month the vehicle was first used. For example, if you start using the truck in September, you must file by October 31st.

Required Information for Filing:

• Employer Identification Number (EIN): You must have an EIN to file Form 2290. Your Social Security number is not acceptable.
• Vehicle Identification Number (VIN): The VIN for each vehicle you are reporting.
• Taxable Gross Weight: The weight of the truck plus the weight of any trailers it typically tows.
• Address: The business address for your trucking operation.

Payment Options

The IRS offers several convenient payment options for HVUT:

• Electronic Funds Withdrawal (EFW): Pay directly from your bank account when e-filing.
• Electronic Federal Tax Payment System (EFTPS): A free service from the U.S. Department of Treasury. Enrollment is required, so plan ahead.
• Check or Money Order: Payable to the U.S. Treasury. Include your EIN, the tax year (e.g., 2023-2024), and Form 2290 on the payment.

E-Filing is Encouraged

The IRS strongly encourages e-filing Form 2290, especially for those reporting 25 or more vehicles. E-filing offers several benefits, including faster processing and confirmation of receipt. Several IRS-approved e-file providers can assist you with the process.

Stamping and Proof of Payment

After filing Form 2290 and paying the HVUT, you'll receive Schedule 1, which serves as proof of payment. You'll need to keep this document in your vehicle and present it when registering or renewing registration in Mississippi. It's also required for crossing state lines.