74,000 lb Truck Tax in Mississippi

Understanding Form 2290 for Your 74,000 lb Truck in Mississippi

As a trucking professional operating a heavy vehicle with a gross vehicle weight of 74,000 pounds in Mississippi, you're likely subject to the Heavy Vehicle Use Tax (HVUT) reported using IRS Form 2290. This guide provides comprehensive information specific to your situation, ensuring you understand your tax obligations and how to fulfill them correctly.

The HVUT is an annual tax levied on vehicles operating on public highways with a taxable gross weight of 55,000 pounds or more. The tax is used to fund highway maintenance and infrastructure projects. Since your truck weighs 74,000 lbs, it falls well within the scope of this tax. Filing Form 2290 is a critical step in maintaining compliance and avoiding penalties.

HVUT Rate for 74,000 lb Trucks

The HVUT rate is determined by the taxable gross weight of the vehicle. For vehicles weighing 55,000 pounds or more, the tax is calculated based on a base amount plus an additional amount for each 1,000 pounds (or fraction thereof) over 55,000 pounds. As of 2024, the rate is $100 plus $22.00 for each 1,000 pounds (or fraction thereof) over 55,000 pounds. Let's calculate the tax for your 74,000 lb truck:

• Excess Weight: 74,000 lbs - 55,000 lbs = 19,000 lbs
• Number of 1,000 lb increments: 19,000 lbs / 1,000 lbs = 19
• Taxable Amount for Excess Weight: 19 * $22.00 = $418.00
• Total HVUT Due: $100 + $418.00 = $518.00

Therefore, the HVUT due for your 74,000 lb truck operating in Mississippi would be $518.00 for a full tax year.

Filing Deadlines and Procedures

The HVUT tax year runs from July 1st to June 30th. Form 2290 must be filed by August 31st for vehicles that have been in operation since July 1st. If you place a truck into service after July, you must file Form 2290 by the end of the month following the month the truck was first used on public highways.

You can file Form 2290 either electronically (e-file) or by mail. The IRS encourages electronic filing, especially for those filing for 25 or more vehicles. E-filing offers several advantages, including faster processing and immediate confirmation of receipt.

To file electronically, you must use an IRS-approved e-file provider. These providers offer software and services to help you prepare and submit your Form 2290. Alternatively, you can download the form from the IRS website and mail it to the designated IRS address. Make sure to include Schedule 1 (Proof of Payment).

Required Information for Filing

When filing Form 2290, you'll need the following information:

• Your Employer Identification Number (EIN). A Social Security Number (SSN) cannot be used.
• The Vehicle Identification Number (VIN) of each vehicle.
• The taxable gross weight of each vehicle.
• Your business name and address.
• Date the vehicle was first used during the period.

Mississippi Specific Considerations

While Form 2290 is a federal tax, it's important to understand how it interacts with Mississippi state regulations. Mississippi requires proof of HVUT payment (Schedule 1) for vehicle registration. You will need to present Schedule 1, either electronically filed and stamped by the IRS, or the copy you receive back from the IRS if filed by mail, to register or renew your truck's registration in Mississippi.

Keep a copy of your stamped Schedule 1 in your vehicle as proof of payment during the tax year.