Filing 2290 in New Mexico
Understanding Form 2290 in New Mexico for 2025-2026
Form 2290, also known as the Heavy Vehicle Use Tax (HVUT) Return, is a crucial IRS form for trucking businesses operating in New Mexico and across the United States. This guide specifically addresses how to file Form 2290 in New Mexico for the tax period beginning July 1, 2025, and ending June 30, 2026. Understanding the intricacies of Form 2290 is essential for compliance and avoiding penalties.
The HVUT applies to heavy highway vehicles with a taxable gross weight of 55,000 pounds or more. This tax is assessed annually and must be paid to the IRS. Knowing the deadlines and specific requirements for New Mexico-based trucking companies is paramount.
Who Needs to File Form 2290 in New Mexico?
If you operate a heavy vehicle on public highways in New Mexico with a taxable gross weight of 55,000 pounds or more, you are generally required to file Form 2290. This includes:
- Sole proprietorships
- Partnerships
- Corporations
- Limited Liability Companies (LLCs)
- Any other business entity operating heavy vehicles
Taxable gross weight includes the:
- Unloaded weight of the vehicle
- Unloaded weight of any trailers customarily used with the vehicle
- Weight of the maximum load customarily carried on the vehicle and any trailers
Filing Deadlines for the 2025-2026 Tax Year
The filing deadline for Form 2290 is typically August 31st of each year for the tax period beginning July 1st. For the 2025-2026 tax year, the deadline will be August 31, 2025. If August 31st falls on a weekend or holiday, the deadline is shifted to the next business day. It's crucial to file and pay your HVUT on time to avoid penalties and interest.
For vehicles first used in July, you generally must file Form 2290 and pay the tax by August 31. If you begin using a taxable vehicle on the road during any month other than July, you must file Form 2290 by the last day of the month following the month the vehicle was first used on public highways.
How to File Form 2290: Options for New Mexico Truckers
There are two primary methods for filing Form 2290:
- E-filing: The IRS strongly encourages e-filing Form 2290. This is the fastest, safest, and most accurate way to file. E-filing is mandatory if you are reporting 25 or more vehicles. You can use an IRS-approved e-file provider.
- Paper Filing: While less common, you can still file Form 2290 by mail. Download the form from the IRS website, complete it accurately, and mail it to the address specified in the form instructions. Be sure to allow ample time for processing when filing via mail.
Required Information for Filing Form 2290
Before you begin filing Form 2290, gather the following information:
- Employer Identification Number (EIN): You must have an EIN to file Form 2290. Social Security Numbers (SSNs) are not accepted.
- Vehicle Identification Number (VIN): You will need the VIN for each heavy vehicle you are reporting.
- Taxable Gross Weight: Determine the taxable gross weight of each vehicle.
- Business Name and Address: Ensure your business name and address are accurate and up-to-date with the IRS.
- Payment Information: If paying electronically, have your bank account and routing number ready.
Paying Your HVUT
You can pay your HVUT using the following methods:
- Electronic Funds Withdrawal (EFW): You can debit your bank account when e-filing.
- Electronic Federal Tax Payment System (EFTPS): This is a common method for paying federal taxes. You'll need to enroll in EFTPS beforehand.
- Check or Money Order: Make payable to the U.S. Treasury, and include your EIN, tax year, and Form 2290 on the payment. Mail the payment with Form 2290-V, Payment Voucher, to the address specified in the form instructions.
What happens if I don't file Form 2290 on time?
Failure to file Form 2290 by the deadline can result in penalties. The penalty for late filing is 4.5% of the total tax due, assessed on a monthly basis, up to a maximum of 25% of the tax due. Interest charges may also apply.
What if I sell or transfer a vehicle during the tax year?
If you sell or transfer a vehicle during the tax year, you may be eligible for a credit or refund of the HVUT you paid. You must file Form 8849, Claim for Refund of Excise Taxes, to claim the refund. Specific documentation requirements apply, so review the form instructions carefully.
How do I amend Form 2290 if I made a mistake?
If you discover an error on a previously filed Form 2290, you need to file an amended return. Use Form 2290 and clearly indicate that it is an amended return. Correct the errors and provide any necessary explanations.
Is there an exemption for low-mileage vehicles?
Yes, there is a suspension of the HVUT for vehicles that are expected to be used for 5,000 miles or less during the tax year (7,500 miles or less for agricultural vehicles). You must indicate this on Form 2290 when filing. If the vehicle exceeds these mileage limits during the tax year, the tax becomes due.
Where can I find the official Form 2290 and instructions?
You can download Form 2290 and its instructions from the IRS website (irs.gov). Search for "Form 2290" in the search bar. Always use the most recent version of the form.
What is Form 2290-V?
Form 2290-V, Payment Voucher, is used when you are paying your HVUT by check or money order. You must include this voucher with your payment to ensure proper crediting. The voucher helps the IRS associate your payment with your Form 2290 filing.
4 Simple Steps to File
Gather Vehicle Info
Have your VIN (Vehicle Identification Number) and Gross Taxable Weight ready. You can find the VIN on your registration or dashboard.
Choose Tax Period
Select the current tax year (July 1 - June 30). If filing late, our system automatically calculates prorated taxes for you.
E-File with IRS
Submit your return securely. We check for common errors before sending to the IRS to prevent rejections.
Get Schedule 1
Receive your IRS-stamped Schedule 1 proof of payment via email instantly once accepted. No waiting for mail.