Category: credit vehicle

FAQ Friday: Can you Transfer Form 2290 to a New Truck?

Posted on March 17, 2023 by - 2290 credit, credit vehicle, Credit vehicles, Credits For Sold, form 2290 credit vehicle, HVUT credits, HVUT Tax Credits

What is Form 2290?

Form 2290 has to be filed by drivers of vehicles weighing 55,000 pounds or more to the IRS for the Heavy Vehicle Use Tax annually. The Form 2290 tax year goes from July 1st to June 30th of the following year. Form 2290 as well as the Heavy Vehicle Use Tax are filed and paid for the upcoming year in advance. 

Can you Transfer Form 2290 to a New truck?

When you file Form 2290 for the upcoming year this means you are paying for your truck to be on the road for the entire duration of the tax year. If this is the case, what happens if your truck is sold, destroyed, or stolen halfway through the tax year? You are able to transfer the tax of the old truck to the new one in the form of credits. The tax amount for the remaining months of the tax year that the vehicle was not on the road will be deducted from the total tax amount owed for the new vehicle. 

How can you pay your Heavy Vehicle Use Tax using Sold/Destroyed Vehicle Credits?

  1. Log in to your ExperessTruckTax account, or sign up for one if you don’t have one.
  2. On the dashboard, under “Start New Return” you will select the option to “E-File for Multiple Vehicles”.
  3. Choose the tax year and First Used Month that corresponds to your vehicle.
  4. You will add your new truck under “Taxable Vehicles” and provide the information for that vehicle, including the VIN (Vehicle Identification Number) and any additional information you have for this vehicle.
  5. You will then add the old truck under “Sold/Destroyed Credits” and provide the information for that vehicle as well as a description of what happened to it. 
  6. The tax you owe for the new vehicle will be calculated once the credits from the old vehicle are applied and deducted from the original tax amount owed. 
  7. Once this is all complete, review the Summary of your return and then transmit it to the IRS. 

Why File with ExpressTruckTax?

ExpressTruckTax not only offers a fast and easy solution to filing Form 2290, but it makes claiming credits for sold, destroyed, or stolen vehicles a breeze. It is important to keep in mind that if the credit amount for the old vehicle is higher than the HVUT owed, the remaining amount can be claimed using Form 8849. This form will be generated automatically in this case. Do you have a vehicle you need to transfer the Heavy Vehicle Use Tax from to a new vehicle? What are you waiting for? File with ExpressTruckTax today for an easy and stress-free way to file Form 2290. 

What information do you need to claim credit vehicles on Form 2290?

Posted on January 13, 2023 by - credit vehicle, Credit vehicles, form 2290 credit vehicle

Have you filed Form 2290 and paid the Heavy Vehicle Use Tax for a vehicle and sold the vehicle before the end of the tax year? If so, you can claim a refund for the HVUT that was paid for that vehicle. You can also claim a refund credit on vehicles that were stolen or destroyed. You can choose to file a Form 8849 return and receive a refund or you can claim credits on these vehicles alongside filing Form 2290. In order to claim these credits there is some information you are required to provide in order to do so. 

Vehicle Identification Number (VIN)

In order to know which vehicle you are claiming a credit for, you must provide the vehicle’s Vehicle Identification Number (VIN). This is a unique set of numbers and letters that typically consists of 17 characters used to identify the vehicle.

Taxable Gross Weight

The vehicle’s Taxable Gross Weight is the total weight of the truck, the trailer, and the maximum load it can carry. The Taxable Gross Weight can affect the tax amount that is paid so it is important that you put in the correct weight so that you receive the correct credit amount for this vehicle.

First Used Month and Tax Year

A vehicle’s First Used Month refers to the month that it was first put on the road. This is important to note because this is also a factor that determines how the tax was originally paid for this vehicle. If a vehicle’s First Used Month is July, the tax paid will be for the full tax year. If the First Used Month is any other month of the year, a prorated amount will be paid for this vehicle for the remaining months of the tax year. 

Is it logging?

A logging vehicle is a vehicle that only hauls trees or logs from forested sites. If this describes the vehicle you are claiming the credit for, indicate that the vehicle is a logging vehicle. 

Was it sold?

If the vehicle was sold, you will need to provide the details of the sale including the date of sale and the name and address of the buyer. You will also need to provide an explanation as to why the vehicle was sold. 

Why ExpressTruckTax?

Claiming credits on Form 2290 is fast and simple with ExpressTruckTax. You are able to do all of this alongside filing your form. You also have the option to file Form 8849 in order to receive the refund for these vehicles but it takes a lot longer to process. Why wait several months to a year to get your refund? Claim your credit vehicles alongside filing your Form 2290 for your current vehicle and have it processed along with your current Form 2290. It’s as easy as that! What are you waiting for? File Form 2290 with ExpressTruckTax and claim your refund for your credit vehicles today!

¿Qué información necesitas para reclamar vehículos de crédito en el Formulario 2290?

Posted on January 13, 2023 by - applying a credit, credit vehicle, Credit vehicles, Spanish, Spanish 2290

¿Hizo el Formulario 2290 y pagó el Impuesto sobre el Uso de Vehículos Pesados por un vehículo y vendió el vehículo antes de que finalice el año fiscal? Si es así, puede reclamar un reembolso por el HVUT que se pagó por ese vehículo. También puede reclamar un crédito de reembolso por vehículos que fueron robados o destruidos. Puede optar por presentar una declaración del Formulario 8849 y recibir un reembolso o puede reclamar créditos en estos vehículos junto con la presentación del Formulario 2290. Para reclamar estos créditos, debe proporcionar cierta información para hacerlo.

Número de Identificación del Vehículo (VIN)

Para saber para qué vehículo está reclamando un crédito, debe proporcionar el Número de identificación del vehículo (VIN) del vehículo. Este es un conjunto único de números y letras que generalmente consta de 17 caracteres que se utilizan para identificar el vehículo.

Peso Bruto Imponible

El Peso Bruto Imponible del vehículo es el peso total del camión, el remolque y la carga máxima que puede llevar. El peso bruto sujeto a impuestos puede afectar el monto del impuesto que se paga, por lo que es importante que ingrese el peso correcto para que reciba el monto de crédito correcto para este vehículo.

Primer Mes de Uso y Año Fiscal

El primer mes de uso de un vehículo se refiere al mes en que se puso en circulación por primera vez. Es importante señalar esto porque también es un factor que determina cómo se pagó originalmente el impuesto por este vehículo. Si el primer mes usado de un vehículo es Julio, el impuesto pagado será por el año fiscal completo. Si el primer mes usado es cualquier otro mes del año, se pagará una cantidad prorrateada por este vehículo para los meses restantes del año fiscal.

¿Es maderero?

Un vehículo maderero es un vehículo que solo transporta árboles o troncos de sitios boscosos. Si esto describe el vehículo por el que está reclamando el crédito, indique que el vehículo es un vehículo maderero.

¿Fué vendido?

Si se vendió el vehículo, deberá proporcionar los detalles de la venta, incluyendo la fecha de venta y el nombre y la dirección del comprador. También deberá proporcionar una explicación de por qué se vendió el vehículo.

¿Por qué ExpressTruckTax?

Reclamar créditos en el Formulario 2290 es rápido y simple con ExpressTruckTax. Puede hacer todo esto junto con la presentación de su formulario. También tiene la opción de presentar el Formulario 8849 para recibir el reembolso de estos vehículos, pero el proceso demora mucho más. ¿Por qué esperar de varios meses a un año para obtener su reembolso? Reclame sus vehículos de crédito junto con la declaración de su Formulario 2290 para su vehículo actual y procéselo junto con su Formulario 2290 actual. ¡Así de fácil! ¿Qué está esperando? ¡Haga el Formulario 2290 con ExpressTruckTax y reclame su reembolso por sus vehículos de crédito hoy!

Everything You Need To Know About Claiming Credits On Form 2290

Posted on July 22, 2022 by - 2290 credit, Claim your Tax credit, Credit Form 8849, credit vehicle, Credit vehicles, form 2290 credit vehicle

Do you drive a vehicle weighing 55,000 pounds or more? If you answered yes, you need to file Form 2290 for the Heavy Vehicle Use Tax. If you drive this vehicle less than 5,000 miles a year, or less than 7,500 miles a year if it is used for agricultural purposes, then you must still file Form 2290 but no tax will be owed for this vehicle. In this case, the IRS considers the vehicle suspended because it did not exceed the mileage limit. 

IRS 2290 Form is filed a year in advance, so what happens if you file a vehicle as not suspended, paid the tax but don’t exceed the mileage limit after all? You can claim a credit for this vehicle next time you file Form 2290. 

Claiming credits on form 2290

When filing Form 2290 you need to first file for a truck that you are not claiming credits for, whether it is suspended or not. After entering this vehicle’s information, there will be a section where you are able to claim credits for vehicles. The information needed when reporting these vehicles includes the vehicle’s VIN (Vehicle Identification Number), the vehicle’s make, model, and a detailed description of why you are claiming the credit for this vehicle. 

Other situations where credits need to be filed

Not exceeding the mileage limit is not the only reason that you might need to claim a credit when filing Form 2290. When you sell a vehicle after already having filed Form 2290 and paid the HVUT for it, you will need to claim a credit for it. When entering the information about this credit vehicle in Form 2290 you will enter the vehicle’s information but also details about the sale including the date it was sold and the buyer’s information. This way the IRS knows when you are no longer in possession of the vehicle and how much tax credit needs to be returned.

Another instance where you would need to claim a vehicle credit on Form 2290 is if a vehicle was stolen or destroyed. For these situations, you need to be very detailed in your description of the event and specify when it was stolen or destroyed so that the IRS knows how much tax credit needs to be returned. 

Other options for claiming credits

When you need to claim credits for a vehicle, filing it on your Form 2290 is not your only option. Instead of claiming the credits on Form 2290, you can file Form 8849 Schedule 6. This form is designed only to claim credits on vehicles that meet the requirements. When filing this form, all you need to do is enter the information about the credit vehicle including a detailed description of why you are filing this form for this vehicle. It is recommended that Form 8849 is filed when you no longer have a truck to file Form 2290 to add the credits onto. This is because Form 8849 takes longer to process because the forms are processed manually. In some cases, it can take up to a year or more to get your credit back. If you do still have a truck to file Form 2290, wait until the next time you file and add these credit vehicles to your form instead of having to wait and the credits will be processed at the same time as your Form 2290.

ExpressTruckTax is here to help you claim credits

ExpressTruckTax makes claiming credits when filing Form 2290 easy. When trying to claim credits it is important to keep in mind that clients have three years from the date the return was filed or two years from the date the tax was paid, whichever is later, to file a claim a credit. As long as the credit you need to claim fits into this time frame, ExpressTruckTax can help you claim your credits on your 2290 IRS Form or help you File Form 8849 if needed. No matter how you need to file or report your vehicle credits, ExpressTruckTax offers you the best and most convenient solution. What are you waiting for? File with ExpressTruckTax today and start reporting your vehicle credits today!

HVUT Credits: Selling & Purchasing Vehicles

Posted on January 20, 2016 by - 2290 credit, applying a credit, Credit Form 8849, credit vehicle, E-file HVUT, Form 8849, HVUT, hvut credit, new vehicle, purchasing, selling

We’re a few weeks into 2016, and by this point you might have grown your fleet with a used (or new to you) truck. Or maybe you’re an Owner-Operator who is replacing an old vehicle. I mean, it looks like some sleeper trucks are just getting cheaper and cheaper. While you’re excited to be on the road in the new rig, it’s vital that you have your HVUT accounted for. With ExpressTruckTax, adding a credit for sold vehicles to your 2290 is easy.

How Do HVUT Credits Work?

When a vehicle is purchased from another owner who already paid their HVUT fees, the vehicle is covered until the end of the month of purchase. From the first day of the following month, it’s up to the new owner to pay the vehicle’s HVUT from the first day of that month to the end of the tax year.

With that said, it’s important to understand that the heavy vehicle use taxes DO NOT transfer from one owner to another. You’re required to file a Form 2290 and pay taxes on any qualifying taxable vehicle. The taxes also don’t transfer from your old vehicle to your new one! So if you sold your old truck after buying a new one, it’s the same process (just with the roles reversed). It’s annoying, sure, but you still have to do it.

Basically, the seller gets credited for the taxes they paid before they sold the vehicle, and the buyer owes the difference. And if you’re a seller, there are two ways to approach the credit. You can get the credit for the tax paid on your next Form 2290 filed or the refund can be claimed through Form 8849, if you don’t want to wait until the tax period ends.

Why don’t we just see how it’s done real quick?

What Are the Tax Implications When Buying or Selling a Suspended Vehicle?

Well, suspended vehicles come with a specific set of tax implications regarding their sale. If you sell a vehicle under suspension, you need to provide the following information:

  • Your name, address, and EIN,
  • VIN Number,
  • Date of the sale,
  • Odometer reading at the beginning of the period,
  • Odometer reading at the time of sale, and
  • Buyer’s name, address, and EIN.

If everything is reported like above and the use of the vehicle exceeds the mileage use limit for the period after the purchase (including highway mileage recorded by the former owner), the new owner would be liable for the tax on the vehicle. If the former owner didn’t provide the required statement to the new owner, then the former owner would be held liable for that tax period.

With your new rig ready for the road, you can get back out there to the long haul. Don’t forget, after you pay your HVUT for this tax period, you’ll still be liable to pay for the new period that starts July 1st, 2016!

If you run into any questions about credits on ExpressTruckTax, our US-based bilingual support team is available through phone, email, and even live chat. Reach us by phone at 704.234.6005, or by email at support@expresstrucktax.com.

The HVUT Deadline for Vehicles First Used in Sept. Is upon Us

Posted on September 30, 2015 by - credit vehicle, expresstrucktax, heavy vehicle use taxes, HVUT, Schedule 1, taxable vehicle, trucking nation

Well, Trucking Nation, the deadline to file Form 2290 for Heavy Vehicle Use Taxes (HVUT) is coming up—October 31—for vehicles first used in September! If you traded in or purchased a new vehicle last month, or if you’re just now putting your truck on the road, then this one applies to you.

Don’t worry, paying the HVUT online is quick and easy, and we’ve got you covered. In order to file a regular-use vehicle, its taxable gross weight must be at least 55,000 pounds and travel approximately 5,000 miles during the current tax period; and for an agricultural vehicle, the mileage use must be at least 7,500 miles.

Start Now to Get Your Filing out of the Way!

1. Sign in or Create an Account

2. Enter in Your Truck and Payment Information

3. Transmit Your Form to the IRS and Receive Your Schedule 1 in Minutes

If you need any assistance, ExpressTruckTax offers year-round support so you can get the help you deserve. They’ll even show you how to file for a Credit Vehicle, or a taxable vehicle that was sold, destroyed, or stolen recently, to get your tax money back.

You can call the support team at 704.234.6005 or email them at support@expresstrucktax.com.

How to Add Sold/Destroyed/Stolen Credit Vehicles

Posted on September 24, 2015 by - credit vehicle, expresstrucktax, IFTA return, tax return, taxable vehicles, trucking nation

Hello, truckers! Do you have any taxable vehicles that were sold, destroyed, or stolen before June 1 of the current tax year? If you do, and they were not used for the remainder of the tax period, you’re able to claim a prorated credit or refund for some of the taxes paid. We’re here to tell you how!

To get started, follow the steps below:

1. Once you click Start New Return on your ExpressTruckTax dashboard, a pop-up will appear with three options to create a new tax return. Select Form 2290. (If you wish to receive a check from the IRS instead of credit, you can select Form 8849 Schedule 6.)

2. To reach the Sold/Destroyed section, fill out required information in the steps leading up to it:

  • Select which month your vehicle was first used.
  • Enter any taxable or suspended vehicles that you are filing for.
  • Add a suspended vehicle of the prior year if applicable. 
  • Once you’re there, select Add Credit Vehicle. 

Note: If you sold a truck and are adding a new truck, the credit amount from the truck sold will be applied to the tax amount owed on the new truck. In addition, if you are filing for a credit for a sold vehicle, there is a new regulation that requires you to enter in the name and address of the person who purchased the truck.

3. Provide the required vehicle details in the fields below, including your VIN number, taxable gross weight, and loss event, then click Save. 

We hope these instructions are beneficial to you, but if you need further assistance, don’t hesitate to contact us! You can call our support team at 704.234.6005 or email them at support@expresstrucktax.com.

Remember, Trucking Nation, we’re here for you!