If you are an owner or operator of a truck in the United States, it is important for you to understand the timeline pertaining to filing Form 2290. It is required to pay the Heavy Vehicle Use Tax (HVUT) through the IRS and missing deadlines might result in enduring penalties. So, when does the Form 2290 tax year start and when does it end? Let’s break it down for you in order to help you avoid a hassle.

Form 2290 Tax Year Begins on July 1

The tax year for Form 2290 starts on the July of every year on the 1st. Note that this is off the traditional calendar year which could be a source of confusion the first time around, So don’t get confused. The aforementioned date applies to all heavy vehicles operating and licensed to use public highways for which the gross weight is 55,000 pounds or more. If your vehicle is already operational by July, the deadline for filing your Form 2290 is August 31st of the same year.

The Tax Year Finishes On June 30

Every Form 2290 tax cycle is set to expire on June 30 of the following year. This 12-month period lasts for everyone, whether your truck is years old or just freshly registered. If your truck goes on the road within the tax year, like in November, your tax is going to be calculated based on the amount of time it will be operational until June 30.

What If You Don’t Meet The Deadline?

Not paying tax on time or filing Form 2290 on time can lead you to face fines, interest penalties, and in worse scenarios, charges from the IRS. Truckers face a 4.5% fee of the total tax due monthly for a maximum time-frame of 5 months and this can get out of control fast. So having the knowledge about the filing window is crucial and being able to acknowledge that you must mark your calendars in July and August will act as an aid.

Stay Compliant by Filing Early

Filing your document for the first time in the season, I mean right when the IRS starts accepting it is the ideal choice. Which happens to be on July 1. You can avoid penalties, keep operations running smoothly, and even receive a stamped Schedule 1 on time which is required for your vehicle registration or renewal.

Recognizing the start and end dates for the Form 2290 tax year which is from July 1 to June 30, can assist owners and operators of trucks stay within compliance of the IRS. Avoid penalties and keep your business prepared to hit the road by filing on time. Stay proactive and use e-filing to save time and eliminate headaches.

Note: For more information, visit IRS website