03-03-2023
Differences between Form 2290 and Form 8849
As a trucker or fleet owner, you're well aware of the expenses that come with owning and operating a commercial vehicle. One of those expenses is the Heavy Vehicle Use Tax (HVUT), which is a tax that must be paid annually to the Internal Revenue Service (IRS) on vehicles that weigh 55,000 pounds or more. To pay HVUT, you must file either Form 2290 or Form 8849. While both forms deal with HVUT, they serve different purposes. In this blog, we'll explore the differences between Form 2290 and Form 8849.Form 2290
Form 2290, also known as the Heavy Highway Vehicle Use Tax Return, is used to report and pay HVUT to the IRS. This form must be filed every year by August 31st for vehicles that were first used on the public highways during the current tax period, which runs from July 1st to June 30th of the following year.
Form 2290 is used to determine the amount of HVUT that must be paid for the tax year. The amount of tax owed is based on the vehicle's weight and the month it was first used on the road. The HVUT rate for vehicles that weigh 55,000 pounds or more is $100 plus an additional amount based on the vehicle's weight. For example, if your vehicle weighs between 55,000 and 75,000 pounds, you'll pay $100 plus $22 for every 1,000 pounds over 55,000 pounds. The maximum HVUT is $550 per vehicle.
Form 8849
Form 8849, also known as the Claim for Refund of Excise Taxes, is used to request a refund of HVUT that was overpaid or paid for a vehicle that was sold or destroyed before June 30th of the tax year. It can also be used to claim a credit for HVUT paid on a vehicle that was used for less than 5,000 miles during the tax period.
Form 8849 can be filed at any time during the tax year, but you must wait until the end of the tax year (June 30th) to claim a credit for HVUT paid on a vehicle that was used for less than 5,000 miles.
Key Differences
While both forms deal with HVUT, the main difference between Form 2290 and Form 8849 is their purpose. Form 2290 is used to report and pay HVUT, while Form 8849 is used to claim a refund or credit for HVUT that was overpaid or paid for a vehicle that was sold or destroyed before June 30th of the tax year. Additionally, Form 2290 must be filed every year by August 31st, while Form 8849 can be filed at any time during the tax year.
Understanding the differences between Form 2290 and Form 8849 can help you avoid costly mistakes when it comes to paying your HVUT. If you have any questions about which form to file or how to file it, it's always a good idea to consult with a tax professional or accountant.