 For those who are already apart of the motor carrier industry, the term heavy vehicle usage tax is probably second nature to you; so for those who are coming into the motor carrier industry; you will learn what HVUT is and how it affects you. Heavy Vehicle Usage Tax, also known as HVUT, is an excise tax mandated by the IRS. Highway motor vehicles (vehicles such as tractors, truck tractors, buses, etc.) that weigh 55,000 lbs or more are subject to HVUT. In essence, vehicles that operate large loads and carrying weights are subject to the HVUT. The following areas will provides more insight into the regulation of Heavy Vehicle Usage Tax: 1. Exemptions from filing the tax, 2. Important factors to consider when filing and 3. Filing Time-frame Exemptions From Filing the Tax: Mainly those who are exempt from filing the tax are the vehicles of local, state and federal governments. Also volunteer organizations that assist in public emergency or disaster matters are exempted as well. Important Factors to Consider When Filing:
Filing Time-Frame: Congress is implementing changes to the HVUT filing regulations. Currently, vehicles subjected to the HVUT, who operated during July-September 2011 will have a grace period in filing the tax. The IRS had enacted an extension of filing the tax for those who fall under the July 1 reporting tax period. Accordingly, heavy vehicle operators have until November 2011 to file their HVUT. The extension ensures that heavy vehicle operators will have their necessary credentials necessary operate their vehicles and file their taxes on time. If you are not sure where to start with your Heavy Vehicle Usage Tax situation, are new to HVUT, have tax issues, or just need overall assistance, Wisdom & Authority Titling Solutions is available to assist you with your Form 2290 filing needs. |
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Categories1st Quarter IFTA Tax Filing3rd Quarter IFTA Tax Filing 2012 4th Quarter IFTA Tax Filing ABANDONED VEHICLES SERVICE ASSISTANCE ABANDONED VEHICLES TITLE HELP AUTO DEALER/AUCTION OUT OF BUSINESS AUTO TITLE SERVICES BILL OF SALE Bought a Vehicle Online Without a Title Bought a Vehicle That's Stolen? BOUGHT A VEHICLE WITHOUT GETTING TITLE Bought Vehicle From Private Seller and Lost Title Buying a Vehicle With a Lien on It Buying and Titling a Rebuilt Motorcycle CAR TTITLE MISTAKES BY THE SELLER AND THE BUYER CURBSTONING Department of Transportation Safety Requirements DMV Title and Registration Expert Freight Broker Heavy Vehicle Usage Tax IFTA ASSISTANCE/FUEL TAX IFTA Filing 1st Quarter 2012 IFTA FILING 2012 2ND QUARTER IFTA FUEL TAX FILING HELP ILLEGAL DEALERS SELLING VEHICLES ONLINE INCORRECT INFORMATION ON VEHICLE TITLE INTERSTATE OPERATING AUTHORITY INTERSTATE REGISTRATION PLAN (IRP) HELP IRP Jurisdiction Concerns LEASING A VEHICLE IN VIRGINIA LIEN MISTAKES ON AUTO TITLES Liens on Vehicles & Titles: Part Two MECHANIC & STORAGE LIEN Mechanic and Storage Liens Mistakes on Vehicle Titles Motor Carrier Permits Multiple Owners on a Vehicle Title NON-REPAIRABLE CERTIFICATE Odometer Discrepancies OPERATING AUTHORITY Owner Operator Assistance SALES TAX ON VEHICLE IN VIRGINIA Salvage Title and Branding Selling a Vehicle Without a Title Selling a Vehicle: Necessary DMV Documents SERIOUS SERIOUS AUTO TITLE PROBLEMS Starting a Trucking Company Tips to Prepare Your IFTA Quarterly Taxes Title & Register an Antique Vehicle TITLE SKIPPING TITLING A TRAILER TOW COMPANY WON'T RELEASE VEHICLE Trucking Citations TYPES OF AUTO TITLE SERIES Unified Carrier Registration (UCR) VEHICLE LIENS PART ONE Vehicle Title Assistance Vehicle Title Fraud Help Vehicle Title Services VIN (Vehicle Identification Number) VIRGINIA AUTO REGISTRATIONS When To Title Your Vehicle |
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