Most people don’t realize the work it takes to actually get a truck on the road, but I’m sure you do! From licensing, registration, permits, and taxes like the Heavy Highway Vehicle Use Tax– the list just goes on and on. You’re in luck because one of my favorite things to do is save people money. I have listed below different ways to save some money when it comes to the Heavy Highway Vehicle Use Tax.
Claiming A Credit
You are eligible to claim a credit if you have sold/traded or destroyed a vehicle that you have already paid a Heavy Highway Vehicle Use Tax on. You can also claim a credit if the vehicle was stolen (which I hope never happens to any of you).
The final reason to claim a credit for this tax is if you have already paid tax on a vehicle who’s mileage limit did not exceed 5,000 miles (7,500 miles if for agricultural use) during the tax year. This one is pretty cool because you get a full refund back from the IRS. I can think of a lot of stuff I would rather do with that money than give it to the IRS!
When claiming a credit for the Heavy Highway Vehicle Use Tax, it is important to make sure that you always have proof of whatever your claim may be.
Filing For A Lesser Weight
I talk to many people who, for example, register their vehicle to haul 80,000 pounds but never carry a load that’s over 60,000 pounds. Don’t do this. The yearly Heavy Highway Vehicle Use Tax amount due for a vehicle that is registered for 60,000 pounds is $232. If you file for 80,000 pounds, you are paying $550 yearly. That is more than double what you should be paying.
Avoid paying tax you don’t have to pay by registering for the correct weight.
File on Time!!
The Heavy Highway Vehicle Use Tax is typically due by the end of August or early September every year (exact dates always vary). The IRS stopped sending out reminders for when to e-File. After you register with our website though, we will e-mail you reminding you when to file. Be looking out for those e-mails every summer. We don’t want you to pay any more money than you already are with additional fines and penalties.
Avoid any fines or penalties by filing on time every year.
Written by Molly Harris