As electric trucks start to become the trend in the transportation industry, so are the requirements for tax filing. Among these is the filing of Form 2290, otherwise known as the Heavy Highway Vehicle Use Tax Return. Similar to conventional trucks, the concept of e-filing Form 2290 for electric trucks runs through a similar course with a few important distinctions to consider in 2024.

1. Why You Should File Form 2290 for Electric Trucks

Those electric trucks with a gross weight of 55,000 pounds or more come under the same tax regime as any diesel-powered or gasoline-powered trucks. The motivation behind Form 2290, therefore, is to report and pay an annual federal excise tax on heavy highway vehicles, which is put to use in maintaining highways and infrastructures. If you are the owner or operator of an electric truck that is this weight threshold, and it was used for 5,000 miles or more (7,500 miles for agricultural vehicles), then you must file a Form 2290 and pay the taxes on it.

2. Gather the Information Needed

Have all your information at your fingertips before you start the filing process. This includes your Employer Identification Number (EIN), the Vehicle Identification Number (VIN) for each electric truck you are filing for, and the truck's gross taxable weight. For electric trucks, weight classification is similar to traditional trucks; hence, make sure you report the correct weight category to get the right calculated tax.

3. E-filing Form 2290 Online

The best way to file Form 2290 for your electric truck in 2024 is by e-filing. The IRS encourages e-filing, especially for those who are reporting 25 or more vehicles. There are many IRS-authorized e-file providers who make this process quite easy. You will get a Schedule 1 once the form is submitted, which acts as a proof of payment for helping with the vehicle registration or compliance purposes.

4. Tax Exemptions for Low-Mileage Electric Trucks

Some of the many benefits of an electric truck include being highly eco-friendly, and if it records less than 5,000 miles (7,500 miles for agricultural vehicles) during the tax period, it may be eligible to be considered a low-mileage exemption. You will be obligated to file Form 2290 but will not be charged the full amount in tax. However, it is recommended that you keep the records of your truck's mileage throughout the year in order to be qualified for exemption with no penalties.

5. Paying the Tax and Staying Compliant

Once you have filed the Form 2290 with the IRS for your electric truck, the next important thing is to pay what is referred to as HVUT-Heavy Vehicle Use Tax. The amount of tax will depend on the weight of the vehicle and the miles driven. You may pay with EFTPS, credit card, debit card, or check. After you file and pay the tax, keep your Schedule 1 for your records and in compliance with most states' registration requirements. Stay on the right side of tax law to avoid any fines and keep your electric truck on the road in 2024.

Note: For more information, visit IRS website