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What is the Truck Excise Tax

What is the Truck Excise Tax?

The Truck Excise Tax, imposed under IRC Section 4051, is a federal retail excise tax on the first retail sale of certain heavy trucks, trailers, semitrailers, and highway tractors, including certain related parts and accessories sold with the taxable vehicle.

The tax rate is 12% of the sales price and is reported on Form 720 under IRS No. 33. Certain vehicles are excluded based on their gross vehicle weight (GVW) or gross combined weight.

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Who Pays the Truck Excise Tax?

The Seller Pays the Tax

The seller making the first retail sale of a taxable truck, trailer, semitrailer, or tractor is generally responsible for reporting and paying the 12% excise tax to the IRS.

Vehicles Subject to This Tax

The tax generally applies to truck chassis and bodies with a GVW over 33,000 pounds, trailer and semitrailer chassis and bodies with a GVW over 26,000 pounds, and tractors with a gross combined weight over 33,000 pounds.

Truck Excise Tax Filing Requirements

Category Details
IRS Number 33 (Retail Tax – Truck, trailer, and semitrailer chassis and bodies, and tractor)
Reporting Section Part 1
Filing Frequency Quarterly
Tax Rate 12% of the sales price
Tax Calculation Formula Taxable Sales Price × 12%
Details Required for Calculating the Tax Amount Sales price

Truck Excise Tax Due Dates and Penalties

Quarter Tax Period Covered Form 720 Due Date
Q1 January 1 – March 31 April 30
Q2 April 1 – June 30 July 31
Q3 July 1 – September 30 October 31
Q4 October 1 – December 31 January 31 (following year)
Note: If the due date falls on a Saturday, Sunday, or federal holiday, the return is due on the next business day.

If you fail to file Form 720 for your Truck Excise Tax by the applicable due date, the IRS may impose penalties and interest.
Common penalties include:

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Late Filing

Generally 5% of the unpaid tax for each month or part of a month the return is late, up to 25%.

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Late Payment

Generally 0.5% of the unpaid tax for each month or part of a month, up to 25%.

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Interest

Interest may accrue on unpaid taxes from the applicable due date until the balance is paid.

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Failure to Deposit

Additional penalties may apply when required federal tax deposits are late, insufficient, or not made using the required method.

File Truck Excise Tax Online

How to file your truck excise tax online with Simple720? (easy 4 Steps)

Business
details
Select
the Tax category
Provide
Tax details
Complete
your payment

Step 1 - Business details

Login with your credentials and provide your business details. Then choose the correct tax year and quarter.

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Step 2 - Select the Tax category

Select the correct tax category for filing your Truck excise tax. You need to select IRS number 33 under part 1 section (Under Retail).

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Step 3 - Provide Tax details

Provide the tax details for the portal to calculate your tax amount. For truck tax you need to provide Tax date and SalesPrice.

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Step 4 - Complete your payment

Select your preferred method from the available options and complete your payment. Your Truck Tax filings are done within minutes.

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Why Choose Simple720 for your truck excise tax filings?

No Software Download
With Simple 720, there's no need to download any software or applications. You can easily access our platform online and get started by creating a free account. Our step-by-step guidance ensures a smooth and fast eFiling experience, making the process simpler and more efficient for you.
IRS Authorized Provider
As an IRS-Authorized 720 eFile provider, we offer a hassle-free filing experience with user-friendly navigation, making it easy even for newcomers. Your data security is our priority, and using our authorized portal ensures your information is protected.
Affordable Solution
We recognize the financial challenges many face, and we're committed to offering an affordable online filing experience. Our eFiling service for Form 720 is competitively priced, ensuring that you can file within your budget while enjoying the convenience and efficiency of our online portal.

Simple720 vs Other Providers vs Manual Filing

Filing Features Simple720 Other Providers Manual Filing
Software Download Not required May be required Not applicable
License No license May require license Not applicable
Contract No contract May require contract Not applicable
Cost Affordable pricing Often higher cost Moderate
Filing Speed Fast online filing Varies by provider Slower filing
Ease of Use Simple guided process Platform dependent Complicated manual process
Efficiency Highly efficient Varies by provider Less efficient
Tax Calculation Automatic calculation Provider dependent Manual calculation
Support Dedicated support Limited support No support
Overall Experience Fast and simple Varies by provider More manual effort
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What Our Customers Say?
CEO of a Leading Trucking Companya

As the owner of a trucking company, truck excise tax filing was a major challenge, especially when buying or selling trucks. The traditional pen-and-paper method was cumbersome and time-consuming. Since switching to Simple 720, the process has become much easier and more efficient. It's user-friendly and saves me a lot of time, so now I always use Simple 720 for my tax filings.

A CPA from California

Filing truck taxes manually was a hassle. With Simple 720, the process is much simpler thanks to its easy-to-use Excise Tax Online portal. Their customer service team is always ready to assist, making tax filing much less stressful for me.

A Client from Texas

As a regular individual, handling the truck tax was a significant burden for me. However, with the Simple 720 Online Portal, this burden has been reduced since we only need to pay a small processing fee for filing our truck tax, along with the tax amount itself.

Testimonial

Frequently Asked Questions

Yes, trucking companies are required to file Form 720, the Quarterly Federal Excise Tax Return, if they sell or use taxable goods and services such as fuel, heavy trucks, and other items listed in Parts I and II of the form. This includes activities like the sale of heavy trucks and trailers, which are subject to federal excise tax. Form 720 must be filed quarterly until a final return is submitted.

Filing your truck excise tax online is a fast, accurate, and efficient method that saves both time and costs. It reduces errors and ensures timely submission. The online process offers convenience with quicker turnaround times, making compliance easier. Embrace the digital method for hassle-free and error-free tax filing.

To calculate the federal excise tax (FET) on a truck, apply a 12% tax on the first retail sale of applicable heavy vehicles per Section 4051 of the Internal Revenue Code. Exemptions apply for trucks, trailers, and tractors with lower gross vehicle weights. Multiply the vehicle's sale price by 12% to determine the FET due. Always refer to the latest IRS guidelines to ensure compliance.

The federal excise tax on trucks helps offset the additional wear and tear caused by heavy vehicles on public roads. The revenue generated supports road maintenance, infrastructure improvements, and highway safety. This tax ensures that those using heavy vehicles contribute to preserving transportation systems. Refer to the IRS for updated guidelines on excise tax allocation.

To file truck excise tax online, use an IRS-approved e-file provider that supports Form 720 filing. Ensure the platform is secure and compliant with IRS regulations for accurate and hassle-free submission. Enter the required tax details, pay the provider's service fee, and submit the form electronically. Upon successful filing, you will receive confirmation from the IRS.

Begin Your 720 Filing Today by Registering with Simple720

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