Taxes

Trucking and taxes go hand-in-hand. But trucking companies and owner operators in trucking who have an ICC number or who are leased to a carrier that has an ICC number can save on sales tax in some states.

Some states, like Oregon, Montana and New Hampshire, have no sales tax at all for any retail purchases. Read the rest of this entry »

If you are paying the heavy use tax ( IRS Form 2290 PDF ) in 2006 and plan to sell your truck during the tax period, you’ll have a pleasant surprise starting this year. You can apply for a credit when you sell the truck- meaning you’ll get a pro-rated portion of the tax back.

In previous years, you had to pay the $550 tax and if you sold your truck during the tax period, you did not get anything back. You could provide the form to the person you sold the truck to so that they didn’t have to pay the tax in addition to what you already paid. But once you paid the tax, your money was gone.

Now if you sell your truck, you can apply for a credit on the money you paid out. This also applies to trucks that were destroyed in a wreck or that were stolen. This policy is in effect for the tax period of July 1, 2006 to June 30, 2007. It does not apply to trucks sold, destroyed or stolen prior to July 1, 2006.
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