If you have a vehicle that is a taxable gross weight of 55,000 pounds or more registered to your name, then you need to pay a heavy highway vehicle use tax.
If you recently bought a truck, then the cost will be prorated depending on the month when you registered it. The cost is $550 a year due on June 30 of every year. You also have the option to file online using one of the many IRS authorized providers. There is a processing fee that will range anywhere between $6 to $15 depending on the vendor.
Some owner operator trucking companies will file for you by advancing you the money then take it out from your settlement in multiple payments. That way you don’t have to worry about filing before the due date or paying one lump sum.
As an owner operator truck driver, it is always a good idea to be prepared to pay for operating expenses like these. Not all owner operator trucking companies offer the option to pay for your 2290 form, and you could end up paying out of pocket. So make sure to have some reserve funds in the bank.
If you do file your heavy highway vehicle use tax 2290 form on your own, don’t wait until the last minute to do so. There are places where you can e-file before the season begins on June 1st. That way you can get a copy of your Schedule 1 via email as soon as the IRS stamps it. Also, some online services provide calculators that can help you figure out how much heavy highway vehicle use tax you owe and have the option to send you a copy of your Schedule 1 via email, via text message or fax.
Becoming an owner operator will require you to learn more about the business side of things. Filing taxes will be one of them. Fortunately, there are many very useful websites with valuable information like owneroperators101.com that will make the transition to an owner operator trucking job a lot smoother.