ExpressIFTA Blog

Wednesday, October 9, 2019

How to Stay on Top of Your IFTA Taxes


Truckers need to file their IFTA taxes on a quarterly basis by the 4 IFTA deadlines.
Trucking is a critical industry in America. You have lots of responsibility, and unfortunately, lots of taxes to keep up with.

Thanks to online software, however, many trucking taxes can be completed online, saving you tons of time.

Are you familiar with IFTA taxes? You’ll need to file quarterly by the IFTA deadlines to avoid penalties. Here’s everything you need to know about IFTA reporting.

IFTA Reporting

What is IFTA?

IFTA stands for the “International Fuel Tax Agreement”.

This agreement between the lower 48 American states and the Canadian provinces was created to simplify fuel tax reporting between jurisdictions.

Essentially, if you were to travel all the way through North Carolina, just to fill up in Virginia and turn around and go straight back through North Carolina, your fuel tax will not be properly distributed amongst the states you traveled.

Rather than turning in separate reports abiding by the mandates of each state, IFTA fuel tax report simplifies that process with only one quarterly report for the state you’re registered in.

IFTA reporting is used to list how many gallons of fuel have been bought, and how many miles have been traveled in each jurisdiction.

Do You Need to File?

You’re required to file an IFTA fuel tax report if your vehicle:

1.  Has two axles and a gross vehicle weight that exceeds 26,000 pounds or
2.  Has two axles and a registered weight that exceeds 26,000 pounds or
3.  Has three or more axles or
4.  Has a combination weight that exceeds 26,000 pounds.

If your vehicle meets one of these requirements, you’ll need to complete your IFTA reporting on a quarterly basis.

These are the the IFTA deadlines you need to be aware of:


Quarter
Quarterly Period
IFTA Due Date
1st 
January - March
April 30
2nd 
April - June
July 31
3rd
July - September
October 31
4th
October - December
January 31

It’s important to file your IFTA forms before the IFTA deadlines to avoid penalties and interest.

How to Complete Your IFTA Filing

To file your IFTA fuel tax report, you’ll need the following information:

The International Fuel Tax Agreement simplifies IFTA reporting between jurisdictions.

-  Total miles travelled by vehicle
-  Total gallons of fuel consumed by vehicle
-  Total miles traveled per jurisdiction
-  Total taxable gallons consumed per jurisdiction
-  Tax-paid gallons purchased per jurisdiction
-  Current tax rates for each member jurisdiction


Luckily, you can use an online service like ExpressIFTA to generate your IFTA quarterly return.

Simply create a free account, enter your business & vehicle details, select your base jurisdiction, upload miles & fuel records, and generate your IFTA fuel tax report.

The best part is that ExpressIFTA conveniently allows you to enter records into the system via Trip Sheets, Quick Entries, or GPS Upload. Plus, everything you enter is automatically saved so you can add records as frequently as you’d like to update your IFTA fuel tax report at any time.

Once your IFTA forms have been generated, complete your IFTA reporting by filing with your base jurisdiction.

Get started with your IFTA filing today in preparation for the 3rd Quarter IFTA deadline!











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