Everything You Need To Know About The IFTA Deadline!

But don’t forget your 4th Quarter IFTA Reporting deadline! Tax season can easily be the most stressful time of the year for many people, particularly for those who own their small business. Fuel tax can be particularly complicated.

IFTA Reporting Made Easy!

You may be asking yourself, “so what exactly is this IFTA and why do I have to file one every quarter?”

 

IFTA, or the International Fuel Tax Agreement, was put in place by the lower 48 United States and 10 Canadian provinces. The idea was to simplify fuel reporting for those who use qualifying motor vehicles that travel between two or more jurisdictions.

Before IFTA was put into place, each state had its own rules and regulations to comply with. Fuel reporting was a complicated mess for everyone. Now each jurisdiction adheres to the quarterly IFTA report. IFTA reports determine the net tax refund that’s due and redistribute taxes from collecting states to states that owe.

Ok, enough of the history lesson. What exactly does that mean for you?

First, you must apply for your IFTA license with an IFTA application, and keep it visibly displayed in your cab at all times once you receive it. You also will receive an IFTA sticker that needs to be placed on your driver door. And then there’s your vehicle itself.

Your vehicle qualifies for IFTA if it travels between two or more jurisdictions and fits any of the following descriptions:

• Two axles and a gross vehicle weight of 26,000 pounds or more 
• Two axles and a registered gross vehicle weight of 26,000 pounds or more 
• Three or more axles regardless of weight and/or exceeds 26,000 pounds or more in gross vehicle weight or registered gross vehicle weight

In order to complete your IFTA return you need to provide the following information:

• Total miles traveled per jurisdiction
• Total tax paid gallons of fuel purchased per jurisdiction
• Total gallons of fuel used per jurisdiction 
• Current tax rate per jurisdiction

 

And remember, you have to file your IFTA returns four times a year – wouldn’t that be easier with some help at your fingertips? Well believe it or not, but today is your lucky day! ExpressIFTA can make your 2021 4th Quarter IFTA reporting a breeze!