That means it’s time to pay IFTA taxes on all your mileage and fuel from October 1 through December 31 of 2019.
Of course, knowing how much you owe in IFTA taxes requires calculated how many miles you ran and how much fuel you purchased in each state.
There are several ways to complete this complex calculating and reporting process. Let’s cover the 3 most common methods used to complete an IFTA fuel tax report.
Method #1: Figuring IFTA reporting out for yourself
Trying to complete an IFTA fuel tax report for yourself is the most confusing and risky method. Accurate IFTA calculations using nothing but a calculator can be very difficult. And, depending on your base jurisdiction, there are many different kinds of IFTA exemptions to keep track of and they often change from year to year.
You could end up paying too much or too little on your IFTA taxes if you get those numbers off. Plus, if you end accidentally reporting incorrectly or making other errors, you could be slapped with big fines in the event of an IFTA audit down the line.
Method #2: Hiring a professional
You could also pay for a professional service provider to calculate your IFTA fuel tax report for you. The benefit is they usually know what they’re doing when it comes to IFTA reporting and keeping up with changes and exemptions.
The downside is that any IFTA tax professional worth his salt is going to be expensive — very expensive. But there’s one last IFTA fuel tax reporting option that pairs all the accuracy of a professional service provider with the affordability of doing it yourself.
All you have to do is enter or upload your IFTA information and ExpressIFTA will do the rest. It’s like having a professional in your pocket. And the best part is that ExpressIFTA is extremely affordable!