Overcome The Common Errors Committed While Filing IFTA

Hello filers, how is trucking treating you? We know, with a tipsy climate and deliveries on board, the work pressure would be too much to handle. We pray and wish for your safety. Other than simple deliveries and updates, tax comes in as the major responsibility. With paper work and other regulations, paying tax to your base jurisdiction for the journeys you have designed during the quarter.

However, today, we are going to talk about the common errors committed by our filers when it comes to IFTA fuel tax reporting:

  • Log Books Are More Popular Than Daily Trip Reports:

It is known that logbooks don’t capture every information that is required to prepare your quarterly fuel tax return. In addition, there are some different retention requirements for logbooks and trip receipts.

  • Hunt down the Fuel Receipts: 

This happens when you fuel your tank. Ensure you collect and retain the fuel receipts or the invoice from a third party vendor for four years

  • Retention Requirements Are Not Met Properly:

Many small or large companies are not aware about the IFTA/ IRP regulations. Every motor carrier is required to maintain IFTA tax return, along with the trip reports, fuel receipts and other supporting documents for four years from the applicable due date.

  • Incomplete Trip Reports Are Maintained:

We know how tedious it can get when you have to gather your documents, and ensure they are complete and legible. You need to check upon your handwriting, rectify the errors to cut down issues during inspection.

  • Using the Dispatch System To Calculate The Miles:

These dispatch systems calculate your IFTA tax in miles from your that it calculates the miles from pickup of the goods to the delivery. It does not capture the miles driven to the pickup point or after the delivery is made, which results in unreported miles. Therefore, you need to look into this and ensure you are filing an authentic IFTA return.

  • Not Reporting Personal Or Unloaded Miles:

It is mandatory to report all the miles, let be when the rig is loaded, unloaded or bobtailed.

  • Not Filing Miles in the Correct Quarter:

In trucking industry, the priority belongs to moving freight. There are times when the carrier get so caught up with the aspect of businesses, the time for preparing the IFTA quarterly return is not contributed evenly. And the last minute preparation ends without capturing the last few trips made during the quarter. Moreover, these carriers report those unreported miles in the following quarter.

However, there is no malicious intent behind this act, the fact remains that all the miles traveled and gallons purchased in the quarter should be accurately calculated and so reported. This misapplication can result in unfavorable results during the audit.

And, if you think online preparation would be the apt option to eliminate these errors each quarter, TaxIFTA.com is one such service provider dealing with your specified requirements. You can prepare your return with us online and simply mail it across to your base jurisdiction.

For more assistance, get in touch with our tax experts on 1-866-245-3918 or shoot an email to support@taxexcise.com. We would love to hear from you.