Tag Archives: IFTA tax

Get Ready to Prepare and File your 1st Quarter IFTA Return for 2018!

The deadline to file your 2018’s 1st Quarter IFTA Return is April 30th, 2018. A Quarterly IFTA Tax Return must be filed even if the licensee does not operate or purchase any taxable fuel in an IFTA member jurisdiction during the quarter.

 What you need:

  1. Mileage log-whether you use manual trip sheets, GPS, or electronic trip sheets; it is not only necessary to have in order to file your quarterly IFTA return, but you will need these if you are even audited.
  2. Fuel Receipts-you will need to know how many gallons of fuel were purchased in each state.

 

Options to prepare and file your return:

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1st Quarter IFTA Fuel Use Tax is due this April 30

What is IFTA Tax?

The International Fuel Tax Agreement is a tax collection agreement by and among the 48 contiguous States and the 10 Canadian Provinces bordering the US. Uniform administration of motor fuels use taxation laws with respect to qualified motor vehicles operated in more than one member jurisdiction

Why TaxIFTA.com?

TaxIFTA.com is a product of ThinkTrade, Inc. who own and operate Tax2290.com (the #1 website to report Federal Vehicle Use Tax Form 2290 online) and TaxExcise.com (the only website to support all the Federal Excise Tax returns at one common place).

TaxIFTA.com is a simple and easy to use website, helps you prepare and print your “Ready to File” pdf return, file it with your base jurisdiction in just minutes.

This Self-Service website, enables to complete your Quarterly IFTA Tax returns in 3 simple steps. Accurate tax calculation by using the latest tax rates of all participating states. Continue reading

Important Records IFTA Tax Filers Should Maintain

IFTA is a quarterly tax paid by motor carrier owners having IFTA license and operating their vehicles from one state to another. Due on April 30th for the first quarter, It is important for motor carrier owners to pay their IFTA return on time and doing through an online service provider like TaxIFTA.com can help them prepare IFTA returns from anywhere and anytime. However, this fuel tax filers should make sure their records are accurate and safe to help them during an audit. Additionally, it has been clearly stated in the ‘IFTA Procedural Manual’ that IFTA filers need to maintain their mileage and fuel records properly. Besides, the International Registration Plan (IRP) and International Fuel Tax Agreement require the records for appropriate distribution of tax to the various jurisdictions. Read on to know more.

Records IFTA Filers should keep:

As mentioned, IFTA filers should keep a track of the complete mileage traveled for every vehicle used by him or her on the road. In addition, the information available in the records should be authentic to avoid any problems during an IFTA audit. The important records that tax filers should have are:

  • The Accurate Motor Carrier Name.
  • The Right Vehicle Number.
  • Accurate Vehicle Identification Number or VIN.
  • The distance traveled by the vehicle.
  • Complete details of the start and end date of every trip.
  • The origin and destination of every trip.
  • The pick-up and delivery destinations of the vehicle.
  • Details of the places where fuel was filled.
  • The travelling routes.
  • Total mileage used on the American states and Canadian provinces.
  • Total trip distance covered by the vehicles.
  • Original fuel invoices, which should include the date, customer name, seller name, gallons of fuels used, type of fuel, tax paid, and finally the OEN or VIN.

According to the International Fuel Tax Agreement , the records should be kept for four years from the time the tax return was filed or it was due. It is important for tax filers to know that the record keeping requirements might differ from one state to another. Therefore, tax filers are advised to gather the complete information to avoid mistakes. Similarly, as it is essential to maintain the records to avoid any hassles, filing IFTA on time can help tax filers avoid penalties and interests. TaxIFTA.com helps you prepare your IFTA tax accurately and without much difficulty. Take a step ahead by preparing your IFTA return online with a single click of a mouse.