In life most of the important decisions are not made by us. So True, isn’t it? If you hold an IFTA license and do not report your IFTA on time you are liable for Penalties & Interests, this is a known fact. Another unknown fact is you need to file an IFTA report even if you have no taxable miles in that particular quarter. This is known as a “ZERO RETURN”. Continue reading
Tag Archives: Fuel Tax Agreement
Must Have Information – Before you start preparing your IFTA Return
“Mise en place” very familiar term in hospitality industry. The French phrase means everything in its place, in simple words per-preparation before you start your day’s operation. Well begun is half done, which makes preparedness an important factor for any successful mission. This goes well with every single day to day activity we perform. Continue reading
The Benefits of Preparing your IFTA return with TaxIFTA.com
IFTA returns are filed Four times a year, preparing them by yourself and submitting them without any errors to your respective Base jurisdiction is close to impossible as it is filled with complicated calculations and unsolved tax jargon’s which most of us do not understand. www.taxifta.com , a product of Think Trade Inc was launched for your assistance in preparing your IFTA return online. Whether you’re new to TaxIFTA.com or have been filing with us for years, keep reading and we’ll tell you all about the benefits of our program and how easy it is to prepare your IFTA return with the industry leader.
Benefits: Continue reading
Required Details of Fuel records to Report IFTA
Complete fuel records of all motor fuel purchased, received, and used in the conduct of its business must be maintained. Separate totals must be compiled for each motor fuel type and retail fuel purchases and bulk fuel purchases are to be accounted for separately. Continue reading
What You Need to Know when Filing for IFTA Return
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Your trucking business is not limited within your state but can go beyond that. Additionally, those into the trucking business have to hire truck drivers for delivering goods from one place to another. Expanding the business in various states would be profitable but managing the fuel tax agreement might not be a pleasant experience because different states have different fuel taxes imposed. In addition, truck owners and operators are required to file fuel tax through IFTA and there certain rules attached to it. To save time, it is advisable to prepare for IFTA return online. In this blog, we shall discuss more about IFTA also providing tips and instructions.
Why Obtain an IFTA License: Trucking companies who thought filing fuel tax return was a burden might not be aware of the advantages that IFTA license provides.
- Having IFTA license gives trucking companies the authority of moving their vehicles in various IFTA jurisdictions.
- Truck owners need to file for International Fuel Tax Agreement return once under their base jurisdiction and should have the necessary details about the mileage and fuel use in other jurisdiction.
- Audits are conducted by the base jurisdiction or the state in which the vehicle is licensed to.
Trucking companies filing IFTA return need to know that they would have to deal with one auditor, who belongs to the place where the business operates. Unlike previously, when businesses had to report to different auditors in different states. In addition, there might be states having different requirements for trucking companies filing this tax return. For example, there are states wanting truck companies to keep important credentials such as fuel receipts and trip permits for four years whereas, there might be states wanting the documents to be kept for more time. It is important for business owners preparing for the International Fuel Tax Agreement to be careful on these details to avoid penalties.
Filing IFTA Return Every Quarter for California State:
The deadline for the 2nd quarter to file for IFTA return is July 31, 2013. Interstate motor carriers having their base jurisdiction as California should file a completed tax return form, which comprises of two parts: ‘IFTA Quarterly Fuel Use Tax Return’ (IFTA-100), and ‘IFTA Quarterly Fuel Use Tax Schedule’ (IFTA-101). Motor carriers should ensure providing all the details in IFTA-101 form such as the fuel used or calculate the tax due on the total usage of fuel in each jurisdiction. Further, the information should be transferred to the IFTA-100 form. It is good to know that motor carrier owners need to make one payment and not different payments for the various jurisdictions they have purchased fuel from.
TaxIFTA.com makes it easy for interstate motor carrier owners prepare their IFTA return online, which they can mail it to the ‘California State Board of Equalization’ or whichever jurisdiction they belong to.