Being a trucker, many things come along. Paying IFTA taxes is one. April 29th will be the due date for filing your IFTA return for the first quarter of 2016. So truckers, get your documents ready, you just have three more days to go. Continue reading
Tag Archives: Quarterly IFTA return
IFTA Penalties for Late & Not filing
Filing your IFTA return on time is very important and TaxIFTA.com is dedicated in helping you Prepare your IFTA return online. Filling out any paper work for taxes manually is not that easy as we all think, especially when it involves a lot of calculations mostly in cents. IFTA penalty is one thing that most taxpayers have no idea about. Continue reading
Basics Of IFTA- Part-1
Welcome back filers, it’s been a long week here at our end. How is your week treating you? Hope you are driving safe and fine on the highway. We have been receiving calls asking for more information about IFTA and that is why, this blog is dedicated to those who are new to filing taxes or preparing IFTA. Hope and trust we clear your queries. Additionally, we would like to divide the blog into two major parts for better understanding of IFTA. So stick around for a while and get a clear idea about IFTA. Continue reading
A Short and Simple Guide to the International Fuel Tax Agreement
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IFTA, which stands for International Fuel Tax Agreement is for the vehicle owners whose motor carriers operate beyond its base jurisdiction (the state it belongs to). This involves the Canadian provinces and the 48 contiguous United States, excluding Alaska, Hawaii and the Canadian territories. Heavy motor vehicle owners having an IFTA license are required to file for the tax agreement quarterly. Many vehicle owners choose a certified online service provider to aid them prepare the tax return. Read on to know more about IFTA.
According to the International Fuel Tax Agreement, “IFTA is designed to promote and encourage the fullest and most efficient possible use of the highway system by making uniform the administration of motor fuels use taxation laws with respect to qualified member vehicles operated in multiple member jurisdictions.”
How IFTA Works:
Vehicle owners need to know that almost every state in the U.S have their own tax fuel system. However, this tax agreement supports the ‘pay now or pay later’ option, therefore the fuel taxes paid to the states gets credited in the license holder’s account. The license holder should fill the tax report completely by listing the total miles covered and gallons purchased at the end of the fiscal quarter. The fuel mileage and the miles traveled are used for calculating the tax amount to be paid to the state jurisdiction. Different state jurisdictions imply different ways to calculate the tax amount for example, Kentucky and Mexico include the ‘standard fuel tax and weight mile taxes’ whereas, Oregon involves only the weight mile tax.
Preparing for Filing IFTA Return:
TaxIFTA.com makes it easy for truck owners to prepare the tax return in a hassle-free manner. We have designed a user-friendly online application to help them prepare the return at a minimal cost. Besides, the easy to use amendment form makes it possible to rectify the errors and do the possible corrections. However, keep in mind to take a print out to file the return. Reach us at 1-866-245-3918 for additional information and get your queries answered.
5 motive why to File IFTA via Service Provider.
IFTA-One more piece of red tape again, for you owners & operators! Shuffling papers on your IFTA returns at each quarter is indeed a hard nut to crack. In times, an unintentional error may leave solid fines on your head. This is another bitter pill to swallow.
On flipping through your IFTA regulation handbook, you may be convinced that handling IFTA fuel tax returns might not time your minutes. But it does! Here, we give you five wherefores in full picture for hiring a tax professional.
- A proficient IFTA professional helps you to put off those aches. He can let your focus on your business safety and customer service, since he can still sit for your tasks.
- He cares for your penalties and fines by filing and paying your IFTA on time.
- He perpetuates all your taxing and licensing documents revised.
- He saves you from thefts & fraudulent, if any committed by your fleet drivers.
- To the last word, hiring a tax professional is not just a comfort or an expense. It is really a safety investment to run your fleet system in top gear.
- In addition to IFTA, he has the skill and time to analyze your account of proceedings, purchases & also spot inconsistencies.
Readers, take all these into account. It is not a casual chore of making up paper work over the course of year. IFTA calls for detailed trip reports running down the miles traveled and fuels fill-ins in each jurisdiction. Once you are falsified for inaccurate IFTA reports, you have to wear the hat for the brunt of penalties. At taxifta.com, as an alternate tax professional, we help you through call & mail. Reach us at 1-866-245-3918 or mail to support@taxexcise.com