Category: IFTA
-
How Long Should You Keep IFTA Records?
Fuel tax administration can be challenging enough, but when the issue involves the International Fuel Tax Agreement (IFTA), things get even more complex. For those who own and operate fleets of qualified motor vehicles that travel across states or provinces, it’s mandatory. Perhaps the most frequently asked question by many fleet administrators and owner-operators is,…
-
Common IFTA Mistakes Truck Drivers Make
The International Fuel Tax Agreement (IFTA) will present a challenge for every motor carrier and independent owner-operator four times each year. Figuring out how much fuel was used per state, comparing this against fuel purchased, and completing tax returns on time is no easy task. With too little time to do it all, mistakes can…
-
What Records Should I Keep for IFTA?
Understanding the International Fuel Tax Agreement (IFTA) requires first of all impeccable record keeping. For you who may be either fleet managers, owner operators or motor carriers, the idea of collecting your receipts and trip sheets at the end of every quarter is very costly in terms of audits. Knowing what documents you need to…
-
How Often Do I Need to File IFTA?
If you have a commercial motor vehicle that transports goods or people across state or even international borders, complying with fuel taxes becomes crucial for the smooth running of your operations. One common question raised by owner operators and managers of fleets who are new to interstate business is: How often should I file my…
-
What Is IFTA and Who Needs It?
Being the owner of a commercial fleet traveling between states or provinces involves dealing with a large number of paperwork issues related to regulations. For those who own fleets that travel between different states and operate commercially, dealing with fuel tax issues in several jurisdictions is a top priority task. Now, here’s where the International…
-
How to Reduce IFTA Tax Liability Using Fuel Card Reports
How to Reduce IFTA Tax Liability Using Fuel Card Reports : For all truck companies and owner-operators out there, the main priority for trucking businesses is reducing IFTA tax liability, which helps fleets focus on increasing profitability and concentrate on their profits. Fuel card reports will become the most powerful tools in the recordkeeping process…