IFTA Basics
What is IFTA?
IFTA is basically a redistributing of your fuel taxes of where they need to go according to how many miles you've done in each state. You will only need to pay IFTA taxes if you are running under your own authority as a company.
IFTA is basically a redistributing of your fuel taxes of where they need to go according to how many miles you've done in each state. You will only need to pay IFTA taxes if you are running under your own authority as a company.
Getting set up for IFTA taxes:
Call the state comptrollers office in the state where your company is located.
Call the state comptrollers office in the state where your company is located.
What numbers do I need to keep track of?
The number of miles during a trip that are done within each state. There are a couple of ways to do this.
The number of miles during a trip that are done within each state. There are a couple of ways to do this.
The old way: Write down the odometer reading as the truck crosses each state line and use google maps to track the amount of miles. These are recorded down on a spreadsheet and eventually an IFTA summary is formed.
The new way: Your log book device(Qualcomm, J.J. Keller, Xata records the miles for you and presents you with a summary sheet. Keep in mind, that during an IFTA audit, you will be required to provide documentation on how you logging system works. |
What documentation should I keep copies of?
IFTA summaries (trip number and miles in each state per truck);
The combined miles in each state for your entire company;
All spreadsheet and program files used to generate the end result;
Final filing forms provided to the state comptrollers office;
IFTA summaries (trip number and miles in each state per truck);
The combined miles in each state for your entire company;
All spreadsheet and program files used to generate the end result;
Final filing forms provided to the state comptrollers office;
Where do I pay IFTA?
To your companies state Comptrollers Office, by mail, the internet or in person.
To your companies state Comptrollers Office, by mail, the internet or in person.
When are IFTA taxes due?
- Jan-March: April 30
- April-June: July 30
- July-September: October 30
- October-December: January 30
Next Article: IFTA Audits