Last Minute Quarterly IFTA Filing Tips

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 specific quarter. You will need to separate your mileage and fuel records for each fuel type. If you operate in New York, Kentucky, New Mexico, or Oregon you will also need to file a Weight Distance Tax Return, in each state.

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, but you will need these if you are ever 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: 

1.  Doing it yourself, you can calculate your own return by hand and mail or e-file the return. To find out the current tax rate for each state go to www.iftach.org. 
2. Using a software program that will calculate your return for you, like ExpressIFTA.com, which will reduce the chances of miscalculations. 
3. Using Truck Services of North America and let them take care of preparing and filing the return for you.

Regardless of the method you choose to file your quarterly IFTA tax return, it is crucial to maintain accurate records and file your returns on time to avoid fines and penalties.

As a premier processing agency, Truck Services of North America can file your Quarterly IFTA Taxes for you.  TSNA takes the paperwork out of your way. Check out all our services at TSNAmerica.com and fill out the Service Request Form, email us at support@TSNAmerica.com or call 803.386.0320.

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International Fuel Tax Agreement (IFTA Fuel Tax Return)

Reminder that all 3rd Quarter IFTA Returns are due next Wednesday, October 31, 2012.  The International Fuel Tax Agreement (or IFTA) is an agreement between the lower 48 states of the United States and the Canadian provinces (except Northwestern Territories, Nunavut and Yukon), to simplify the reporting of fuel use by motor carriers that operate in more than one jurisdiction. This simplifies the process of reporting quarterly fuel tax returns.

This tax is required for motor vehicles used, designed, or maintained for transportation of persons or property and:

• Having two axles and a gross vehicle weight rating or registered gross vehicle weight in excess of 26,000 pounds, and/or
• Having three or more axles regardless of weight, and/or
• Is used in combination, when the weight of such combination exceeds 26,000 pounds gross vehicle or registered gross vehicle weight.

Exceptions exist for Recreational Vehicles (such as motor homes, pickup trucks with attached campers, and buses when used exclusively for personal pleasure by an individual). Some states have their own exemptions that may apply to farm vehicles or government vehicles, so check your state for their specific exemptions.

The IFTA license offers several benefits to the interstate/inter-jurisdictional motor carrier. These benefits include one license, one set of decals per vehicle, one quarterly fuel tax report for all vehicles that reflects the net tax or refund due. Tax returns are required even if no operations were conducted or no taxable fuel was used during the reporting period. Returns that are not filed or not paid in full are considered late and will be assessed penalty and interest.

When filing a tax return, a licensee may apply the fuel overpayment generated in one jurisdiction to the taxes owed for another jurisdiction. These advantages result in cost and time savings for the carrier and the member jurisdictions.

Under IFTA, you are able to file one return in your base jurisdiction and that jurisdiction will allocate the money appropriately.  This agreement definitely simplified what used to be a very long and time-consuming process. So don’t delay in filing your 3rd Quarter IFTA return by the October 31st deadline.  At Truck Services of North America, we make it even simpler by preparing and filing your quarterly returns for you. TSNA takes the paperwork out of your way.  Contact us at tsnamerica.com or call 803.386.0320.

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