Tag: 4th quarter ifta

All You Need To Know About The 4th Quarter IFTA Deadline

Posted on January 26, 2022 by - IFTA reporting

January 31st is coming at you faster than you realize. If you are over the age of 31, you know what I mean. You blink, and it’s Christmas, New Year’s, then Easter again and again and again!

Your fourth quarter IFTA report is due Monday, January 31st. Here’s a quick rundown of what you need and how we can make your life easier. 

What Is IFTA?

Most of you know this information. But for those in the back, IFTA is an agreement between the lower 48 states and the ten Canadian provinces that requires all interstate motor carriers with the following qualifications to obtain an IFTA tax license and file quarterly IFTA reports: 

  • Your vehicle has a GVW above 26,000 lbs
  • Your vehicle has 3 or more axles regardless of weight
  • Your vehicle crosses state lines

IFTA Deadlines

Once you have an IFTA tax license, you must file quarterly IFTA reports. The quarterly IFTA report filing dates are listed below. These dates are vital for you to remember so that you never fall behind and owe late filing penalties. 

  • 1st Quarter Deadline – April 30th 
  • 2nd Quarter Deadline – July 31st 
  • 3rd Quarter Deadline – October 31st
  • 4th Quarter Deadline- January 31st

To file your 4th quarter IFTA report, you must provide the total mileage driven and total gallons of fuel purchased in each state for your entire fleet from October 1st, 2021 to December 31st, 2021. You must file a quarterly IFTA report, even if you have had a zero mileage quarter! 

How To Generate Your Report

If this sounds overwhelming and you are unsure where to start, we recommend heading over to TruckLogics where you can create a file-ready IFTA report in just a few easy steps. 

TruckLogics makes keeping track of your loads, dispatches, and fuel expenses so easy you will wonder why you haven’t had a TruckLogics account before now!  TruckLogics uses cutting-edge technology to calculate your IFTA tax so that all you have to do is file the IFTA report with your base state.

No math required (I know that’s a relief for me)! TruckLogics is also integrated with EFS and KeepTruckin, which means if you use either of these systems, you can simply import the information, and you’re done! 

If you are still reading, I’m impressed! There is a lot more IFTA and transportation-related knowledge where this came from! Read about the 4th quarter tax rate changes here.

You can also click here to see how easy it is to create an IFTA report using TruckLogics. Go ahead and make your life easier and increase your efficiency in 2022!

Go to TruckLogics.com and sign up for your 15-day free trial now!

Prepare For The 4th Quarter IFTA Deadline Now!

Posted on January 25, 2021 by - IFTA reporting

Congratulations on another year behind the wheel! 2020 was a wild year for all of us (especially truckers). 

There’s no telling what 2021 will have in store for you as you keep on truckin’. We’re sure you’ve come up with some great new years resolutions. One resolution you should add is getting started on the 4th quarter IFTA deadline that’s coming up on February 1.

Prepare For The 4th Quarter IFTA Deadline

Your 4th quarter IFTA return is due in about a week so we’re here to help you prepare for the deadline. If you need a little refreshing, IFTA is the International Fuel Tax Agreement put in place by the 48 contiguous United States and 10 Canadian provinces.

It was created in order to simplify the reporting of fuel used by qualifying motor vehicles that travel between at least two or more jurisdictions. The collected taxes are redistributed among the jurisdictions.

Your vehicle qualifies for IFTA reporting if it:

  • Has two axles and a gross vehicle weight exceeding 26,000 pounds 
  • Has two axles and a registered gross weight exceeding 26,000 pounds 
  • Has three or more axles regardless of weight 
  • Or has a combination weight exceeding 26,000 pounds. 

In order to comply with IFTA, you will apply for your IFTA license with your base jurisdiction or home state and keep it in your cab at all times. You will also receive two IFTA decals that you will need to keep on your driver’s side door at all times. Plus, you will need to complete your IFTA return four times a year.

You will need to provide the following information to complete your IFTA return:

  • Total miles traveled per jurisdiction 
  • Total gallons of fuel consumed per jurisdiction 
  • Total tax paid gallons of fuel purchased per jurisdiction 
  • And the current tax rate per jurisdiction. 

If you fail to complete your IFTA return you will have some penalties to face and they aren’t cheap. If you fail to file by the deadline you will face a penalty of $50 or 10% of the total amount due, depending on which amount is higher.

Then you will face a monthly fee of .4167% of the tax due until you fully pay the amount you owe. States also reserve the right to impose their own penalties and revoke your IFTA license, which would park you!

Check out ExpressIFTA

But you don’t have to worry. ExpressTruckTax has a sister-product called ExpressIFTA that makes IFTA reporting incredibly easy online. You can track all of the totals you need to complete your return in one convenient location!

Plus, you can import all of your information all at once with the bulk upload feature and import all of your information at once. Also, you can import all of your mileage information directly from your GPS.

Best of all, all of your totals will be automatically calculated in a quarterly IFTA report that can be downloaded, printed, emailed, and used to instantly complete your IFTA return! It’s the fastest and most hassle-free way to handle IFTA.

New Year, Same Taxes: How To File Your IFTA Taxes

Posted on January 4, 2021 by - IFTA reporting

It’s a new year! That means New Year’s resolutions and new opportunities to grow.

The last thing you want to think about is the same old taxes.

Well… we’re here to remind you that despite all the new things, the 4th quarter IFTA fuel tax deadline is still coming up on February 1, 2021.

Sad? Don’t be. There’s a way to finish your IFTA reporting fast to avoid IFTA tax late penalties and interest. Here’s everything you need to know to generate your report in time.

Finish IFTA Reporting Before the Deadline

The International Fuel Tax Agreement

The International Fuel Tax Agreement was created to simplify fuel reporting by qualified vehicles operating in more than one jurisdiction.

You’re going to need to complete IFTA filing if you have a qualified vehicle, which is any vehicle designed, maintained, and/or used to transport people or property.

In addition, qualified vehicles have:

–  Two axles and a gross vehicle weight exceeding 26,000 pounds or
–  Two axles and a registered weight exceeding 26,000 pounds or
–  Three or more or
–  A combination weight exceeding 26,000 pounds.

Thanks to the International Fuel Tax Agreement, you’ll only have to file your IFTA tax with your base jurisdiction, which is where your vehicle is registered.

Each jurisdiction has different IFTA filing rules, so be sure to check this list. 

IFTA Reporting

IFTA reporting is filed 4 times a year with your base jurisdiction to ensure the proper allocation of fuel tax.

Keep track of your IFTA fuel tax mileage and fuel records to help IFTA reporting go smoothly each deadline.

To complete your IFTA fuel tax, you’ll need your business details, vehicle details, and miles & fuel records.

These records include:

–  Total miles (taxable and nontaxable) traveled in all states, regardless of whether or not they participate in IFTA, including all trip permit miles
–  Total gallons/liters of fuel consumed (taxable and nontaxable) in all states, regardless of whether or not they participate in IFTA
–  Total miles and total taxable miles traveled in each member jurisdiction
–  Total taxable gallons consumed in each member jurisdiction
–  Tax-paid gallons/liters purchased in each member jurisdiction
–  Current tax rates for each member jurisdiction This information is necessary for generating your IFTA tax return.  

Generate IFTA Reports Online

If this sounds like a lot of work, we’ve got a solution.

Simply generate your IFTA report online this quarter with ExpressIFTA, and then you can e-file with your jurisdiction in minutes.

ExpressIFTA is the sister product to ExpressTruckTax… in fact, if you have an ExpressTruckTax account, you already have one for ExpressIFTA!

Simply select the “IFTA” tab at the top of the home page, and log in with your ExpressTruckTax credentials.

With features like Trip Sheets, Quick Entries, and GPS Upload, you can upload fuel & mileage records quickly for multiple vehicles. You can even enter records into the system daily, weekly, monthly, or quarterly to update your IFTA tax return at any time.

Best of all, ExpressIFTA does all of the calculated IFTA tax calculations for you! No need to crunch the numbers old-school style.

This IFTA reporting software even checks for basic errors on your IFTA tax return. Time is running out. Generate your IFTA report online now through your ExpressTruckTax account!