Otherwise known as ( IFTA) an international Fuel tax agreement
The revenues collected today from trucks help maintain the roads today.
Highway use taxes are collected at the fuel pump from everyone but if done right by the commercial truck the average truck can be expected to receive around two thousand dollars per year in refunds, This is easily accomplished by purchasing fuel in each state based on miles driven.
Contrary to what everyone believes that trucks put a major damper on our highways today, this is mostly not true, weather, snowplows, extreme cold, extreme heat, flooding or even earthquakes in California, we speak that sardonically. Can all put a major damper on our roads.
There are many ways to track milage in each state by phone aps and the well known wacky eld, paper logs were a much better way to write down the milage, all Fuel Receipts milage is reported on a quarterly basis. Companies like Wheaton Lines located in Indianapolis keep your IFTA refunds and we are sure there are many more out there that do the same. You are the one paying for the fuel at the pump especially if you are a owner operator and should be entitled to any IFTA refunds for over purchased fuel in such state traveled,
Once IFTA is applied you must report as follows
January through March reports are dues by April 30th.
April through June reports are due by July 31st.
July through September reports are due by October 31st.
October through December are due by January 31st.
Records are normally required to be kept for at least 4 years, if not filled on a timely fashion fines be endured and loss of privileges
Many companies today use the ELD to track milage, but fuel purchases must be entered manually
If You are interested in becoming a truck driver and you are responsible for doing your own IFTA reporting there are many tax services you can search for online that does these types of reporting, The average cost for these services is around $ 50.00 per month.
If the trucking company you are working for files the IFTA reporting for you, be sure and send in your fuel receipts as required above and that you get all the refunds if you are an owner operator or pay for the fuel.
If there are more companies out there that scam from your fuel taxes and you are sending in your fuel receipts, we would love for you to comment and make the next driver aware not to go work for that company.
Remember with all of us we can change the industry for a better tomorrow and our future.
P.s. changing the way trucking companies think & pay.
Better future.
Truckingwords.com
The post Highway Taxes appeared first on Truckers Word.
