At the mention of the word “taxes,” many people grow uneasy- especially business owners. With taxes, come many different regulations that can be difficult to follow. That’s why many motor carriers across the U.S. trust companies like Operating Authority with their International Fuel Tax Agreement (IFTA) activation and preparation.
What is the IFTA?
IFTA is an agreement between 48 states in the US that requires states to submit fuel taxes by motor carriers.
Who Must File Fuel Tax Returns?
Not sure if you need to register for IFTA? You need to file for the IFTA if you meet these stipulations:
- You have a base state where you have set up your company
- Your trucks drive in the base state
- You maintain or can provide operating records in the base state
- You also operate in another IFTA area
Your trucks and cargo must also meet certain criteria to require IFTA reporting, such as having a GVWR/GWR vehicle that weighs more than 13 tons. After you receive approval for an IFTA license, you get decals for each of your trucks. You then must pay quarterly taxes based on your fueling records.
When are IFTA Taxes Due?
The deadline for IFTA filing falls on the last day of the month that follows the end of the quarter. IFTA Taxes are due on:
- April 30th
- July 31st
- October 31st
- January 31st
How IFTA Assistance Can Help Your Business
It’s no wonder many business owners decide to enlist IFTA preparation services. Knowing if you need IFTA filings can be confusing. Once you’ve established whether you need this paperwork, you are then tasked with not just recording all of your fuel-ups, but also figuring out how much you owe in taxes.
This can become cumbersome and time consuming for trucking company owners. Instead of spending your time on things vital to your company, such as scheduling and assisting clients, you can get bogged down in paperwork. Worse yet, you may not fully understand the regulations, and so you run the risk of making a mistake that could lead to costly fines and even more red tape.
You can avoid that fate by seeking IFTA filing assistance services. By handing over these duties to the experts at Operating Authority Services, you can stop worrying about making a mistake or submitting inaccurate information. We have experience with IFTA filing and will take care of the details, freeing you up to run your business. Additionally, if you ever face a tax audit, you can be confident we will have your files organized and ready for scrutiny.
Contact Us Today to Discuss Your IFTA Filing Assistance Options
Stop worrying about missing fuel receipts or miscalculated taxes. Let Operating Authority Services take over your International Fuel Tax Agreement preparation and filing services. We will get them done correctly and on time and we can even file your decal renewals. Contact our team today to discuss how we can help you keep your business in tax compliance.