IFTA Fuel Tax payments and reporting are vital needs for all trucking businesses in Canada and the United States. The fuel taxes in 10 provinces of Canada and 48 states of the United States are not at all the same. They differ according to the location, so it is tough for trucking business owners to file global Fuel Tax.
The end goal of IFTA was to offer you with a standard fuel taxation rule. As per the terms of the agreement by the government, you as a license holder must keep records to confirm your tax returns. You also have to stay operational records open to jurisdiction and audits. Heavy highway use tax keeps these operational records. With the support of best IFTA software, this task can be achieved very quickly.
Nowadays, by using this software, all your files are maintained in a well-arranged way. The IFTA software solution for fuel Tax thus plays a vital role in making sure an appropriate method of calculating tax returns and keeping fuel records.
IFTA was made as fuel tax software for the business owners which will help you remain up t the minute about the condition of present gas rates in and around Canada. All you require to do to get this facility is to pick and change the software that best fits your business.
You can use IFTA software from any place you want. You can also make use of it from your home or office. If you are not able to use this software, it is clearly explained in the manual that comes with it. Moreover, you have to pay for the program once every month. As the whole process can be achieved over the internet, you will perhaps be able to examine other options.
As you purchase fuel, make sure to save your fuel receipts. At the end of every quarter, you will make a report showing the jurisdictions you dragged in, the units you travelled in every jurisdiction, and how many gallons of fuel were purchased during the quarter. Depend on the calculations of the report; you will discover that you either owe money into a refund or your IFTA account is owed to your account. Then, your base jurisdiction takes care of dividing the fuel taxes paid proportionately to every jurisdiction based on mileage.
The FMCSA needs you to maintain the following records:
Mileage Records: You are required to track the mileage travelled in each jurisdiction every quarter, total distance for each trip, depicting total mileage, and the total mileage went in every province.
Fuel Receipts: Maintain receipts of each fuel you buy and from which province or state you purchased it. Make sure that it depicts purchase date, fuel type, purchase location, the price per gallon, the total purchase amount, vehicle registration number of the truck, and several gallons purchased.
Trip Reports:Make sure to involve complete relevant trip data, for example, starting and ending trip dates, destination, trip origin, and travel routes.
So, you should get IFTA software for your trucking business today!