Everything You Need to Know About IFTA Reporting for the Fourth Quarter of 2022
The new year has started, and we are into the first month of 2023 already. Now, it’s time to prepare for the 2022 fourth quarter IFTA reporting deadline, which is around the corner, January 31, 2023.
IFTA Reporting – An Overview
The International Fuel Tax Agreement (IFTA) is an agreement made between the 48 Contiguous United States and 10 Canadian provinces.
You are required to report IFTA if your vehicle meets the following requirements:
- Weighs 26,000 pounds or more,
- Has three or more axles
- Travels through two or more jurisdictions.
When you meet the requirements needed to file IFTA for your vehicle, you must then keep track of the miles traveled and the amount of fuel purchased in each jurisdiction and then report it to your base jurisdiction. That jurisdiction will then distribute the tax amount owed to each jurisdiction fuel was purchased.
Challenges Involved in IFTA Reporting?
- When preparing your IFTA report, it is important to keep track of your fuel purchases, but sometimes it can be a challenge to keep all of your fuel receipts for an entire quarter in one place.
- The jurisdictions frequently update their IFTA tax rates, and it’s important to be aware of the tax rates for the current quarter while preparing your IFTA reports.
- With there being so much to prepare, you may miss out on the deadlines to submit the IFTA reports.
How TruckLogics Simplifies your IFTA Reporting?
TruckLogics Eliminates the hassle of having to keep track of all of the information manually. Here are the reasons why TruckLogics can be your ideal choice to generate your IFTA reports:
- Does all of the calculations and keeps track of the IFTA tax rates automatically, so you don’t have to.
- Helps you save information in advance, and at the end of the quarter, all you have to do is click “generate report”.
- Allows drivers to input their fuel and mileage data through manual entry, using a TruckLogics excel template, or importing data via Motive ELD.
- It also has the ability to check for state adjacency which makes sure the states you are reporting for are in adjacent order.
- While the deadline to report IFTA for the third quarter has officially passed, you are still able to generate IFTA reports, as TruckLogics allows users to generate IFTA reports for previous quarters and years.
Note: Any IFTA report filed after its due date will be subject to a late fee, and the amount varies based on your base jurisdiction.
TruckLogics – A One-Stop Solution for Managing Trucking Business
TruckLogics also has a full Trucking Management Software that allows users to create and assign drivers to dispatches, manage drivers, pay drivers, keep track of equipment, and much more. You can also generate IFTA reports from your full Trucking Management Software account with a preferred or premium subscription.
What are you waiting for?
Start recording IFTA for the fourth quarter with TruckLogics quickly and easily!