IFTA Facts for Fourth Quarter
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What is IFTA?
IFTA stands for the International Fuel Tax Agreement, which was made between the United States (excluding Alaska and Hawaii) and ten Canadian provinces. This agreement is designed for truck drivers to report fuel purchased in each state to their base jurisdiction. The base jurisdiction is responsible for distributing the taxes to each state in which fuel was purchased. A driver must report IFTA if their vehicle meets the following requirements:
- it weighs 26,000 pounds or more
- has three or more axles
- travels through two or more jurisdictions
IFTA is a tax that is reported quarterly and the time frame of each quarter is as follows:
Quarter 1: January 1 – March 31
Quarter 2: April 1 – June 30
Quarter 3: July 1 – September 30
Quarter 4: October 1 – December 31
The deadline to file IFTA for each quarter is as follows (If the deadline falls on a weekend or holiday, the deadline will be moved to the next business day):
Quarter 1: April 30 (May 1st, 2023)
Quarter 2: July 31, 2023
Quarter 3: October 31, 2023
Quarter 4: January 31, 2023
You can officially start reporting IFTA for the fourth quarter of 2022 as of January 1st. In order to report IFTA correctly, you will need to generate a report for your vehicle(s) that includes the miles traveled and fuel purchased in each jurisdiction between October 1st and December 31st, 2022. The deadline to file the fourth quarter IFTA report with your base jurisdiction is January 31st and it is approaching fast.
IFTA can be reported manually but this means keeping track of all fuel purchases and miles traveled and doing all of the IFTA tax rate calculations manually. Instead of going through the trouble of doing all of this yourself, why not generate your IFTA report with TruckLogics? TruckLogics offers an easy-to-use IFTA reporting software that helps save you time and keeps you from stressing over IFTA.
With a few convenient options for entering your data, TruckLogics gives you the option to choose how you want to enter your data. You can enter the data manually, import the data directly from Motive, or bulk upload the data using a TruckLogics excel template.
TruckLogics keeps track of IFTA rates and split rates and does all of the calculations so you don’t have to. IFTA reports are generated in state-specific formats and are printable so that you can paper file if your base jurisdiction allows it. If your base jurisdiction does now allow paper filing, TruckLogics will provide you with an e-filing worksheet so that you can e-file your IFTA report with your base jurisdiction stress-free.
What are you waiting for? The fourth quarter IFTA deadline is right around the corner. Don’t risk getting fined for missing the IFTA deadline, generate your IFTA report with TruckLogics today for a quick and easy IFTA reporting solution for the fourth quarter of 2022.
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