It’s hard to believe that 2023 is almost over, but here we are!
With your trucking business in full swing, there are a lot of moving parts…literally. One of the requirements you’ll need to keep up with is IFTA reporting within your jurisdiction(s). Mastering your IFTA reporting is another way to stay ahead of the curve and avoid any additional stress when the next reporting deadline rolls around.
The International Fuel Tax Agreement (IFTA) is a tax agreement among the 48 contiguous states in the US and 10 Canadian provinces. Under this agreement, motor carriers who operate in more than one jurisdiction are required to report and pay taxes on fuel consumed within each jurisdiction.
IFTA tax rates are updated quarterly, and the 4th quarter IFTA tax rate changes were recently announced. Here is a quick update on these changes and what they mean for motor carriers.
It’s important to note that these changes only apply to the 4th quarter of 2023, with reports due on January 31st, 2024. The IFTA tax rates are subject to change every quarter based on the average retail price of fuel in each state.
Will these Changes Impact your Trucking Company?
If you operate in states or jurisdictions where the tax rate increases, you will pay more taxes on the fuel. Conversely, if you operate in any of the states or jurisdictions where the tax rate is decreasing, you will pay less in taxes. You win some, you lose some!
TruckLogics Streamlines Your IFTA Reporting
With TruckLogics, managing your business and generating your 4th Quarter IFTA report is hassle-free. You don’t have to be concerned about changes in tax rates because we take care of updating them automatically. Simply enter your mileage and fuel data, and we’ll handle everything else for you.
To make things even quicker, take advantage of our numerous integration options that allow you to import your fuel and mileage details from the software you already use. It doesn’t get easier than that!