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Showing posts with label IFTA tax. Show all posts
Showing posts with label IFTA tax. Show all posts

Thursday, October 17, 2019

Reefer Fuel: What You Need to Know to File IFTA Online

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Trucks with reefer trailers will complete their IFTA filing differently.
IFTA tax is a quarterly tax, meaning there are 4 IFTA deadlines.

The 3rd quarter IFTA deadline is October 31 - Are you prepared?

IFTA reporting covers a multitude of states, each with different rules.

So, what are the specific guidelines on reefer fuel and how do they affect IFTA filing?

IFTA Filing & Reefer Fuel

Reefer Fuel

A reefer is a refrigerated trailer or shipping container used for transport of temperature sensitive cargo.

Refrigeration units that use reefer fuel are not taxed like other fuel.

The main takeaway is that reefer fuel is NOT included in IFTA filing when it is used to power the refrigeration unit of the trailer.

You should always purchase reefer fuel on a separate fuel receipt when fueling your power unit.

Pumping reefer fuel on the same fuel receipt will lower your MPG and cost you more IFTA fuel tax. Plus, in the event of an IFTA audit, you will be penalized and incur added interest.

IFTA Reporting Guidelines

You’re entitled to a tax refund on every gallon of reefer fuel purchased. To complete the federal tax refund form, you’ll need the total number of gallons purchased during the tax year.

In return, the IRS will send you a check for the amount of federal tax paid on each gallon.

If you forget to file for this refund, you can file up to 3 years back to claim it after the fact.

Reefer trailers do IFTA reporting a little differently than most IFTA filing.Before you start IFTA reporting, you’ll want to check with your base jurisdiction to see how they handle reefer fuel.

For instance, in some states if you have only one tank that both propels your vehicle and runs refrigeration, all fuel is included in IFTA fuel tax. If you have two separate containers, you’ll need to fuel separately and keep receipts.


Check with your base jurisdiction to make sure you understand their specific process for reefer fuel.

File IFTA Online

IFTA reporting can be tricky, but save yourself the time and headache when you file IFTA online.

ExpressIFTA will generate your IFTA fuel tax form for you, as well as accurate IFTA fuel tax calculations.

To file IFTA online, simply create a free account, enter your information, and generate your IFTA fuel tax form.

Then, all that’s left is to file your IFTA fuel tax with your base jurisdiction. 















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Thursday, August 15, 2019

Things You Need To Know: HVUT, Highway Tax 2290, and IFTA Tax

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Truck tax deadlines are approaching and truckers must stay on top of HVUT, Form 2290, and IFTA tax filing.
With every deadline comes more confusion.

You might think, “What are all these forms and payments, and why am I constantly dealing with them?”

Understanding HVUT, highway tax 2290, and IFTA tax will prepare you to file quickly each year and keep you from making filing mistakes.

Knowing the differences will also give you an idea of if you need to file, and when to file.

HVUT

HVUT, or Heavy Vehicle Use Tax, is a tax on heavy vehicles used to fund highway maintenance.

You must pay Heavy Highway Use Tax if your truck has a gross weight of 55,000 pounds or more and is driven on public highways over 5,000 miles per year. Gross weight is weight when fully equipped for service.

Heavy Highway Use Tax is an annual tax. The HVUT deadline is the same as the 2290 highway use tax form deadline. HVUT is also known as HVUT 2290 because of its connection with Form 2290, which we’ll talk about next.

Highway Tax 2290

Highway Tax 2290, or simply Form 2290, is the form used to pay your HVUT amount.

Form 2290 is also used to calculate the Heavy Highway Use Tax amount you owe, determine your truck’s category, claim an exemption or credit, and more.

Highway Tax 2290 proves why the HVUT 2290 amount you’re paying is what you’re paying.

You need an EIN to file 2290 Highway Use Tax Form. The deadline is the same as the HVUT 2290 deadline. File Highway Tax 2290 Form and pay HVUT 2290 by the end of the month after your first use month.

IFTA Tax

The IFTA tax is not related to HVUT 2290 and Highway Tax 2290 Form. IFTA, or International Fuel Tax Agreement, ensures that each state/province is paid the correct IFTA fuel tax.

IFTA fuel tax becomes important when vehicles travel frequently across state borders. If trucks fill up in one state and immediately cross to the next, the state they’re driving in is losing out.

With IFTA reporting, truckers track miles in each state.

You need to pay IFTA fuel tax quarterly if your vehicle has 2 axles and a gross vehicle weight or registered gross weight > 26,000 pounds, has a combined weight of 26,000 pounds or has 3 or more axles regardless of weight.

Here are the deadlines:


Quarter Periods
IFTA Quarterly Tax Return Period
Due Dates
1st Quarter
January - March
April 30 
2nd Quarter
April - June
July 31
3rd Quarter
July - September
October 31
4th Quarter
October - December
January 31


How To Keep Up With Truck Taxes

The best way to pay these taxes is online. Cutting out paperwork saves time, and filing online allows you to keep a record of your previous filings.

Using a service that offers all of these forms in the same place is ideal.

IRS Form 2290 deadline is approaching. Truckers look to online providers to file IRS Highway Tax 2290 fast.With ExpressTruckTax, you can do it all. IFTA reporting, highway tax 2290, and HVUT are all in one place for your convenience.

Save time with bulk upload, free VIN corrections, multi-user access, and more features

Plus, our mobile app allows you to file whenever and wherever. Filing taxes has never been easier.


Don’t forget! Your HVUT 2290 deadline is approaching!

Your IRS Form 2290 and HVUT payment are due September 3rd, 2019.

File Form 2290 today to avoid IRS penalties.








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Thursday, August 1, 2019

Yikes, I Missed The IFTA Filing Deadline. Now What?

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Some truckers missed yesterday's IFTA fuel tax IFTA filing deadline.By now you’ve probably realized that the 2nd quarter IFTA filing deadline was yesterday, July 31st.

Crap.

Let's be honest, who even knew there were 31 days in July anyway?

Don’t sweat it - missing the IFTA due date happens every IFTA filing quarter to tons of people.

Here’s what to do if you missed the 2nd quarter IFTA filing deadline.

Yikes, I Missed The IFTA Filing Deadline. Now What?

Understand The Penalties

The penalty for missing the IFTA filing deadline is $50 or 10% of your total tax, whichever is higher.

On top of that, you’ll be charged .4167% interest on your total tax monthly until the fuel tax is paid.

In addition, and here’s the real kicker, your base jurisdiction reserves the right to revoke your IFTA license.

Sounds terrible right? Well here’s the good news.

Avoid Those Penalties

You don’t need to go through all of that.

The penalties worsen the longer you wait to file your IFTA tax. Since the IFTA due date was yesterday, if you file your IFTA fuel tax today, the only fee you’ll pay is $50 or 10% of your tax.

Plus, in some cases if you file immediately after the deadline, you can get your IFTA filing in before anyone even realizes it’s late and potentially avoid the basic fee.

Also, first time IFTA due date offenders will probably not have their license revoked, especially if they can rectify the situation quickly.

Here’s a summary of what I’m saying - You need to file now!

You’ve realized your mistake and you have taxes on your mind, so what are you waiting for?

Knock out your IFTA fuel tax now before this gets out of hand.

File Your IFTA Fuel Tax Fast

You need a quick IFTA reporting solution, but don’t worry, we have a suggestion!

ExpressTruckTax has everything you could possibly need to file your IFTA fuel tax.

Truckers that missed the IFTA due date hurry to complete IFTA filing before penalties increase.
We’ll generate your IFTA report and take care of all the calculations for you, including total miles, gallons, miles per gallon, and IFTA tax amount.

We have all the tools you need to simplify the process, including bulk upload and a free IFTA tax calculator!

IFTA reporting doesn’t get any simpler.

Missing the IFTA due date happens, but excessive penalties don’t have to.







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Tuesday, July 23, 2019

This Awesome Free IFTA Calculator is a Lifesaver

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This awesome free IFTA calculator is a lifesaver
Okay, don’t freak out. I’m just going to say it:

Your 2nd Quarter IFTA tax return is due in a week: July 31st

The good news is that you still have time to file!

That is... you have time if you take advantage of online services and tools for IFTA filing.

One of the most important time-saving online tools is the free IFTA calculator offered by ExpressTruckTax.

All you need to do is download the free IFTA calculator to your smartphone or tablet and your IFTA tax amount will be calculated for you!



This Awesome Free IFTA Calculator is a Lifesaver

How To Use Our Free Fuel Tax Calculator


Using the free IFTA calculator is incredibly simple. Just follow these 3 steps:

How to use the Free IFTA calculator from ExpressTruckTax




















Once you’ve entered this information, the free fuel tax calculator will do the rest.

Our free IFTA calculator will display your total miles, gallons, miles per gallon, and, most importantly, the amount of IFTA tax you owe.

From there, you can email this IFTA tax report generated by your free online IFTA calculator to yourself or any other recipient simply by entering email addresses and selecting “send”.

IFTA Filing Made Simple

Filing your IFTA tax return takes more than a great IFTA calculator, though. That’s why ExpressTruckTax offers a full-service solution.

With innovative features, easy-to-use software, and interview-style questions, you’ll be done with your IFTA filing in no time.

Start a free account and find out for yourself! If you have questions or need assistance, please contact our US-based support team via phone, chat, or email.





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E-file your HVUT Form 2290 with ExpressTruckTax.