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Wednesday, January 30, 2019

How to File Your Trucker 2018 1099-Misc for the IRS Deadline

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Make Sure Your Trucking Business is Tax Compliant!

Only Hours Left to File!

  How to File Your Trucker 2018 1099-Misc for the IRS Deadline
Tomorrow, January 31st is the deadline for your IRS Form 1099, IRS Form W-2, and IRS Form 940 or 941! As a trucking business owner, you have to make sure your employee, contractor, and subcontractor tax forms are filed by the deadline.

We understand that filing your employee and contractor forms can be confusing during tax season. Which is why ExpressTruckTax has parented its sister product, Taxbandits to provide you with all the tools you’ll need to file by tomorrow night’s deadline!

Before we jump into it let’s review some tax filing basics. 

The Fleet Management Guide to the 2018 1099-Misc Form, W-2, & More


Knowing which tax forms you are required to file and how to submit them on time is important for you as a business owner, your employees, subcontractors, and anyone else you paid during the previous tax season. However, depending on the circumstances, they may each need different or even multiple forms to file.

Let’s take a look at the basic forms and when you’ll need them:

IRS Form W-2 is for reporting your full employees’ wages and other compensation.

IRS Form 1099-MISC is for reporting payments made to freelance drivers, leased owner-operators, or other contracted workers in your trucking fleet. Don’t forget, this also applies to any subcontractors in your fleet as well.

IRS Form 941 is for reporting employment taxes for those who own and operate a business with employees, including adjustments for tips, sick pay, and any overpayment or underpayments made during the tax season. Like your IFTA report, IRS Form 941 is a quarterly Federal Tax Return and must be filed accordingly.

IRS Form 940 is an annual federal tax report form used for documenting and paying unemployment taxes. The form calculates the employer's federal unemployment tax liability, adjusts for any state unemployment taxes paid, and calculates any due unemployment taxes from there. IRS Form 940 also compares unemployment tax due for the year to the taxes already paid. 

Beat the IRS Deadline with TaxBandits!

  How to File Your Trucker 2018 1099-Misc for the IRS Deadline
While all of this seems like a lot to take care of in such a short time, TaxBandits makes it easy!

TaxBandits takes the headache of filing business tax forms by offering a simplified e-filing solution that helps you to e-file multiple tax forms for your trucking business at once. That means you and your fleet can get back on the road and to doing to what you do best!

Don't forget, depending on the scope and nature of your fleet, you may need to file one or more of these forms by the deadline tomorrow! Also, don’t forget to file your 4th Quarter IFTA report with your base jurisdiction!



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Thursday, January 24, 2019

What You Need to Know About The W-2 and 1099 Tax Form Deadline!

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What You Need to Know About The W-2 and 1099 Tax Form Deadline!
January 31st is right around the corner! You have to make sure your 2018 W-2 and 1099-MISC Forms are ready to file by the IRS deadline.

If your trucking business has employees, you will need to report their wages and tax withheld on IRS Form W-2. Operators using freelance or contracted workers must report all payments using IRS Form 1099-MISC. Many trucking companies get confused about the difference between the W-2 Form and 1099 Tax form. Knowing these differences is critical for trucking business owners. Any mistakes you make could result in IRS fines and extra work for you.

IRS Form 1099 MISC - What You Need to Know

The IRS Form 1099-MISC is used to report miscellaneous payments made during the calendar year. You'll need to use it for individuals who are not considered employees, such as an independent contractor or subcontractors.

You will need to file Form 1099-MISC if any of the following applies. Note there are also certain incomes you must report as well.

• $600 or more in services, lodging, and other income expenses.
• Each worker you’ve withheld federal income tax from under the backup withholding rules.
• Paid $10 or more in royalties or broker payments instead of tax-exempt interest dividends.
• All gross proceeds to attorneys and other legal consultants.
• Any direct sales of consumer products resulting in an income of $5,000 or more made anywhere that isn’t a permanent retail establishment.

Expenses NOT reported on IRS Form 1099-MISC include:

• All non-reportable payments made to corporations, excluding attorneys and legal consultants. They must receive a Form 1099 - MISC regardless of their corporate status.
• Payments made to foreign governments or tax-exempt organizations in the United States, the District of Columbia, and U.S. possessions.
• Income paid to official employees (This is where the From W-2 comes in).

IRS Form W-2 - What You Need to Know

First of all, what is a W-2? IRS Form W-2 is an annual statement that you must file with the SSA and issue recipient copies to employees. You, the employer, will then use these to report salaries and other payments made during the previous tax year. You will also need to file Form W-2 for each official employee with the SSA (Social Security Administration). This is very important considering your employees use this form to file their personal tax returns. On their recipient copies they will find wages earned, taxes withheld, and additional information needed to complete their yearly tax returns.

What You Need to Know About The W-2 and 1099 Tax Form Deadline!
Filing late or not filing at all can cost you and your business big time. If you don’t file Form W-2s by the deadline, you must pay a $30 fine for each. After 30 days, this penalty raises to $60 per form with a top fine of $500. That’s in addition to the pressure you will receive from your employees and contractors when they can’t file for their refunds.

If you do make a mistake, you can use a W-2 Correction Form W-2c. It would be best if you did this as soon as you discover a form error. You also need to send copies of your corrected W-2 Forms to each employee.

TaxBandits Can Help Your Trucking Business

Tax season isn’t fun for anyone, but it's even less fun to handle all alone. We specialize in filing 2290s, but our sister product TaxBandits is here for the rest of your trucking company’s tax filing needs!

With a step-by-step interview-style filing process and 100% US-based support, TaxBandits can help you file your IRS Form W-2 or IRS Form 1099 in a matter of moments. They even have print mailing options available to guarantee your recipient copies are received on time. Sign up for your free account today and only pay when you transmit!


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Friday, January 18, 2019

Trucking Subcontractors and Form 1099-MISC: What You Need to Know

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I W-2s and 1099 Forms ready to file for your trucking business?
t’s almost January 31st! Do you have all the

Fleet management can be a difficult task to take on alone. Many trucking companies use contractors, who can themselves hire a subcontractor. But did you know that as a trucking business owner you’ll need to file their tax forms too?

It can be easy to get swept up in the frenzy of tax season and forget to e-file 1099-MISC for your contractors and subcontractors. Luckily, TaxBandits can help you e-file your taxes on time with their quick and secure filing process. TaxBandits also features error checking, bulk data uploads, and experienced US-based customer support. They make completing your taxes a breeze whether you’re at home or on the road!

Here’s what you need to know about filing 1099-MISC Forms for your subcontractors!

Form 1099-MISC: Subcontractors

Some trucking company owners don’t realize they need to file taxes for their subcontractors. Employers must file Form 1099-MISC to report any non-employee compensation equaling $600 or more. Anyone not considered an official employee will need this form to report their miscellaneous income for the tax period.

For. And remember, you’re required to issue copies of Form 1099-MISC to your subcontractors by January 31st!

What You Need To File Form 1099 Online

With TaxBandits, it’s easier than ever to complete Form 1099-MISC no matter where you are! All you need is your business records for the tax season.


Your Information:
  • Business Name
  • Business Address
  • EIN (Employer Identification Number)
Independent Contractor Information:
  • EIN
  • Or Social Security Number
  • Address

You will also need to provide extra federal and state tax details. This includes all miscellaneous incomes you provided, the state income, payer state number, and state tax withheld.

If you don’t have your subcontractor’s information available, you can request it through a W-9 Form. Luckily, with TaxBandits the W-9 process only requires 60 seconds the subcontractor’s valid email address.



Filing Form 1099-MISC With TaxBandits

Filing your Form 1099-MISC can be a rocky experience, but TaxBandits makes it as smooth as the open road.

TaxBandits allows you to create a free account before beginning the e-filing process. The site also provides tips to explain what information you need to complete your form. You can also save time by using their bulk-upload feature.

TaxBandits can also save you from wasting time at the post office. Use their postal mailing feature to print and mail hard copies of the Form 1099-MISC to each of your subcontractors.





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Monday, December 31, 2018

Are You Ready for the Upcoming UCR Deadline?

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ExpressTruckTax has some excellent news for the trucking industry! You are now able to complete your annual Unified Carrier Registration process for 2019.


Unified Carrier Registration, or UCR, requires that drivers and companies who operate a commercial motor vehicle for interstate or international commerce, register their business with the state and pay an annual fee based on the size of the fleet.

If you’re a broker, private carrier, or freight forwarder, you are required to register and pay also.

When Do I Need To Register & Pay My UCR Fees?

Great question! You have until April 1 to register and pay your annual fees UCR for 2019.

Here’s what you’ll have to pay this year and next for UCR:



Where Can I Register & Pay UCR Fees?

You can register, process, and pay for your Unified Carrier Registration, or UCR, fees in one place at the Official UCR Board Certified Registration website.

April 1st will be here before you know it, so take a moment and handle your UCR requirements today while you still have time!


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The IRS is Currently Closed

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The IRS is closed for annual maintenance from now until mid-January.

The IRS noted that taxpayers should continue to file their returns and pay any taxes due as usual.

Here's a partial list of functions that directly impact taxpayers and would typically be put on hold during a government shutdown:
  • You cannot walk in and fill your 2290
  • Production systems are not operational at this time.
  • No tax refunds issued
  • No processing of non-disaster relief transcripts
  • No processing of forms 1040X, amended returns
  • No non-automated collections
  • No audit or examinations (some exceptions apply)
  • No legal counsel
  • No call center during Non-Filing Season 


For more information please see the: LAPSED APPROPRIATIONS CONTINGENCY PLAN
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Thursday, December 20, 2018

What You Need to Know About Form 1099-MISC For Independent Contractors

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What You Need to Know About Form 1099-MISC For Independent Contractors
Before you clock out for the holidays here is a reminder to file W-2s and 1099 Forms by the January 31st deadline!

Don’t get swept up in the hustle and bustle and forget to file Form 1099-MISC for your independent contractors. Don’t worry, you don’t need an expensive accountant and this solution won’t waste hours of your time. Visit our sister product TaxBandits to e-file and pay any owed taxes on time with their quick, easy, and secure step-by-step filing process. They provide filers with built-in error checks, bulk upload data, experienced US-based customer support, and so much more.

Here is what you need to know to file 1099-MISC Forms today!

Form 1099-MISC: Independent Contractors

Form 1099-MISC is used to report payments for services performed for a trucking business by people not treated as its employees, like subcontractors or independent contractors. The purpose of this form is to report miscellaneous income.

Employers must file Form 1099-MISC for non-employee compensation equaling $600 or more during the tax period. Your independent contractors will use this information to complete their income tax returns. Also, you are required to issue copies of Form 1099-MISC to your independent contractors by January 31.

Information Required To Complete Form 1099-MISC

What You Need to Know About Form 1099-MISC For Independent ContractorsLuckily it’s easy to complete Form 1099-MISC as long as you have your business records on hand. As a business, you’re considered the payer, and you will need to provide your business name, EIN (Employer Identification Code), and address.

Your independent contractor is your recipient, and you will need their name, EIN or social security number, and address. If you don’t have this information already, you can request their information through a W-9. The W-9 process takes roughly 60 seconds using TaxBandits and only requires the driver’s valid email address.

Then you will need federal details such as the number of miscellaneous incomes you provided to the recipient with the amount of federal tax withheld. You will also provide state details such as the state income, payer state number, and state tax withheld.

Filing Form 1099-MISC With TaxBandits

You can complete Form 1099-MISC in a matter of minutes with TaxBandits. All you have to do is create your free account and follow the interview style e-filing process. Helpful tips along the way to explain what information is required to complete your form and where it needs to be entered.

Plus, they offer exclusive e-filing features to make the entire process super convenient. For example, you can save time by using the bulk-upload feature to import all of your independent contractor information at once.

Also, forget about heading to the post office! Simply use the postal mailing feature to have TaxBandits print and mail hard copies of Form 1099-MISC to each of your recipients.

If you need any assistance while e-filing 1099-MISC, the 100% US-based TaxBandits support team is standing by to help.

E-File Form 1099-MISC



Don’t Forget About IFTA

Your 4th Quarter IFTA Return is also due on January 31, so head to ExpressIFTA to easily record all of the calculations you need to complete your return online. ExpressIFTA will even import your ELD data to make IFTA reporting even easier.

At the end of the quarter, all of your information will be totaled up in a quarterly IFTA report that you can download, print, email, and use to complete your IFTA return instantly! Get started with ExpressIFTA to take the hassle out of fuel tax reporting now!


File My IFTA Return



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Thursday, December 6, 2018

What You Need To Know About The UCR Delay

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Truck driving during Fall season preparing for fees after the 2019 UCR delay ends
Registration for the 2019 UCR is currently at a standstill until further notice per the Federal Motor Carrier Safety Administration’s pending rulemaking process for 2019 fee levels. Following the FMCSA’s initial notice of proposed rulemaking in August to reduce UCR fees for 2019, the UCR delay was announced in October.

We’ve done some research during the “UCR waiting game” to provide you with what you need to know about the UCR delay.

What is UCR?

Unified Carrier Registration, or UCR, requires that drivers and companies who operate a commercial motor vehicle for interstate or international commerce, register their business with the state and pay an annual fee based on the size of the fleet.

Fees for this registration change annually and has been proposed to be nearly 18 percent less than the 2017 level to ensure fee revenues do not exceed the maximum statutory amount.

Proposed Annual Fee for 2019 UCR

According to the FMCSA notice of proposed rulemaking, 2019 proposed fees for motor carriers and brokers with zero to two power units would be $63, which is a decrease of $6 from the 2018 UCR fee. However, the UCR board originally anticipated the need to charge $10 more than this amount for the smallest of motor carriers.

Furthermore, the notice stated that “FMCSA proposes reductions in the annual registration fees states collect from motor carriers, motor private carriers of property, brokers, freight forwarders and leasing companies for the UCR plan and agreement for 2019, 2020 and subsequent registration years.”

Proposed Fees for 2019

0-2 trucks..............................$63
3-5 trucks............................$187
6-20 trucks..........................$372
21-100 trucks...................$1,299
101-1,000 trucks..............$6,190
1,001 trucks and more...$60,441

Stay Informed & Be Prepared To Register

Registration along with the collection of UCR 2019 fees was scheduled to begin October 1, but will most likely be delayed until after the start of the new year. Be on the lookout for updates from ExpressTruckTax regarding final 2019 UCR fees and how to register, process, and pay for your Unified Carrier Registration.

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Tuesday, November 13, 2018

How To Cook a Thanksgiving Meal In Your Rig

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How To Cook a Thanksgiving Meal In Your Rig
Happy Thanksgiving, truckers! Can you believe that turkey time is almost here? Some of you can, because you have probably been delivering loads and loads of turkeys so families all across the nations can enjoy a traditional Thanksgiving meal.

We also know that with crazy Black Friday shipping demands that you’re probably busy driving during this holiday. We hope that you get the chance to go home soon and spend time with your family and friends. However, if you find yourself out on the road here’s how to prepare a full Thanksgiving dinner in your rig.

Cooking Your Own Trucking Thanksgiving Dinner

First of all, we need a moment to thank the crockpot for making cooking tons of delicious meals OTR possible. Thank you for giving truckers the opportunity to become in rig chefs and for providing excellent meal options aside from fast food.

That being said, you can cook your turkey exactly the way you want it in your crockpot! As you drive, your turkey will be slowing heating to perfection. Simply place your turkey in the crockpot with enough water to cover a third of it. You can use chicken broth instead of water if you would prefer.

Then add any spices, butter, and glaze that you would like and set the crockpot on low heat. In about five hours you will have one heck of a delicious juicy turkey! We recommend packing some snacks to eat while it’s cooking because that delicious turkey aroma will fill your rig.

You can also easily make banana pudding in your rig for a classic Thanksgiving dessert. All you need is pudding mix, water, vanilla wafers, and bananas. Follow the simple instructions and let the pudding chill in your mini fridge until you’re ready to eat it.

For a side dish, get some microwaveable sweet potatoes and head them up for about 5 minutes. Then you can add butter, cinnamon, and even mini marshmallows to them to make an OTR sweet potato casserole.

Another incredibly easy Thanksgiving side to make is cranberry sauce. Just open the can in your rig and enjoy.

Fruit salad can easily be mixed up in a large bowl. Apples, oranges, bananas, grapes, and multi-colored marshmallows with mayonnaise makes for a savory sweet and tangy fruit salad that you won't be able to get enough of.

Happy Thanksgiving

How To Cook a Thanksgiving Meal In Your Rig
The ExpressTruckTax team thanks you for all your hard work delivering goods across the US to make Thanksgiving possible. If you’re driving over the holiday, remember that cooking your favorite recipes in your rig is easier than you think, and actually can be cheaper (better) than truckstop turkey dinners.

Please tell us your favorite Thanksgiving traditions in the comment section below.




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Thursday, November 8, 2018

Healthy & Simple Recipes For Truckers On The Road

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Healthy & Simple Recipes For Truckers On The Road
There is nothing like a hearty, healthy meal after a long day on the road. If you have a slow cooker, here are some simple recipes any trucker can prepare in their truck. Cooking your meals while on the road is not only the healthier option–– it will save you money!

3 Easy and Delicious Trucker Recipes
Chicken and Vegetable Soup

This recipe is excellent for those long winter months we have ahead of us! The secret to this recipe is curry powder. It adds depth of flavor and turns the soup golden yellow, not to mention delicious!

Author: Summer Smith

Ingredients:
  • 3 bone-in, skin-on chicken breasts, skinned and excess fat trimmed (about 1 1/2 pounds)
  • 4 cups low-sodium chicken broth
  • 3 medium carrots, sliced into 1/4-inch-thick rounds
  • 3 medium parsnips, sliced into 1/4-inch-thick half-moons
  • 2 stalks celery, peeled and finely sliced
  • 1 medium onion, chopped
  • 1 2 -inch piece Parmesan rind
  • 1 teaspoon yellow curry powder
  • Kosher salt and freshly ground black pepper
  • 1 cup frozen peas
  • 1/2 cup loosely packed fresh dill fronds, chopped (about 1 small bunch)

Instructions:
  1. Combine the chicken breasts, chicken broth, 2 cups of water, carrots, parsnips, celery, onions, Parmesan rind, curry powder, 1 teaspoon salt and a few grinds of black pepper in the insert of a 6-quart slow cooker. Cook on low for 8 hours.
  2. Remove the chicken breasts. When cool enough to handle, shred the meat (discard the bones) and add back to the soup; add the peas and dill. Season with salt and pepper.
For more information: | CDLLife |

Chicken and Dumplings

How about a little comfort food tonight? This easy-to-prepare recipe can be prepped in your truck and will satisfy your craving for some good ‘ole-fashioned comfort food.

Author: Crockin Girls

Ingredients:
  • 4 chicken breasts (boneless, skinless). You can also use a store-bought rotisserie chicken
  • 2 tablespoons of butter
  • 1 can of Cream of Chicken Soup
  • 1 can of Cream of Celery Soup
  • 3 1/2 Cups of chicken broth
  • 1 onion, finely diced
  • 1 cup of celery, diced
  • 1 cup of carrots, diced
  • 2 chicken bouillon cubes
  • 10 ounces of can of biscuits, but you can make your own

*When I make this at home, I use 1/2 block of cream cheese and 1 cup of sour cream.



Instructions:
  1. EXCLUDING THE BISCUITS put all ingredients in, then cover and cook on LOW for 8 hours.
  2. About an hour (give or take) before serving, remove chicken and pull into pieces and return to the soup mixture.
  3. Place the torn biscuit dough in and cook until the dough is no longer raw in the center.

For more information: | Crockin Girls |



Sweet and Sour Chicken

Craving Chinese food? Well, this is the recipe for you!

Author: Summer Smith


Ingredients:

  • 1 pound chicken 
  • 1 egg 
  • ½ cup regular flour (or try almond meal for a healthier option) 
  • 1 tbsp oil 
  • 16 oz can tomato sauce 
  • ½ cup water 
  • 2 tbsp apple cider vinegar 
  • 2 tbsp brown sugar 
  • 2 tbsp soy sauce 
  • 2 tbsp ginger 
  • 1 small onion 
  • 1 red pepper 
  • 1 bag pre-cut broccoli 
  • 1-1 ½ cups pineapple 

Instructions:

  1. Add egg, flour, and oil to slow cooker 
  2. Add chicken 
  3. Let chicken cook for 1 hour on high 
  4. Add tomato sauce, water, apple cider vinegar, brown sugar, soy sauce, and ginger 
  5. Add onion, pepper, broccoli, and pineapple 
  6. Stir until everything is mixed well and covered 
  7. Set on high for 2.5 more hours (Time varies with your version of crock pot – If cook on low then needs to be 4.5 hours) 
  8. Can serve over rice 
For more information: | CDLLife |


We hope you have enjoyed these easy and healthy trucker recipes you can prepare in your rig while on the road!


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Tuesday, October 9, 2018

Everything You Need to Know About Reefer Fuel Regarding IFTA?

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Everything You Need to Know About Reefer Fuel Regarding IFTA?
Personally, I'm a big believer in being prepared for anything and coincidence truckers are the same way. You never know what can happen, so it's always best to be ready. When it comes to the International Fuel Tax Agreement, you can never be too prepared, and the learning never ends. The rules governing IFTA are a bit lengthy, and every single state is different, but don't let that stress you out. IFTA is a lot easier when it is broken down, so let's go over everything you need to know about reefer fuel regarding IFTA.

What is Reefer Fuel?

First of all, reefer fuel is NOT included when filing IFTA when it is used to power the refrigeration unit of the trailer. You should always purchase reefer fuel on a separate fuel receipt.

Never pump reefer fuel on the same fuel receipt when fueling your power unit. This will lower your MPG and cost you more IFTA fuel tax. Also, if you are selected for an IFTA audit, and it is discovered that you combined reefer fuel into your power unit file, you will be penalized and incur added interest on your IFTA audit.

IFTA & Reefer Fuel

You are entitled to a federal tax refund on each gallon of reefer fuel. You will need the total number of gallons of reefer fuel purchased during the tax year to complete the refund form. The IRS will send you a check for the federal tax paid on each gallon of fuel. If you failed to file for this refund, you could file back for the past three years to claim your refund.


Everything You Need to Know About Reefer Fuel Regarding IFTA?You will want to check with your base jurisdiction to see how they handle reefer fuel. In Maryland, for example, if you only have one tank that propels your vehicle and runs the refrigeration unit, then all fuel is included in IFTA. If you have two separate containers, you need to fuel separately and make sure reefer is marked on the receipt. Do not add the reefer fuel on IFTA and you will able to get a refund by filing a claim.

So if you are operating an IFTA “Qualified Motor Vehicle” with a reefer unit, make sure to have the reefer fuel on a separate receipt and don’t include reefer duel on your IFTA return.

Generate Your IFTA Tax Report Today!

Our sister product, ExpressIFTA is full of innovative features to help you complete your IFTA quarterly fuel tax report. All you have to do to get started is create your free account, enter your business information, specify your base jurisdiction, enter your vehicle details, list your miles and fuel records, and generate your IFTA quarterly fuel tax report.

Say goodbye to that day of complicated calculations, ExpressIFTA’s software will accurately calculate your IFTA fuel tax rates and IFTA tax based on the information provided. Never worry about over or underpaying again.

Plus, their built-in diagnostic error audit can be run on your reports to catch any fundamental filing errors based on our estimated miles per gallon. It will recognize when miles traveled aren’t between adjacent states, and if you purchase fuel in a state you have not traveled in.



File Your IFTA Taxes Online






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