January 31st is coming at you faster than you realize. If you are over the age of 31, you know what I mean. You blink, and it’s Christmas, New Year’s, then Easter again and again and again!
Your fourth quarter IFTA report is due Monday, January 31st. Here’s a quick rundown of what you need and how we can make your life easier.
What Is IFTA?
Most of you know this information. But for those in the back, IFTA is an agreement between the lower 48 states and the ten Canadian provinces that requires all interstate motor carriers with the following qualifications to obtain an IFTA tax license and file quarterly IFTA reports:
Your vehicle has a GVW above 26,000 lbs
Your vehicle has 3 or more axles regardless of weight
Your vehicle crosses state lines
Once you have an IFTA tax license, you must file quarterly IFTA reports. The quarterly IFTA report filing dates are listed below. These dates are vital for you to remember so that you never fall behind and owe late filing penalties.
1st Quarter Deadline – April 30th
2nd Quarter Deadline – July 31st
3rd Quarter Deadline – October 31st
4th Quarter Deadline- January 31st
To file your 4th quarter IFTA report, you must provide the total mileage driven and total gallons of fuel purchased in each state for your entire fleet from October 1st, 2021 to December 31st, 2021. You must file a quarterly IFTA report, even if you have had a zero mileage quarter!
How To Generate Your Report
If this sounds overwhelming and you are unsure where to start, we recommend heading over to TruckLogics where you can create a file-ready IFTA report in just a few easy steps.
TruckLogics makes keeping track of your loads, dispatches, and fuel expenses so easy you will wonder why you haven’t had a TruckLogics account before now! TruckLogics uses cutting-edge technology to calculate your IFTA tax so that all you have to do is file the IFTA report with your base state.
No math required (I know that’s a relief for me)! TruckLogics is also integrated with EFS and KeepTruckin, which means if you use either of these systems, you can simply import the information, and you’re done!
If you are still reading, I’m impressed! There is a lot more IFTA and transportation-related knowledge where this came from! Read about the 4th quarter tax rate changes here.
You can also click here to see how easy it is to create an IFTA report using TruckLogics. Go ahead and make your life easier and increase your efficiency in 2022!