There’s just 10 days until 4th Quarter IFTA reports are due.
Are you ready? If you’re trying to get your act together at the last minute, then ExpressTruckTax can help you prepare your return, quickly & correctly– all while keeping your sanity in tact!
We’ve got do’s & don’ts for IFTA record-keeping & return preparation. So please do avoid these don’ts (and don’t ignore these do’s) to ensure IFTA-filing success!
IFTA Recordkeeping Do’s & Don’ts
- DO: Record fuel use and fuel purchases every day. Your records should include the amount and type of fuel purchased, the name & address of the gas station, the cost per gallon, total of the sale, and the original receipt.
- DON’T: Assume you can recreate a record of your fuel transactions later using your pile of receipts. If a receipt goes missing, you’ll have no way of knowing without a fuel record to check against.
- DO: Keep all original fuel receipts in good condition for at least three years after the close of the quarter.
- DON’T: Wrinkle or write on your receipts. If they’re stashed in the crevices of your cab or mashed into a shoebox, it’s time to buy an accordion file folder.
- DO: Maintain accurate distance records including your mileage per jurisdiction, the routes you took, and any detours or out-of-route mileage accrued.
- DON’T: Record your estimated mileage for a trip as your actual mileage. Not only will this leave out personal miles you drive (to the grocery store, etc), but it’s also likely that in the course of your trip, you will deviate from the route your estimate was based upon. Detours happen. Record them all.
- DO: Use a program like TruckLogics to keep precise trip sheets. Be sure to update them daily.
- DON’T: Wait until the end of the quarter to fill in your trip sheets. This leads to imprecise records and to red flags that could trigger an IFTA audit.
Preparing your Return: Do’s & Don’ts
- DO: Use ExpressIFTA to prepare your return faster than ever before, and with way less work than you’re used to.
With ExpressIFTA, you simply input your fuel use and mileage, and then kick back while the program calculates your tax and MPG for you. And the perks don’t stop there. Not only will it perform all calculations, but it will also plug all of the numbers into a completed IFTA return appropriate for your state.
Pro Tip: If you use an IFTA-approved GPS that records your trip sheets, you can import that information and use it to create your return.
After importing or entering your mileage and fuel use, all you’ll need to do is print the return– and mail it, of course (and they even include instructions on how to do it).
- DON’T: Waste your time calculating your tax and tediously filling in a long and scary IFTA return. Hair pulling, insomnia, and loss of sanity are all common side effects.
And here’s one last DO for you! DO call the ExpressTruckTax team for help filing your 4th Quarter IFTA returns. They’re available in our sunny hometown of Rock Hill, 24/7, and they’d be happy to walk you through the ExpressIFTA set up.
Call them at 704.234.6005, message them on live chat, or email them at firstname.lastname@example.org. No matter how you get in contact, you’re guaranteed the support experience of a lifetime!
Check out Part 2 for Tips to Avoid an IFTA Audit. You don’t want to miss this!
For Tips on HVUT Recordkeeping, mosey over to:
- HVUT Recordkeeping Requirements
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