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Wisdom & Authority Title Solutions

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IFTA 1ST QUARTER TAX HELP

Posted on March 23, 2013 at 4:23 PM Comments comments ()









Truckers, only 8 days remain until IFTA 1st Quarter 2013 comes to a close!  This post will serve as a reminder that IFTA filing for first quarter is drawing near, as well as how to prepare for filing and other miscellaneous items to take into consideration.  For those who are new to IFTA tax filing, the information you are about to read will help you to digest  important factors that goes into IFTA filing and for those who are used to IFTA and may even be facing some challenges; now is the time to stay in compliance or get a new start as well.


IFTA 1st Quarter Tax Deadline:

IFTA 1st Quarter ends on March 31, however the deadline to file 1st Quarter's taxes ends on April 30.  As a reminder, if you don't file your 1st quarter IFTA taxes by April 30, you will face late charges, and interest/penalties.  


How to Prepare For Filing:

Staying on top of your IFTA tax filing from the beginning makes the preparation process much easier for the trucker and the IFTA tax preparer.  Tips to consider are:

  • Keep track of fuel and mileage records on a weekly basis rather than waiting until the the last minute or until the quarter has ended.
  • Only use one mileage log book per truck at a time (using multiple log books per truck at one time opens the door for possible citations and audit issues)
  • If you are leased onto a company, ask early on whether they file IFTA taxes for you automatically or will you be responsible for filing them yourself.  
  • Keep logical Point A to Point B routes recorded.  Routes or paths of direction must be logically connected.


Miscellaneous Items to Take into Consideration:

  • If you close your trucking business and or had no operations during a particular quarter, you must notify your IFTA tax preparer or Motor Carrier Services and do so before the filing deadline.  Failure to do so will constitute a late fee and possible interest/penalties
  • Weight Distance Filing is due quarterly like IFTA tax filing and falls on the same deadline dates.  
  • If you hauled in NY, KY, NM and or OR; you are required to file quarterly weight distance for those states.  If you had no operations in the states named, you must notify your IFTA tax preparer or Motor Carrier Services. and do so before the filing deadline.  Failure to do will constitute a late fee and possible interest/penalties.


Wisdom & Authority Title Solutions is committed to helping you stay in motor carrier compliance.  Motor Carrier tax matters can be complex and extremely frustrating for truckers, so whether your tax matter is mild, basic or complex, we can help.  If your taxes are late by one quarter or seriously delinquent, help is available for that as well.

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