Understanding IFTA for your Trucking Business

 

Every trucking company aspires to be the best in the market. However, without appropriate business strategy and technology, it is rather difficult to maintain a competitive edge. If you want your trucking firm to thrive, it's necessary to include cutting-edge products and technologies. Numerous firms provide new and feature-rich software on the market.

What is the International Federation of Trade Associations (IFTA)?

IFTA is a cooperation agreement between the 48 states of the United States and ten provinces of Canada. It enables inter-jurisdictional carriers to report and pay taxes on the gasoline used by their vehicles between states via the use of a single fuel tax license. Additionally, the IFTA mileage calculator is beneficial for IFTA reporting and computation.

What Happens After You Join IFTA?

When you register for IFTA, you will get documents on licensing as well as a set of decals to display on your qualifying cars. These stickers typically expire after one year and may be inspected by local authorities while your cars are on the road.

Ascertain that your decals are current and that you are using the proper gasoline type. There are severe penalties for failing to comply with fuel consumption rules!

Miles taxable

Generally, your fleet's total taxable miles equals the total number of miles travelled in each jurisdiction. Certain jurisdictions, however, grant mileage exclusions that are not taxed, such as fuel travel permit miles.

Conclusion

IFTA replaces the cumbersome fuel tax reporting processes of the past. Additionally, it permits authorities to pay for road repairs and enhancements that directly benefit the safety of commercial trucks operating on the road.

To know more about Electronic Logging Devices please visit our website: etrucks.com

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