Avoid These Three Common Mistakes in IFTA Reporting

 

The goal of IFTA is to make reporting mileage and fuel consumption easier. But the sheer volume of guidelines might quickly confound a person. Your IFTA fuel tax reports must be submitted, which can be time-consuming. A reliable IFTA miles calculator can make calculating the mileage a lot easier. 

This blog looks at three types of IFTA reporting mistakes most trucking companies commit. 

1 - Calculations for fuel estimation

At the end of each IFTA quarter, it can be tempting to estimate your fleet's average miles per gallon and miles driven to save time, but it's important to record these data precisely.

You must keep track of your fuel receipt information, including the number of gallons purchased, to be eligible for refunds or tax credits. Additionally, if fuel calculations appear inaccurate, your fleet may be audited.

2 - Not recording each mile.

You must record all of your miles, including unloading and personal ones, according to IFTA. These miles must be counted if you drive to acquire groceries or do personal errands. Any distance discrepancies between daily trip logs can be a warning sign and call for an audit.

You can track accurate miles with a trustworthy IFTA mileage calculator. 

3 - Using projections

It is tempting to guess the miles driven and the fleet's average MPG after each quarter because IFTA fuel tax calculation can be very labour-intensive and complicated.

It's crucial to avoid stumbling into that trap, though. The IFTA record-keeping guidelines indicate that you must accurately record all numbers.

Ending note

Speed, dependability, and precision are just a few advantages of a dependable IFTA mileage calculator. To know more about how your trucking business can gain from an IFTA miles calculator, get in touch with eTrucks.

To know more about Electronic Logs for Truckers please visit our website: etrucks.com

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