When your business is trucking, IFTA is always on your mind. Reports for the International Fuel Tax Agreement (IFTA) are a four-times-a-year requirement for trucking companies and owner-operators. There are no shortcuts: If you haul loads from state to state, you file IFTA reports.
What Is IFTA?
IFTA is an agreement between the lower 48 states and 10 Canadian provinces to help simplify fuel tax collection and reporting for interstate commercial carriers. IFTA reports help determine how much fuel tax is owed in each state or province based on the miles driven in each jurisdiction.
What Records Should I Keep to File IFTA Fuel Taxes?
The Federal Motor Carrier Safety Administration (FMCSA) requires you to keep the following records for at least 6 months:
- Fuel Receipts: Keep receipts of all fuel you purchase showing fuel type, purchase date, purchase location, price per gallon, vehicle registration number, total purchase amount, and number of gallons purchased.
- Mileage Records: Track the mileage traveled in each jurisdiction each quarter, specifying total mileage, total mileage for each trip, and the total mileage traveled in each jurisdiction.
- Trip Reports: Be sure to include all relevant trip information, such as beginning and ending trip dates, trip origin and destination, and travel routes.
When Are IFTA Taxes Due in 2024?
Remember that IFTA reports are due on the last day of the month following the end of a quarter. If that day is a weekend or a holiday, then reports are due the next business day. Plan early for all the IFTA reports due in 2024 by always keeping an IFTA fuel tax schedule for the year handy. Here are the IFTA filing due dates for 2024:
- First quarter – April 30, 2024
- Second quarter – July 31, 2024
- Third quarter – October 31, 2024
- Fourth quarter – January 31, 2025
Some states or jurisdictions allow for annual IFTA reporting instead of per quarter. Check with your home base for this possibility.
How Do I File IFTA Tax Reports?
To calculate fuel tax for each state or jurisdiction, you’ll need the applicable fuel tax rates. The International Fuel Tax Association publishes fuel tax rates by quarter and jurisdiction. Keep in mind that your taxable miles for IFTA are usually the same as the total miles driven in each state or jurisdiction. Take note, though, that certain jurisdictions do allow mileage exceptions that don’t count as taxable.
You can file your IFTA quarterly reports online through a variety of electronic services such as Webfile, ExpressTruckTax, or EDI software.
TCS Fuel Card Makes IFTA Filing Easier
All of us at TCS understand that keeping up with the necessary paperwork to file IFTA reports can be difficult for busy truckers riding the highways delivering goods. So, all TCS Fuel Card clients have easy access to fuel receipts, mileage records, and trip reports, which is all key information for filing IFTA reports.
All TCS Fuel Card clients automatically get a quarterly summary that details any transaction containing diesel, reefer fuel, or biodiesel. TCS totals the number of transactions, gallons, and costs, then groups them by state. That’s exactly what truckers need to meet 2024 IFTA deadlines. If you want your report sooner, you can log into our TCS Fuel client site and access it manually.
IFTA reports and diesel are essential for trucking success. With the TCS Fuel Card, IFTA filing becomes a simpler process. Are you ready to save money at the pump and make IFTA filing easier? Apply for the TCS Fuel Card today. Call us at 844-827-7705 or sign up today!