Records must be maintained for a period of four years from the due date of your quarterly tax report or the date the report was filed, whichever is later. Some jurisdictions may require you to keep your records for a longer period of time.

What is IFTA tax reporting?

What is IFTA? IFTA pertains to the cooperative agreement between 48 states in the U.S. and 10 provinces in Canada. It allows interjurisdictional carriers to report and pay taxes for the fuel their vehicles consume across states using a single fuel tax license.

What states are not part of IFTA?

There are several jurisdictions that are not IFTA members where IFTA credentials are not valid, these include: Alaska, Hawaii and the District of Columbia, the Northwest Territories, Nunavut and Yukon, as well as all the states and Federal District of Mexico.

How do I create an IFTA report?

Information for motor carriers traveling in multiple jurisdictions about the IFTA registration process and reporting requirements.

1. Step 1: Fill out the IFTA Registration form.
2. Step 2: Submit registration documents.
3. Step 3: Submit payment.
4. Step 4: Once approved.

Are IFTA taxes deductible?

You also face fuel and mileage taxes under the International Fuel Tax Agreement (IFTA). If you’re leased to a carrier, the company might handle the payments. Especially important are expenses you incur running your business. If it’s work related, chances are it’s deductible according to the Internal Revenue Service.

How is IFTA mileage calculated?

First, you need to calculate how many gallons of fuel you burnt per mile traveled (fuel mileage).

1. Add up the total number of gallons of fuel you have purchased (while you’re at it, jot down how much fuel tax you paid in each state – more on this in later)
2. Add up the total number of miles traveled across all states.

What are non taxable miles for IFTA?

What are Non-Taxable Miles? Non-Taxable Miles are miles travelled that are not subject to motor fuel taxes (IFTA). Each jurisdiction has its own unique definition of non-taxable mileage or exemptions. In other words, your Non-Taxable miles are those miles that fall under any of the IFTA jurisdictions’ exemptions.

Is New Mexico part of IFTA?

The New Mexico Commercial Vehicle Bureau is responsible for the licensing and registration of motor carriers in the International Fuel Tax Agreement (IFTA). Each jurisdiction determines which types of fuel are considered special fuels, and sets the tax rate for each type of special fuel.

What is the fine for not having an IFTA sticker?

Note once you have an IFTA sticker on your vehicle, you must file quarterly reports, even if you did not operate your vehicle out of your home state. There are penalties, including a $50.00 fine, for not filing the quarterly report.

What states are IFTA jurisdictions?

IFTA Jurisdictions

• Alabama.
• Arizona.
• Arkansas.
• California.
• Colorado.
• Connecticut.
• Delaware.
• Florida.

How do I pay my IFTA taxes?

You are required to electronically file your International Fuel Tax Agreement (IFTA) returns. If your return results in a balance due, you have the choice to pay by credit card or make an electronic payment (ACH Debit).

What are non IFTA miles?

Non-IFTA Miles are miles traveled in non- participating jurisdictions which include: Washington DC; Alaska; Yukon Territory; Northwest Territory; and Nunavut Territory.

What all can Owner-Operators write off?

Typical Tax Deductions for Owner-Operators

• Interest paid on business loans.
• Depreciable property.
• Home office.
• Insurance premiums.
• Retirement plans.
• Start-up costs.
• Supplies.
• Permits and license fees.

Can owner-operators write off mileage?

For owner/operators, the IRS considers a semi-truck to be a qualified non-personal use vehicle, which means mileage cannot be deducted as a part of business expenses.

What can you write off on taxes as owner operator?

General Business Expenses – Owner-operators can usually deduct the following expenses: trucking-industry and business-related subscriptions, association dues, computers and software, Internet service, cleaning supplies, business interest, office supplies, DOT physicals, drug testing, sleep apnea studies, postage and