If are you currently running a trucking company, then you know what is IFTA in trucking? Or else if you’re wondering how it’s applied to your vehicles? Being a trucker that you need to know about IFTA and details of it. The Entire form of IFTA is The International Fuel Tax Agreement. It is an arrangement made between 48 lower states of the U.S and 10 Canadian Provinces. Based on IFTA, every authority will get fuel tax revenue for the fleet went inside. It doesn’t matter you’ve purchased fuel in that state or not. Heavy Highway Use Tax is a national tax. It needs to be compensated by anyone who wishes to register a vehicle classified as a heavy highway motor vehicle in their title.
The Heavy Highway Use tax is collected on the vehicles having a gross weight of 55,000 or more. The vehicles which operate on public highways and have travelled a distance of 5,000 miles annually. The taxes are collected once a year. It’s used for the building and maintenance of the highways. Form 2290 is used to cover the highway use tax. IFTA tax reporting has ever been a complex and tiring process. IFTA tax reporting software is intended to make IFTA reporting simple and quick. But choosing the ideal software in this crowded marketplace is a significant challenge. There are a few of the strategies to choose IFTA fuel reporting software. The first and foremost thing that the truckers look in almost any software is its user-friendliness.
So, the port of the IFTA reporting software should be easily navigated. No special seminar or training must operate the software. You require a tool that will automatically compute your IFTA taxes. So, it will help you with incorrect IFTA reporting. The IFTA fuel reporting software can track mileage, paths, loads, and invoices. The automated system generates fuel in addition to fleet-related data extremely fast. Another feature you should look at the IFTA tax reporting software is its precision to create reports. Generally, standard software is accurate and precise and provides error-free outcomes. It also decreases the odds of mistakes and raises your time on the street.
The IFTA reporting tool enables you to monitor driver’s miles to find comprehensive information about the fleet action and current tax liability. A strong IFTA fuel tax reporting software can monitor plenty of information. The information includes miles travelled, fuel usage, fuel purchased, credits due together with laden and unladen weights on the way. The mathematical calculation makes the IFTA reporting more complicated.
Generally, the truckers find it hectic and hard to perform the calculations manually. In this circumstance, IFTA reporting software is an impeccable choice to choose. The innovative calculation considers the laden/unladen weights and truck axle count. The software also should have the feature to allow the user to create unlimited reports at ease. A fantastic fuel tax reporting software will help to enhance the performance of your trucking company. It’ll turn your biggest headache of IFTA reporting into an easy and straightforward process.