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Fuel Tax

Discussion in 'Trucker Taxes and Truck Financing' started by stark21, Jan 1, 2011.

Page 1 of 2
  1. Jan 1, 2011 #1
    stark21

    stark21 Light Load Member

    128
    5
    Jul 25, 2010
    Virginia Beach
    0
    New o/o in 2010 I leased onto a company and as far as I know since I am buying the fuel I deduct the fuel on my taxes and but for the fuel tax the company got the ifta sticker does that mean they handle the fuel tax and they deduct on there tax.
     
    stark21, Jan 1, 2011
    stark21, Jan 1, 2011
    #1
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  3. Jan 1, 2011 #2
    Native Dancer

    Native Dancer Heavy Load Member

    978
    3,259
    Dec 28, 2007
    Portland, Or.
    0
    Are you talking about income taxes? If so you can deduct all unreimbursed expences. IFTA has nothing to do with income tax. According to your lease contract who is responsible for paying your fuel tax?
     
    Native Dancer, Jan 1, 2011
    Native Dancer, Jan 1, 2011
    #2
  4. Jan 1, 2011 #3
    mgfg

    mgfg Road Train Member

    1,753
    626
    Mar 29, 2010
    0
    The IFTA license holder (usually carrier but not always) does the fuel tax reporting. It will state in your contract with them as to wheter they refund/deduct the tax to/from you.
     
    mgfg, Jan 1, 2011
    mgfg, Jan 1, 2011
    #3
  5. Jan 1, 2011 #4
    HEAVY DUDE

    HEAVY DUDE Road Train Member

    1,388
    555
    Jan 5, 2010
    NUNYA
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    You don't know who's paying what? Look at your settlements~that should tell you.
     
    HEAVY DUDE, Jan 1, 2011
    HEAVY DUDE, Jan 1, 2011
    #4
  7. Jan 1, 2011 #5
    stark21

    stark21 Light Load Member

    128
    5
    Jul 25, 2010
    Virginia Beach
    0
    yeah the IFTA is in the carriers name so that was my understanding that they do the fuel tax reporting.. and yeah I pay the fuel, and it was for the income tax purpose I was just making sure I understood the difference between the fuel tax and the fuel purchases
     
    stark21, Jan 1, 2011
    stark21, Jan 1, 2011
    #5
  8. Jan 1, 2011 #6
    HEAVY DUDE

    HEAVY DUDE Road Train Member

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    Jan 5, 2010
    NUNYA
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    Just because IFTA is in the carriers name don't mean your not paying it..................
     
    HEAVY DUDE, Jan 1, 2011
    HEAVY DUDE, Jan 1, 2011
    #6
  9. Jan 1, 2011 #7
    Native Dancer

    Native Dancer Heavy Load Member

    978
    3,259
    Dec 28, 2007
    Portland, Or.
    0
    There is a difference twixt fuel tax reporting and fuel tax paying. Look at your settlements and contract. If you are paying the fuel tax that is another deduction seperate from fuel purchase.
     
    Native Dancer, Jan 1, 2011
    Native Dancer, Jan 1, 2011
    #7
  10. Jan 1, 2011 #8
    stark21

    stark21 Light Load Member

    128
    5
    Jul 25, 2010
    Virginia Beach
    0
    ok in my settlements there is nothing on there for fuel tax.. just will look over contract again. just wanted to make sure I am not forgetting anything for tax time.
     
    stark21, Jan 1, 2011
    stark21, Jan 1, 2011
    #8
  11. Jan 1, 2011 #9
    HEAVY DUDE

    HEAVY DUDE Road Train Member

    1,388
    555
    Jan 5, 2010
    NUNYA
    0
    The Carrier is paying it and its the Carrier's deduction.
     
    HEAVY DUDE, Jan 1, 2011
    HEAVY DUDE, Jan 1, 2011
    #9
  12. Jan 1, 2011 #10
    Krooser

    Krooser Road Train Member

    2,493
    1,066
    Jul 25, 2010
    Wisconsin
    0
    IFTA is a quarterly report... you will get billed after the tax has been paid... hopefully they pay it.
     
    Krooser, Jan 1, 2011
    Krooser, Jan 1, 2011
    #10
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