New owner operator IFTA question

Just wait til you get the "property" tax bill from Kansas

 

Can you post an example of your spreadsheet? Suppose, I'll dig through OOIDA's...this is my first rodeo with it. Since I despise accountants of any sort, they always cost me money, I refuse to pay anyone to do it as well. Just looking for an easy out.

 

It may be that these funds aren't used properly. Find me some government funds that are. Hell, let's all take a look at our personal budgets and see if we are properly using our funds.

The fact of the matter is fuel tax is collected in all states on all highway vehicles. It seems you can either learn how it works and minimize your liability or you can have an attitude toward it while it bites you in the behind and affects your outlook on life.

In any business there are many costs to deal with. The best way to be profitable is to analyze each and every cost and minimize them. By taking control of this cost and the paperwork necessary to meet the requirements, you can minimize IFTA to the point it will no longer be an irritation.

Good luck.

 

I remember the days of "bingo stamps" and filing for fuel stickers with each individual state...then doing all the returns myself each quarter. I'll take the IFTA procedure today over all that. I also recall thinking how unlike government it was to simplify something and have it work as one using the system thought it should. The IFTA program is a rare instance of such simplification to ease a paperwork burden.

To the OP...IFTA reporting is not hard. I do my own as do many others around here. Record keeping is important, obviously, and doing this will help you to keep track of which jurisdictions you need to buy fuel in order to save some tax dollars. Up-to-date fuel tax rates are here: http://www.iftach.org/ (click on Tax Rates link left side) and the rest is just cipering (<---real word...and I thought Jethro Bodean was making that up).

 

This was 7 years ago.

 

Was just going to write “digging up bones”, thanks for stealing my thunder!