Does this amount seem low to you? IFTA TAX

It all depends which states you buy fuel in and which states you run. If you buy fuel in an expensive tax rate state and drive in other cheaper tax rate states you will have $$ credits.

I usually get a refund. Buy all my fuel in Iowa and run just a few miles in south Dakota

 

Sometimes I get quarterly IFTA within $20, other times closer to $200. As long as you know your math is right then you’re good.

 

I buy a lot of fuel in PA and try to come as close to even as possible, need to look at the actual fuel price pre tax

 

Depends on the states and where you buy fuel.

Ten years ago NJ was $0.17 a gal and PA, OH, NY, and CT were all over $0.30 and all the operators would almost run out of fuel coming back thru PA to fuel in cheaper NJ. Everyone ended up paying as all their excess fuel was only 'worth' $0.17 a gal while they owed other states 'credits' at $0.30+ a gal so they paid the difference.

Now NJ is over $0.30 a gal and [discounting any potential increase in fuel cost overall] we now get a small credit. Our small fleet is fueled on-site 3 days a week and our drivers are home every night. We only run 5 or 6 states but mostly NJ, eastern PA and downstate NY and long island. 90% of our mileage is in NJ so the 'credits' now being worth more and the limited mileage outside NJ now yields an IFTA credit each quarter.

Since we have box trucks all over the island [we keep joking with one guy that he could move to the Hamptons and travel opposite the traffic] and tractor trailers going into the island DC's, and all the other NY work we get bit on the NY HUT to the tune of $700 - $800 every quarter and that is using the empty weight method, the lowest cost option where the 3 box trucks help keep the fleet cost down but the OP probably doesn't have an animal like the HUT.

 

hello sorry I cannot answer your post. But I do have a question for you. My husband and I recently purchased our truck. We are attached to the company we were working for before we bought the truck. Needless to say we are not happy with the 1.05 plus fuel surcharge we are getting. We have been talking about getting our own authority but we were wondering as new owner operators do we have to just wait the 30 days for broker to pay us or is there a bond company of some sort who pays quicker. Then if broker doesn’t pay the bond company goes after broker. Was just really curious how you guys are doing it.

 

My IFTA varies from paying in $100. 2021Q1 I received $150.
As long as you record accurate fuel and miles. It's all good.

 

That's called factoring. Factoring company pays you and they get paid from broker. Costs you a couple percent of the total $$. I dont use brokers or factor but personally I think its a scam and hard to get out of once you start doing it. A few percent of 200 to 300k a year is a lot of money. Some brokers offer quick pay for a percentage as well. Plenty of talk about factoring on this site