Fuel price and IFTA

Why are you doing business in a so-called communist state? I believe you must be one of those pinko commie sympathizers.

Also, I bet you have a CB with a lot of reverb and never stop talking on it.

 

Yesterday...pump price, with a credit card:



Minus the $0.349 state fuel tax, and you have $2.53. Missouri's fuel tax is $0.17, so their fuel at the pump would have to be at or below $2.70/gal in order to be a bargain...and it isn't. Hell, I'm not even seeing MO pump prices as low as IL pump prices right now...

 

sitting here with my popcorn waiting for the response lol

 

I never get how to calculate the tax I owe. Please help me.
I googled on how to do it but they make it look like its very difficult so you pay for the service.

We just started our trucking business last April and this is my first time filling IFTA tax.

Thanks in advance!

 

Total number of miles driven in the quarter.
Total number of gallons purchased in the quarter.
Miles/gallons=MPG

Now tally up how many miles you drove in each state. Divide by your MPG for the quarter. That's your gallons used in each jurisdiction.

Look up each states tax rate, times the number of gallons used in that state. That's the tax owed.

Now, tally up how many gallons you purchased in each state. Again, reference the tax rates in those states, and multiply the tax rate by the gallons bought. That's the tax credits you've already paid.

If you owed more than you paid, write a check. If you paid more than you owed, somebody else can respond...it's never happened to me.

 

I actually paid more... So every credit that I credit, i just deduct to whatever I owe?

TOTAL DISTANCE
19,793.3 mi
TOTAL FUEL
2,136.753 gal

JURISDICTION Arkansas
DISTANCE 1,136.0 mi
FUEL 151.732 gal

 

Truncate the miles to round numbers and the gallons as well and your fuel mileage to 2 spots right of decimal. Maybe it's 3, I know up here it's km/L and 2 places is how they want it done.

So in your example here you got 9.26 mpg average for the quarter.
You drove in Arkansas 1136 miles. You owe Arkansas 123 gallons worth of fuel. You paid Arkansas 152 gallons so Arkansas owes you 29 gallons worth of their state tax rate (idk, .25?) So for Arkansas they owe you $ 7.25.
Add every state up the same way. You will have + or - for all of them. The grand total is your amount due or refund owed. Send the paperwork with all the calculations and a check to where they want you to. Do not send copies of all your fuel receipts, trip sheets, or anything else. Keep all that in a folder so should you be audited that is when they will want to see all your proof for your claim.

 

Thank you so much for the replies. You guys are amazing.

 

Hi! I forgot to mention some details.

We just opened our trucking business last April and got our first load on April 28. That time we haven't gotten our IFTA license yet so we we're purchasing fuel trip permits.
With that being said, how will I compute for the paid fuel tax?

My understanding is I will need to get the total miles travelled within the dates of fuel permit and deduct it?

I'm not sure.


Thanks you!