How hard is it to do your IFTA?

Super Easy Dont pay someone to do it. Your state should send you a work sheet to plug in miles and gallons and just follow the directions. Keep tight record keeping

 

You can do it online also and pay online or print voucher to mail check. Easy!

 

Go to ky transportation and there is a link to do online kyu.

 

most jurisdictions require or will soon require that you file online. KY and NM require that you file on line. If you have NY HUT, they require that you file on line as well. KY, NM, and NY also require that you file even if you had no miles for that period. KY and NM on the quarter and NY monthly.

All including IFTA are due no later than the last day of the month following the end of the period.

I have not dealt with OR in about 10 years, but they also had, at least in years past, a separate reporting requirement, even if you purchased permits at the port of entry.

 

IFTA is not that difficult if you keep the records. Complete a trip sheet for each trip, day or week, whatever time period works for how you are hauling. DOT logs are not sufficient. Make sure that it includes dates, origin, beg odom, stops, destination, end odom, stateline odom (optionional), routes of travel and total and juris miles. Have some way of tracking your fuel purchases and keep the receipts. A third party vendor is the easiest and most reliable but not required. Each quarter, make a summary of the trip sheets and receipts. If using a computer program, printout the summary. Enter the information into the IFTA online program. Print a copy of the IFTA return. With one truck this can be done manually or using a basic spreadsheet. You do not need a complicated system.

Here seems to be the hard part.....KEEP THE INFORMATION!! IFTA & IRP require basically 4 years plus the current portion of this year. Make sure to keep the summaries and IFTA returns. DOT only requires 6 months on logs. That is not the IFTA & IRP requirement. Logs are not usually good enough for IFTA & IRP requirements. It was AMAZING the number of times (more than not) the taxpayer could not recreate the numbers that they reported. A computer program that gave numbers 2.5 years ago will typically spit out a different report when the auditor asks for it. Most systems are live which mean that if a wrong date is entered it may go into previous year and return a different answer. If a truck is removed, the information will be removed from previous periods. A truck is moved to a different fleet, its information is moved. And a whole host of other problems. With one truck it should not be a problem BUT in an audit situation you will be asked to provide quarterly summaries. Why have to recreate them a year or several down the road.

 

Ifta was fairly easy, just make sure you keep track of all miles in that quarter and the fuel purchases. I did mine in a couple hours. Nothing major. Instructions explain everything to a T. One thing I did before I started was calculated my miles for each state and the gallons purchased in each state. Totaled it up. And went from there.

Any questions on a just inbox me I'll be more than happy to help.