Look out for truckers! To your advantage, you're reaching the end of another reporting quarter. When it comes to work, are you still putting things off because you're afraid of it? The longer you wait, the more agitated you'll get and the more likely you are to make costly mistakes on the report.
In order to simplify the reporting of distance and fuel usage, the International Fuel Tax Agreement (IFTA) was developed. There are so many regulations and rules that even the most seasoned of people might get overwhelmed by the sheer volume of them. There was little interest in the IFTA calculator reporting procedure from the truckers we talked to. There is no one who enjoys this part of the job.
Here are the five most common mistakes truckers make when completing their IFTA reports and how you can avoid doing them again in the future, so you don't make the same mistakes again.
Both a late submission and a failure to submit an IFTA Calculator report are inexcusable
It's all too easy for a harried motorist to overlook the IFTA deadline. A $50 fine or 10% of the tax payable, whichever is greater, may be imposed for noncompliance with this rule As a result, you might be subject to an audit and face extra costs.
The IFTA's quarterly submission deadlines for the year 2021 have been announced:
· The first three months of the year are known as the first quarter (due by April 30)
· From April through June, the second quarter is in session (due by August 2)
· The third quarter is made up of the months of July, August, and September (due by November 1)
· From October through December, the fourth quarter is in effect (due by January 31)
As a result, be sure to save these dates. On the other hand, you may use your phone to set a reminder. Do everything in your power to avoid forgetting to file your taxes.
Calculating miles and gallons takes a lot of timeLike the majority of people, you dislike mathematics and would do everything to avoid studying it. Therefore, it's tempting to make informed judgments about your mpg and mpgs, which might lead to inaccurate estimates. As a result, it's best not to cut corners when it comes to saving money. Complete and accurate information is required in order to get any refunds or tax credits. Audits may take place if your calculations seem to be out by more than a small margin of error. It's best to avoid shortcuts and double-check your calculations. Take the time to read this and you'll be glad you did.
An odometer or GPS failure to record a problem
Calculating an appropriate mileage is your responsibility. Do not forget to keep a record of any problems you encounter with your vehicle's odometer or GPS throughout the reporting period. Your final findings might be impacted by these issues, and an auditor could even step in.
Every mile travelled is not required to be entered into the mileage log. It is required by IFTA to record all of your personal and unloading mileage. When travelling for personal purposes, such as doing errands or buying food, you must keep track of the miles you travel. An audit may be started if there are differences in mileage between daily trip reports.
Using incompatible software
The most up-to-date tax tables should be used when acquiring trucking software. Be sure to check. In addition, be sure that your ELD device is FMCSA-compliant. In order to avoid an audit, you cannot use outdated software or hardware as a justification.
It is possible to prevent IFTA reporting mistakes with the help of Online Trucking Solution
Our way of life in the United States would be impossible without truckers. They guarantee that we may always have access to our favourite things by bringing them about on a regular basis. It is for this reason that the staff at Online Trucking Solution strives to make the lives of truck
ers easier. ELD and TMS platforms designed by us provide timely IFTA submissions every three months. In addition to saving you a lot of time and money, you'll also be relieved of a lot of stress.
We know what it takes to succeed in this very competitive business since we were once truck drivers ourselves. Please allow us to share our knowledge and help you with all aspects of your company. Get in touch with us right now to learn more about how Online Trucking Solution can help you operate a more efficient and profitable business.
