The IFTA is an agreement between the Canadian province and US states. Taxes are paid on the commercial vehicle and motor vehicles having a fair share of tax assessment. The IFTA tax rates differ with locations and are mandatory for the trucking business. Business owners tend to ignore IFTA. They forget to calculate the miles and load, especially before the holidays. However why we are doing a discussion on IFTA here? Well, because by not ignoring them and simply following a simple strategy, you can save loads of money.
The strategy is plain and simple, adopt good IFTA software. Assume, you have loaded the fleet and in a way to fill the fuel. The question first comes to mind, where to fill the fuel? You might need to keep IFTA in mind while making this decision. The major factor while making this choice is selecting the state which will owe you when you pay the bills later. The fuel prices may not be lowest but you can save a hefty amount of taxes. You only need to know, how much you owe and under which jurisdiction the owner has to pay. However, if you adopt great IFTA software, it will make all the decision for you. You don’t need to input anything from your side. IFTA reporting with less data input is a sign of good IFTA software. If you are searching for more information on what is ifta tax, explore the above website.
The trucking owners need the software that performs all the calculation without much of user input. However, the real question is, whether such software exists? The answer is yes, efficient IFTA software computes IFTA taxes without much of user input. Whether it is tracking mileage, routes, loads and invoices, everything can be computed using the IFTA software. The user does not have to give input to the software. The IFTA reports will compute and show the fields like revenue per mile, cost per load, revenue per load, deadhead miles, cost per mile, fuel/mileage use, and IRP and IFTA taxes due. These IFTA reports are not readily prepared anywhere.
Instead, they are based on complex computations and average software can perform that for you. And if one thinks that the Google sheets can do everything for you, and then let me tell you, it is not easy. There are complex computations involved and there are fluctuating IFTA rates to be kept track of. Good IFTA software must keep track of all the bouncing rates and refresh the ever-changing rules. This feature surely will save you from making mistakes. IFTA reporting is a vital part of the trucking business. One has to very careful while filling up the reports to prevent great fines during an audit. Thankfully IFTA software is a savior here, as it will perform all complex calculations automatically. The software will ensure accurate IFTA reporting. You don’t have to spend lots of time entering data. So, if you have not considered IFTA software for your business then now is the right time. Get IFTA software with all the above characteristics and let your business tough the heights that it deserves.