Fuel & Mileage Tax For Truckers
As a carrier registered under the International Registration Plan (IRP) and the International Fuel Tax Agreement (IFTA), you are required to maintain detailed records of your mileage and fuel tax purchases for each jurisdiction or state and for each unit. These records are used to file your fuel / mileage taxes quarterly and to apportion your vehicle every year. Additionally you need to keep your records and receipts for five (5) years for audit purposes. All IRP and IFTA accounts are subject to audit and as a part of the audit process you will be required to show that proper records are being maintained. When your audit comes due, we will be there to help you and assist you with everything.
For a small monthly service fee Sharon Lee's Fuel Tax (SLFT) will supply you with Trip Sheets and instruction on how fill them in. You will send them to us on a regular basis (every 2 weeks at least). At the end of the quarter you simply send the Fuel Tax and Mileage Tax returns to the state with payment that has been prepared by Sharon Lee's Fuel Tax Service.
Fuel Tax rates can change every quarter for some states. It is very important that you are able to keep up with these changes if you calculate your cost per gallon of fuel to determine where the best locations to purchase fuel are located. The IFTACH web site will show you the changes for all types of fuel not just Gas and Diesel. Remember some states have changes that go into effect in the middle of a quarter as well and that can add an additional layer of complication.