IFTA stands for International Fuel Tax Agreement. So what does this mean for you?
Well, the IFTA is a decal/sticker that goes on your truck. It is for all trucks with a GVW (Gross Vehicle Weight) over 26,000 pounds. This decal is is good for all lower 48 states. There will also be tax filings due every 3 months which can vary depending upon a number of factors. While these tax filings can be complicated to fill out, there are a number of computer programs available to make it very simple.
As a carrier you are required to keep track of all miles traveled in each state and all fuel purchased in each state. This might seem a bit cumbersome, it's the law so you definitely want to make sure you keep an adequate travel log.
Last of all, there is a small fee associated with the IFTA decal and will typically run you between $0.00 and $50.00.
Hopefully this helps to clear up yet another trucking acronym for ya!
And as always thanks for stopping by and keep 'em loaded!
Best,
GLA
Monday, August 11, 2008
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