Learn the basics of the International Fuel Tax Agreement (IFTA) and how to stay compliant with quarterly reporting requirements.
Key Points
- IFTA licenses are required for vehicles over 26,000 lbs or with three or more axles
- Quarterly returns are due by the last day of the month following each quarter
- You must keep detailed mileage and fuel purchase records
- Your base jurisdiction distributes taxes to other states
Why It Matters
Staying organized with your fuel receipts and mileage logs is essential for accurate IFTA reporting. Many carriers use electronic logging devices (ELDs) and fleet management software to automate record-keeping. IFTA penalties can be substantial, so timely and accurate filing is crucial for your business.