Are you just started as an owner-operator truck driver? Welcome to the world of transportation and logistics! When you start a business, there’s a lot to be learned, and one of the first lessons you’ll learn is about taxes. IFTA tariffs are levied. Taxes imposed by the IRP that’s why you’ll need a new tax calculator that really can accommodate both scenarios. A fleet must follow a variety of laws and regulations that regulate the roadways to continue in business and stay on the right side of the law.

The majority of carriers delegate compliance to their fleet managers. This covers things like licensing, USDOT numbering, following hours-of-service requirements, following material restrictions, and adhering to the International Fuel Tax Agreement. While fleet managers guarantee that the firm meets compliance standards, drivers and carriers who are knowledgeable of the rules may make better-informed judgments that benefit their fleet.

IRP or IFTA?

It’s incomprehensible to us. The figures you use to compute your transportation fuel taxes are the identical figures you use to calculate your IRP allocated license plates with Ifta Calculator. So what’s the point of using two separate products?

You’re probably not new to the transportation sector if you’re new to trucking. You’ve likely heard truckers complain about IFTA, which is the quarterly payment for gasoline taxes paid in locations where you won’t purchase fuel.
That doesn’t make much sense unless you consider Indiana’s plight. Those trucks bought fuel in Ohio and then in Illinois, but traveled through Indiana and didn’t pay any taxes. Indiana will be unable to maintain its roads without such funds.

That is essentially what IFTA and IRP do. They distribute the funds so you don’t have to. You only have to make one payment, and they’ll take care of the rest. The ache in our necks is figuring out that one payment.

Is There a New IFTA Calculator?

Sure, you might hear about folks that save money by doing everything with Google spreadsheets. But consider this for a moment: what exactly are they saving?

While Google is free, but spending time on a spreadsheet is not free. It costs you money because it keeps you guessing while you play computer programmer. You’ll have to break out all of your mileage per state, which isn’t an easy task. Similarly, you must have all of your fuel receipts and be aware of the tax rates you paid as well as the current models that apply.

You could have the spreadsheet perform all the heavy lifting with the math, but only after you’ve completed all the other tasks.

Since you’re new to trucking, start slowly and carefully. Use an IFTA calculator that is good, dependable, and updated regularly.

But why stop there?

If the IFTA taxes are calculated using the same figures as your IRP with Ifta Mileage Calculator, why not use software that can perform both?

What Are the Repercussions of Not Filing IFTA Estimates?

Do you know what happens if you don’t file your IFTA quarterly reports on time? Here’s why staying on top of IFTA reporting deadlines is so important:

The following are the IFTA filing dates for 2021:

Ifta Filing dates⦁ January – March is the first quarter. The deadline is April 30.
⦁ April – June is the second quarter. The deadline is July 31.
⦁ July to September is the third quarter. The deadline is October 31.
⦁ October to December is the fourth quarter. The deadline is January 31.

If the deadline occurs on a weekend or a holiday, the next working day will suffice. Make sure paper reports are mailed by the due date to avoid fines or penalties.

Failure to file can have serious repercussions, including:
⦁ A flat rate of $50 or 10% of the taxes due, whichever is larger;
⦁ Monthly interest begins the month after the initial penalty. The rate is 0.4167 percent of the amount owed in taxes.
⦁ A $100 administrative fee for late submission for the first time. For the second time, there is a $500 charge. For the third time, there is a $1,000 charge (including a $500 increase for successive late submissions).
⦁ Underpayment penalties are calculated as 0.4167 percent of the outstanding amount every month until the tax is paid. Late payments might have an impact on license renewal.

Are you new to the trucking industry? Hello and welcome to the world of trucking!

The commercial side of trucking necessitates a significant amount of documentation. Not only will you have to keep track of your taxes, but you’ll have to bill your clients, check their payments (or lack thereof), manage your truck’s upkeep, and keep detailed records of each trip. The trucking industry requires a lot of effort. The Ifta Reporting is important there.

Don’t attempt to do it yourself because you’re new. To accomplish it correctly, you’ll need the appropriate tools. Use a full-featured trucking management system that will take care of everything – not just your taxes.
By skimping on the one thing that can keep you profitable, you’re not saving money. You’re investing in your success when you acquire the proper transportation management software. It’s not a waste of money, and it’s not a frivolous expenditure, it’s just as important as replacing your tires to keep your company on the road.

So go right to work. The Trucking management software was created with you in mind, the independent trucker who needs the essentials but wants them done correctly. The complete trucking software solutions are the answer to your new trucking company’s problems. Different companies now offer the software you need to manage your trucking business, from dispatches to invoicing to payments, from route to deliveries, so you can be successful.

Last Words

Take the help of the software for management for free. The specialists will show you all of the components of the entire software solution for the truckers, not just a few, as some other software firms may do. They’ll give you plenty of time to check us out, and we’ll even pay for your final quarter’s IFTA! Sign up now to get started on the road to a successful trucking company!