Are you keeping up with the IFTA changes right now?
IFTA Changes – Fuel Tax Rates
It’s that time of year again when you’re doing your IFTA filing and you need to be confident that you’re paying the right amount. Not too much, not too little. Like Goldilocks – just right.
Is your IFTA filing system keeping up with the changes per jurisdiction? Did someone in a state you drove through once in February change their rate? It matters. You need to know every state’s fuel tax rate before you start your IFTA filing.
That’s not always easy. At the very least, it’s pretty time consuming to spend time checking all the rates that apply to you.
Wouldn’t it be faster to use a service that did it for you?
IFTA Changes – Do you pay now or later?
With the changes from several states about their deadlines for truckers who are hauling medical equipment or food – or whatever they decided is essential goods – when is your IFTA filing due? Several states have granted extensions – but did yours? And did your loads apply?
Those are just a few of the questions you need answers for before the deadline at the end of the month.
Should you wait to file if you’ve got an extension?
What’s your personal philosophy about paying your taxes? Are you one of those people who wait for the last possible moment? It’s your money and paying early only takes the interest you might have eared in savings (pretty small) or costs you more when you charge it and have to pay the interest on the credit card. Or are you one of those who wants to pay it as early as possible and forget about it till next quarter?
Either is good. It’s how you think and there’s no point in trying to make you think the way I think. I’m sure you’ve heard all the arguments.
So if you get an extension, are you likely to take it? Why shouldn’t you? It keeps the money in your pocket a little longer.
What happens when your IFTA filing is due? Will you have the money set aside? Or might you forget why you’ve got that “extra” money in your account and spend it on something else?
We’re split. Some of us would still pay by the deadline and some of us would take the extension. What are you going to do?
Changes in Trucking
This year has seen a lot of changing in the transportation industry. There are big trucking organizations that are going under. With the economy in a free-fall and no clear idea when we’re going to see any change – it’s hard to predict what will happen in the next 2 weeks, much less the next 2 months or 2 quarters. We hope for good news, but our magic 8 ball isn’t giving any answers other than “SIGNS ARE UNCLEAR RIGHT NOW.”
What we can do is
- Get to know your brokers. Let them know what types of loads you’re interested in.
- You can spend your downtime reaching out to new potential customers in your neighborhood.
Examine your trucking business
- Take a good look at your rig and make sure you’re running the most efficient truck on the road.
- Are your customers current with their accounts?
- Take a look at your records. Is there a hole in your cash flow that you need to fix?
While everything is unclear, you can take a few steps to position yourself for better things in the future.
We’re hopeful and we think you should be to. We don’t pretend to know anything you don’t – but we have confidence in American and her truckers. There’s no question that truckers are heroes right now. You’ve gone above and beyond when there are a bunch of people who think they’re important – until they can’t find toilet paper. Maybe these people will start to realize what essential really means.
We’re staying here and doing what we can to keep you on the road. If trying our TruckingOffice trucking management software to do your IFTA filing for this quarter will help you, then sign up today for a free trial to discover the power of a management system that will
- show you your income
- track your invoices
- create a list of your customers
- manage your maintenance
- produce reports to show you how you’re doing.
Give us a try. Do your IFTA filing for free and see how easy TruckingOffice TMS is to use.