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Becoming a trucker has been your life goal for a while, and you're ready to get out on the road and make some good money. However, you need to take a step back and understand the nature of IFTA taxes and how they can affect your earnings. You should also understand the benefits of high-quality IFTA fuel tax calculation software for your gig accounting.
How IFTA Can Complicate Trucking
As a new trucker, you're already a little nervous about the pricey expense of diesel fuel, but you've never even heard of IFTA taxes. These taxes are based on an international agreement that taxes shipping fuel at specific rates across a variety of regions. These guidelines were put into place to help raise money for multiple governments.
These taxes are something that all truckers have to keep track of as they work, as they will affect how much they make on their jobs. Unfortunately, it is very easy for new – and even experienced – truckers to make serious mistakes when reporting their IFTA fuel taxes. One of the most common of these mistakes is reporting the improper tax rate.
This mistake occurs because the IFTA fuel tax rate often changes throughout the year on a quarterly basis. Though these changes may be quite small on paper, they can cause complications in your taxes. For example, a rate difference of 0.05 might not seem like much, but when taxing hundreds of gallons of diesel at prices of nearly three dollars per gallon, your calculations could be off by thousands of dollars.
IFTA Fuel Tax Software Is Beneficial
The many mistakes made by truckers – especially new ones – when doing their IFTA taxes could be easily avoided if they all got IFTA fuel tax software. This software is designed to do all of the difficult calculations necessary for figuring out your tax rates, how much you have to pay, and when you need to pay it. Many pieces of software even have warnings that let you know when payments are due.
Even better, IFTA fuel tax software typically contains training programs that help to make it easier for you to understand the calculation process. In this way, you can fully grasp what the software is doing and even double-check the accuracy of the software if necessary.
So if you are a new trucker and you're hoping to find real success on the road in your new career, you should invest in IFTA fuel tax software. It's an investment that will not only help you avoid making tax mistakes but which can also save you money by streamlining your taxes.
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