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The Road To IFTA Accuracy: Evading 5 Common Reporting Errors

IFTA Services

The Road To IFTA Accuracy: Evading 5 Common Reporting Errors

Qualifying commercial motor vehicle drivers face difficulty filing IFTA fuel  Tax reports. They share that the process of filling out is time-consuming and daunting. Sometimes it becomes more difficult when they make mistakes. So they need to avoid reporting errors to end the administrative burden of IFTA (International Fuel Tax Agreement ) reporting.

At Pioneer Trucking Solutions we offer IFTA services for drivers and business owners. We aim to streamline the process, avoiding mistakes you usually make while filling. 

The main aspect of IFTA compliance is quarterly reporting. Your every report should be professionally filled out. If any mistake is made you may face difficulty. Below you will find reporting mistakes drivers or business owners make and how they can avoid them.

IFTA Services

1. Inaccurate Mileage Tracking

A common mistake driver make while filing IFTA filling is calculating inaccurate mileage. It is important to keep an accurate record of the distance travelled for future accurate mileage tracking. Fuel taxes are directly related to mileage so drivers or business owners should keep records of the distance travelled in the jurisdiction. Some fail to maintain precise records of the miles travelled in each jurisdiction

The Solution: Implement a reliable GPS tracking system and regularly cross-check with driver logs to ensure all mileage is accounted for accurately.

2. Mixing Personal and Business Travel

Sometimes drivers need to drive commercial vehicles for personal work. In that case, business owners or drivers forget to deduct personal miles driven in commercial vehicles while filling out IFTA reports. This common mistake creates difficulties when you forget to log every mile or you mix commercial miles with personal miles. 

The Prevention: Differentiate between business and personal travel in logs. Educate drivers on the importance of recording this information correctly.

3. Overlooking Grace Periods

IFTA shared the deadline to file reporting. A late filing will let you pay a fine. Forgot to send a report on time raises your filing expenses by including a fine. But sometimes IFTA provides a grace period for new vehicles which should not be missed in case you are busy and report late. 

The Strategy: Stay informed about IFTA deadlines and grace periods. Set reminders to file reports and update licenses within these timeframes.

4. Miscalculating Fuel Purchases

Most of the driver fail to maintain adequate fuel receipts or lose their receipts which should not be ignored to avoid error. Miscalculation due to inadequate fuel receipts can lead to discrepancies and the auditor may question you for your fuel purchase legitimacy. 

The Correction: Keep meticulous records of all fuel receipts. Use software that can help track and calculate fuel purchases for IFTA reporting.

5. Failing to report GPS or odometer problems

Another common IFTA reporting mistake usually made is ignoring odometer issues. If there is an issue with the odometer you should not ignore it and address it in filing. So if you fail to properly record mileage while driving it will not create a problem in filing if you properly reported it. 

The Approach: Develop a schedule for preparing reports well before the due date. Consider changing and repairing of faulty Odomoter for accurate filings.

Final Words!

Avoiding these common IFTA reporting mistakes will create issues in streamlining your filling process. IFTA Services offering companies address these issues and ensure compliance with IFTA regulations.