If you are a trucker, you know about IFTA reporting and that it is done on a quarterly basis.  Whether or not you are responsible for doing it or your company does it for you, it needs to be done on a quarterly basis.  All those fuel receipts need to be accounted for and reported.

The quarters for IFTA are as follows:  

January – March and are due April 30^th

April – June and are due July 31^st

July – September and are due October 31^st

October – December and Due January 31^st

You are required to report the following information with IFTA:

Miles in each state traveled and licensed in for the quarter

Fuel purchased in each state traveled and licensed in for the quarter

Fuel price per gallon of each purchase in each state traveled and licensed in for the quarter

All states require you to file your information quarterly and on time with them or be prepared to pay a fine.  Don’t expect any extensions on time, your state has heard every excuse in the book and can be pretty unsympathetic regardless of your excuse.

Some states will offer electronic reporting on the internet at their website.  Check with your state if this is available to you.  Otherwise your state will provide you with the tax rates and a reporting form for you to complete and mail back before the quarterly deadline.

To find the IFTA rates, visit their website at www.iftach.org and don’t forget that this information is FREE to everyone, no membership fees required.  Click on Compliance Tax Rates and then the quarter.  There is even an area to Download Tax Matrices which comes in very handy if you are licensed in more states than not.  Decide on what format you want and download the information to your computer.

Keeping track of all those little fuel receipts can be a real pain, but if you have a way of tracking it electronically, so much the better.  There are quite  a few different trucking software programs available such as www.easytruckingsoftware.com that will provide the tools needed to help you do your IFTA reporting by providing you with reports.

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At the top of my list is dealing with a reputable Insurance Agent.   

To find a reputable agent, ask other truckers who they use and what they think of their insurance and agent.  Dealing with someone in your own community is preferred.  There are quite a few “independent agents” in every area around the country to choose from that will deal with a variety of insurance companies.  You also one an agent that has experience with trucking insurance.  

To check up on the reputation of an agent do a search in your state by entering your state initials, i.e. WI for Wisconsin, and Insurance Commissioner (WI Insurance Commissioner).  This should give you a start to find your information on-line about any agent or a number you can call in the Commissioners office.

Now that you have found an agent, ask for a coverages and premiums comparison from several different insurance companies your agent deals with.  Your driving record will also factor in for the bottom-line premium.   Have your current insurance information handy for when you talk with the agent.  They will undoubtedly have a list of questions concerning your current coverage.  Also think about and mention any changes you may want to consider making to your coverage.

If you already have or are thinking about buying your own trailer, mention this fact to the agent for your premium quote.  

Ask if the agent will give you a package deal by offering them your personal business for your home and auto coverages, plus any “toys” you may have stashed in your garage or storage building such as snow mobiles, motor cycles, goats, ATVs, and so on.    Most insurance companies have packaged plans for personal insurance coverages that you can take advantage of and save some money in the process.

Ask for the best deal they can possibly give you and tell them you are shopping around so they know you are serious and mean business.  Ask about premium payment plans and what they are and the cost you.  Sometimes if you have a monthly automatic electronic funds transfer (EFT) for your premium you can save some money.  And sometimes if you pay your insurance annually, you get a bigger break.  But ask before you commit to anything.

The higher deductible you take the lower your premium can go.  You decide what is right for you concerning the deductible.  A quick definition for deductible is what you can afford to spend out of your own pocket in the event of an accident.  Some people have more money set aside just for this so they would want to take a higher deductible to lower their premium.  Or you can figure what you save by taking a higher deductible and put it in the bank.  You decide what is right for you and your budget.

Insurance is a necessary thing to have and you want to get the best deal you can for your trucking business.  Also review your insurance coverages on an annual basis for any changes you want to make.  You sometimes can’t prevent someone else from hitting you and having good insurance coverage will help you transition through the claim process a little better.

Easy Truckin is brought to you by Easy Trucking Software. We hope you enjoy it.