Fuel taxes comprise at least 20% of the price per gallon. While federal excise taxes are just above $0.18 and $0.24 per gallon for gas and diesel, respectively, diesel fuel taxes and gas taxes by state vary. The collection of these taxes is intended for the repair and maintenance of our roads and highways which is critical for commercial trucking fleets. But what about fleets and businesses that have off road equipment? These companies have two options. They can use a fuel card to purchase off-road diesel which doesn't include fuel excise taxes or apply for a fuel tax refund.
5 min read
If your company operates off road, or if you run a reefer vehicle that utilizes a separate tank, you should evaluate the pros and cons of using dyed diesel to fuel your fleet. Dyed diesel helps minimize your expenses by deducting road fuel taxes from your fuel purchases and avoids the time-consuming process of filing for fuel tax refunds.
Topics: IFTA/Taxes Fuel Cards
3 min read
The state of California offers various tax exemptions for businesses engaged in agricultural activities, like farms and nurseries. One such exemption affects the sales tax charged on diesel fuel. While it’s fairly well known that farms and nurseries qualify for this exemption, it’s less known that other businesses, like trucking companies that haul ag products, can qualify when they support agricultural and horticultural operations.
2 min read
That wonderful time of year is here…businesses scramble to dig up old receipts, maximize their deductions, and ensure they’re not leaving money on the table as they submit their final tax filing to the IRS. If you’re feeling the pressure of all this paperwork, it might be time to consider what steps you can take to minimize your stress next year.
3 min read
Fuel card reports help managers and accounting teams monitor and account for every dollar spent. For many companies, reporting tools are essential when evaluating different providers; it’s often a primary reason for using fuel cards to begin with. Reports should be generated in a timely manner, detailed with relevant transaction information and customized with the right information for the right personnel. To help evaluate these reporting services, we’ve identified five common reports that customers request when signing up.
Topics: IFTA/Taxes Fleet Management
13 min read
The Board of Equalization (BOE) in California recently increased the excise tax rate for diesel fuel from $0.16 to $0.36 per gallon, effective November 1, 2017. Rates are normally updated annually, and it’s important for commercial fleets and businesses that use off road equipment to stay on top of any changes. While the increase in excise taxes was nothing new, a BOE decision around the same time to revise its regulation concerning the “nontaxable uses of diesel fuel” was noteworthy. The enacted revision has the potential to make filing and recouping fuel tax refunds far simpler for companies with off road equipment.
3 min read
The International Fuel Tax Agreement (IFTA) is an agreement among the 48 contiguous states in the U.S. and 10 provinces in Canada to simplify the collection and redistribution of fuel taxes paid for by interstate and international motor carriers. If your vehicles cross state lines, you are required to complete IFTA reporting quarterly, and the process can be burdensome for your accounting and management teams. But it doesn’t have to be. By leveraging the right tools, you can save time and make filing your IFTA fuel tax report simple.