Get the free 4497, IFTA Fuel Tax Payment/Proposed Adjustments Coupon. 4497, IFTA Fuel Tax Payment...

Instructions: This form is to be used for payment of an electronically ?led IFTA tax report or for payment of an adjustment to your report that was initiated by the Department of Treasury. If you

How to fill out 4497 ifta fuel tax

How to fill out 4497 IFTA Fuel Tax:

1. Gather all necessary information: Before filling out form 4497 IFTA Fuel Tax, make sure to collect all required details such as your vehicle information, fuel purchases, and mileage traveled in each jurisdiction. This includes the date of fuel purchases, the number of gallons purchased, the state where the fuel was purchased, and the distance traveled in each jurisdiction.
2. Calculate your total fuel consumption: Determine the total number of gallons of fuel consumed during the reporting period. This can be calculated by subtracting the beginning fuel inventory from the ending fuel inventory and adding any fuel purchased during the reporting period.
3. Record mileage traveled in each jurisdiction: Keep track of the distance traveled in each state or province you operate. This can usually be obtained from your trip sheets or electronic logging devices. Note down the miles traveled in each jurisdiction separately.
4. Calculate your fuel consumption per jurisdiction: Divide the number of gallons consumed in each jurisdiction by the total mileage traveled in that jurisdiction. This will give you the fuel consumption rate per mile for each jurisdiction.
5. Complete the form: Carefully fill out form 4497 IFTA Fuel Tax using the information collected. Enter the required information in the appropriate fields, including your company name, account number, and the reporting period. Then, input the fuel consumption rates per jurisdiction and the corresponding mileage traveled.

Who needs 4497 IFTA Fuel Tax:

1. Trucking companies: Trucking companies that operate vehicles weighing over 26,000 pounds or with three or more axles are required to complete form 4497 IFTA Fuel Tax. This applies to both interstate and intrastate carriers.
2. Buses and motor coaches: Businesses or individuals that operate buses or motor coaches that meet the weight and axle criteria mentioned above also need to file form 4497 IFTA Fuel Tax.
3. Owner-operators: Independent truck drivers who own and operate their vehicles also fall under the scope of filling out form 4497 IFTA Fuel Tax. They need to track their fuel purchases and calculate their mileage traveled in each jurisdiction to accurately report and pay their fuel taxes.

Remember, it is important to consult with your state's tax department or an accounting professional to ensure you are following the specific regulations and requirements for your jurisdiction.

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