If you’re operating a trucking service in Indiana and you’re still learning the ropes of computing fuel taxes, you’re not alone. Taxes can be quite challenging. Luckily, this article will give you some tips on how you can do your fuel taxes so you can experience less stress and less hassle. Read on for the amazing tips!
- Always Double Check Your Numbers
This is time-tested advice and one that works best. Mistakes in your computation for fuel tax can cost you money. So make sure you double or even triple-check your numbers. If you’re unfamiliar with how to do it, there are now companies that are not just simply a compliance office for trucking business licenses and the like, but also one that can offer to do your fuel taxes for you. Seek help if you need to.
- Always Know the Filing Dates
Depending on your average monthly liability, you may have to file for your fuel tax monthly, quarterly, or annually. Make sure you know the right date to file it. Like all other corporation filing requirements, the filing of fuel taxes is important so do it on time. Never file so close to the deadline so that in case you encounter problems, you still have a time allowance.
- Know What Makes Your Trucks Run
Knowing whether your trucks run on diesel or not is very important. As a trucking authority in Illinois, you’re going to have to be familiar with your trucks since when you file for your fuel tax, you’re going to be filling out different sections for this.