5 Common IFTA Mistakes That Cost Truckers Money
Avoid audits and penalties by steering clear of these common IFTA reporting errors. Tips for better record-keeping and compliance.
Don't Let These Errors Hurt Your Bottom Line
IFTA audits can be stressful and expensive. Most issues arise from simple, preventable mistakes. Here are the top 5 errors to watch out for:
1. Gaps in Mileage Logs
Your odometer readings must be continuous. If a trip ends at 100,000 miles, the next trip must start at 100,000 miles. Unexplained gaps are a red flag for auditors.
2. Estimating Distances
Never guess your mileage. Auditors expect precise GPS or odometer data. Rounding off numbers (e.g., writing "500 miles" exactly) looks suspicious.
3. Missing Fuel Receipts
Credit card statements are often not enough. You need the actual fuel receipt showing the date, vendor, location, gallons, and fuel type. Use a receipt scanner to digitize them immediately.
4. Ignoring Personal Miles
Even if you're driving your truck for personal reasons (bobtailing home), those miles still count towards your total distance and affect your MPG calculation.
5. Waiting Until the Last Minute
Rushing leads to math errors. Prepare your reports throughout the quarter, not the night before the deadline. Consistent logging makes filing day a breeze.
Audit-Proof Your Business: The best defense against an audit is perfect records. FastIFTA's AI Receipt Scanner and mileage logger ensure you have a digital paper trail for every gallon and every mile.