Colorado IFTA Information
Colorado is formerly known as the “Centennial State” and is home to roughly 5 million people. In order to obtain a Colorado based IFTA license you must complete and submit your application to the Department of Revenue. Colorado currently has no fees or charges to receive an IFTA license.
Colorado State IFTA Requirements Colorado
Just like all other truckers, you have a lot of questions about IFTA. What is the purpose of the IFTA? Does IFTA apply to you? How and when do you report quarterly fuel use taxes? Is there a way to simplify the paperwork? We understand that the more time you spend driving, the more money you make. So, here are some basic facts about IFTA that will clarify the main points of IFTA Colorado licensing and how they affect you.
What is the purpose of the IFTA? The International Fuel Tax Agreement was created to simplify fuel use tax collection and disbursement. Members include 48 contiguous states in the U.S. and 10 Canadian provinces. Each jurisdiction has its own tax rates and may define what is taxable activity and what is exempt.
Does IFTA apply to you? You are required to obtain an IFTA license if Colorado is your base jurisdiction and you operate a qualified vehicle in two or more member jurisdictions. Your vehicle qualifies if it is a two-axle or three-axle vehicle with a GVW exceeding 26,000 pounds. File your original IFTA license application here. After filing, they will send you IFTA stickers and IFTA permits via mail.
How and when do you file quarterly fuel use taxes? Fuel use taxes must be reported quarterly (four times a year). The return is filed with your base jurisdiction for fuel purchased and consumed in each jurisdiction on your route. More information about filing the Colorado IFTA fuel tax form can be found here. The due dates for each quarter are as follows:
Quarterly IFTA Due Dates
|Q1 January – March||April 30|
|Q2 April – June||July 31|
|Q3 July – September||October 31|
|Q4 October – December||January 31|
IFTA Renewal Application & How to Get IFTA Stickers
IFTA licenses are issued for one year, expiring on December 31st. In Colorado, the license is automatically renewed if all fuel tax returns are filed and paid, and the carrier is in compliance with Colorado base jurisdiction requirements. You will be notified in November if your account is not in compliance. If you are compliant, your new IFTA permits and IFTA decals will be sent to you in December.
This is a lot of information to absorb all at once. But, you’re not alone in hoping for a simpler way to stay on top of the paperwork and meet the reporting deadlines. There is a way. Many truckers today are taking advantage of a trucking management software to help them organize all aspects of their business.
Benefits of Trucking Management Software
The last thing a driver wants to do is miss an IFTA deadline and be forced to stop driving until the matter is resolved. Lost profits and heavy fines or penalties can add up quickly. Not to mention those truck loan payments that keep coming whether you’re driving or not! You need to be organized to prevent these consequences. At TruckingOffice, we will organize and simplify your business.
We will make sure you are compliant, so that you only pay what you owe and spend more time on the road. Contact us today. We will be happy to answer your questions. Find out how you can benefit from using TruckingOffice.
TruckingOffice makes filing your quarterly IFTA easy by keeping all of your information in one place. We track everything you need for IFTA including miles by state and fuel gallons by state. Your miles are calculated automatically using PC*Miler. Start filing your IFTA the easy way today!