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Tips on completing the Ifta Application 2012 Form

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hey what's up everybody is david mcgill.now in this video I had a question from.a subscriber that asked if I can do a.video explaining how to do if the tax.returns so in this video I'm going to.break down the information you need to.complete your quarterly if the tax.returns now before I get into the.calculation let me explain what exactly.if the even is so it's spelled IFTA and.it's an acronym for International fuel.tax agreement now basically what this is.is there is a tax that you pay on fuel.and depending on where you purchase your.fuel from versus where you're traveling.the state where you paid the tax they.may be required to split that money with.the states that you drove in so we have.to file this tax return every quarter.where we report the miles that we travel.in each state along with the number of.gallons of fuel we purchase in each.state so now that we kind of have a.general background of this quarterly tax.filing I'm going to get into the break.out of you know how I compute the.information needed for its filing now.it's gone the actual filing itself is.going to vary by state here in Indiana.I filed my if two taxes for myself and.for my clients online through the.Indiana portal now if you live in a.different state the portal may be.different however the information that.you're going to need in order to.complete that tax return is gonna be.pretty Universal and standard across the.board now the first thing you want to do.when you're you know coming up with your.work papers for your tax return is you.want to look at how many miles you.travel in each state for a particular.quarter now where can you get that.information from most companies are.required to you know use electronic logs.so.pending on which electronic logging.company you're using a lot of times the.GPS trackers that are you know installed.on the device they also track how many.miles you're driving in each state so.every quarter I look at my logs and I.run the if the reports where I can see.all right here are you know in this.example I'm only traveling the Midwest.in these five states well I can run my.report and see how many miles are travel.in each state so that's the first thing.you know that out that out that I put on.my spreadsheet so for example sake let's.say in Indiana I travel you know five.thousand miles this quarter.Kentucky let's say it was two thousand.Ellen Oy let's say five hundred let's.say Ohio a thousand.let's say Michigan 1,500.so the total miles that I travel this.quarter we're 10,000 miles and again I.was able to get this information from my.electronic log reports once we have the.miles travel the next important thing.that we need is how many gallons of fuel.we purchased in each state now how do we.get that information well when you're.buying fuel you're gonna get a receipt.so what I do is for my clients who are.just you know they don't have a fuel car.and they just buy fuel you know as they.need it you know paying in cash they.drop off a ton of receipts to me I go.through each receipt and I separate them.by state so I have all of my indiana.fewer seats in one category you know in.one box I put all my of Kentucky.receipts in another box now I once I.have those you know state separated I.then go through and I look at our tally.up how many gallons of fuel were.purchased in each state so I'm sitting.down with my calculator or my.spreadsheet and I'm just adding up every.Indiana receipt the number of gallons.that were purchased once I'm done with.Indiana you know I'll make you know I'll.make my my notes in my spreadsheet so.let's say the number of gallons in.Indiana purchased were a thousand and.then I go on to each other state that I.have fuel receipts and I do the same.thing there oh you know Kentucky maybe.500 Illinois I may not have any receipts.for Illinois Ohio that could be a.hundred and Michigan for example say.could be um let's just say 400.so the total gallons purchased would be.a thousand now once I have this.information once I know how many miles I.traveled in each state and also how many.gallons of fuel I purchased in each.state I can then you know go into the if.the tax return and enter that.information in the appropriate boxes.there's gonna be somewhere on your.return it's gonna ask you hey which.states did you travel in and you'll list.those states then it's gonna say how.many miles did you travel in each state.you'll go ahead and enter the maus.travel in the appropriate box then.you'll do the same thing for the gallons.of fuel that you purchased now a quick.tip on the fuel purchases so if you're.somebody who so let's walk this out if.you buy fuel cash or you know you use.your debit or credit card you know every.time and you don't have a fuel cart if.you go in and prepay for your fuel let's.say you go in and say hey I want 200.gallons on pump 20 they're gonna give.you a receipt right then and there it's.gonna be a prepay receipt and it's gonna.show that you spent $200 on fuel and it.was for pump 20 most people will go out.they'll fill up their trucks and then.once they're done they'll leave and they.have this receipt that shows they put.$200 worth of fuel in their truck well.the problem with that receipt is it.doesn't list the number of gallons that.you purchased so in the event that.you're gonna prepay for a few once you.do once you once you're done pumping.you're pumping your diesel or you know.your gas go back into the into the truck.stop or into the gas station and that's.for a finalized receipt once you have.that finalized receipt is gonna show you.know what state you purchased the fuel.in how much you spent in total for the.fuel and also how many gallons of fuel.you bought because that gallons number.is.going to be the number that you're gonna.enter on your if the spreadsheet another.simple another way to help simplify the.gallons purchased calculation is by.getting a fuel card not just a credit.card but specifically a fuel card.because if you have that fuel card.chances are you'll get a monthly or.weekly statement or however often they.bill you you'll get a statement that.statement is gonna list out where you.bought fuel from buy state also how many.gallons you bought and what's your total.what your total fuel purchase was so.instead of having to go through you know.a shoebox full of receipts and tallying.up this information by state if you're.using the fuel car a lot of that.information is going to be summarized.monthly for you already.so it'll save a little bit of time in.this preparation piece now hopefully.that explained um you know how you get.the information for your fuel tax for.your if the fuel tax return well before.before I close I want to point out one.other thing in this example you'll.notice we have fuel in more sand in.fewer states than we've actually.traveled in and maybe at first glance.that may seem odd but if you think about.it if you traveled in Illinois 500 miles.but you didn't purchase any fuel there.all that means is you know you had.enough feet like you just drove through.Illinois or you just across the state.line came back and bought fuel in a.different state so this isn't this isn't.I for you to have miles traveled in the.state but not not gallons purchased what.would be I'd though and you know you'd.have a problem in your in your records.if that was flipped the other way around.if you've purchased fuel in a state you.should have corresponding miles travel.for that same state because how else.will how are you in the state.to purchase few if you didn't you know.drive any miles in the state so if you.find yourself with a problem like that.I'd recommend that you go back in you.know and double check your trip reports.also you know you're a logs to make sure.that all the information that you're.entering and your fuel tax return make.sense now hopefully that answered your.question of frits and anybody else if.you have any questions feel free to.leave a comment in this video and like I.said before if enough people are asking.the same question I shoot a video on it.to hopefully help help you know help out.a group of people please like this video.leave a comment like I said and also.subscribe to the channel if you haven't.already another thing if you know.somebody who could benefit from this.information please feel free to share.with them as well thanks again for.watching.

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Ifta Application 2012 Form FAQs

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How do I fill out an application form to open a bank account?

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You are asking for cpt examination or cpt registration If for registration then sorry but now you can only register for CA foundation If you have registered yourself for cpt before then for filling exam form go to icaiexam.icai.org and you will find all details there. Best of luck

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There is a detailed instruction on how to fill up the form on the CAT website. Both written and a video format. The instructions are easy to follow. If you still find it difficult talk to a faculty if you are taking coaching in any institute or anyone known to you who has already filled the form.

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The IIFT application form process is in online mode only while to make the payment, candidates can opt for the online as well as offline mode. The end date to submit the IIFT application form has also been extended till September 15, 2017. Check the steps to register for IIFT Application Form 2018 .

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