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Taxes


Home Heat Tax

By: Ryan Wolfe / Posted on: October 23, 2019

Seattle is making an attempt to move aggressively towards cutting the city emissions.   In September, Mayor Jenny Durkan signed a bill that would tax home heating oil an additional 24 cents per gallon.  This tax would be on top of the existing 10% heating oil tax that currently exists for the residents of Seattle.  This tax will take effect starting during the summer of 2020. 

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IFTA Tax, who pays, and who doesn’t?

By: Daniel Guttman / Posted on: October 8, 2019

The 3rd quarter of the year ended just a few days ago and trucking companies all over the country are reconciling fuel purchases and miles driven to ensure proper International Fuel Tax Agreement (IFTA) tax filings. If you are not in the trucking business, IFTA is just another acronym to be thrown around, but here is a quick run down so that you can look smart at social gatherings or answer a jeopardy question in the future.

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The Tax Man

By: Peter Haralambakis / Posted on: July 2, 2019

Every year on July 1st, new state fuel excise taxes are ushered in and yesterday was no different. The chart below lists the increases sorted by highest to lowest. Keep in mind this is on top of the existing state tax. Federal tax is $0.1840 per gallon. This year’s winner is Illinois with a whopping $0.19 per gallon increase. Illinois is one of seven states where drivers pay layers of both general sales tax and special excise tax on gasoline at the state and local levels. Those multiple layers mean drivers filling up in Chicago, for example, will pay $0.96 in taxes and fees on a $2.46 gallon of gasoline which equal a tax burden of 39%. The new Illinois taxes are ear marked for an aggressive infrastructure plan. To be fair, Illinois hasn’t raised the gas tax since 1990.

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What impact will Trucking Companies and their Drivers see this year when filing 2018 taxes?

By: Pam Corn / Posted on: February 26, 2019

The newly signed tax bill, Tax Cuts and Jobs Act, has gone into effect and has significantly limited itemized individual tax deductions that are available to trucking companies and their drivers.

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A Quick Guide to IFTA Fuel Taxes

By: Jon Babyak / Posted on: January 25, 2019

Everyone involved in the world of commercial trucking is familiar with the term IFTA (International Fuel Tax Agreement), but not everyone knows why IFTA exists and what its intended functions are.  IFTA is an agreement between the majority of U.S. states and the majority of Canadian provinces designed to simplify the way that commercial truck or bus drivers who travel through multiple tax jurisdictions report the taxes on the fuel they purchase. 

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