IFTA, IFTA, IFTA….right? One return after another. We actually should have said IFTA four times since you have to complete IFTA on a quarterly basis. That’s right your IFTA return is due 4 times a year!
Gosh, that means you have four IFTA fuel tax deadlines to remember, because if you don’t file by the due dates then you will be subject to fees and penalties. Heck, you could even get parked. We know you really don’t want that to happen so we’ve put together a list of 5 ways you can avoid IFTA penalties.
5 Ways To Avoid IFTA Penalties
We will start by going over the actual IFTA penalties. The penalty for filing late is $50 or 10% of the amount you owe, based on which amount is higher, unless your base jurisdiction is Nevada. Then the penalty for filing late in Nevada is $50 plus 10% of the fuel tax you owe.
If you make a late payment or pay less than the amount you owe then you will face a monthly fee of .4167% of the tax you owe per jurisdiction you traveled in until you pay the amount in full. In Nevada on top of that fee, you’ll face hefty administrative fees that go up each month. Plus, you base jurisdiction may revoke your IFTA license.
1. File by the deadline
That’s right, the first way to avoid penalties is to simply file by the quarterly deadlines. Each IFTA quarter has a reporting period according to quarterly calendar months. You must also pay the full amount of fuel taxes you owe by the deadline. Refer to the chart below for the quarterly reporting months and due dates.
2. Make sure to include all of the required information
If you fail to include one of the items you are required to report on your IFTA return then it could be rejected. If your IFTA return is rejected it’s up to you to correct it and retransmit it by the deadline. To complete your IFTA return you need to report your:
Total miles traveled by qualifying IFTA vehicles per jurisdiction, including taxable and nontaxable, and trip permit miles.
– Total gallons of fuel consumed by the IFTA qualifying vehicle per jurisdiction.
– The total miles traveled per jurisdiction.
– The tax paid gallons of fuel purchased per jurisdiction and
– The current tax rate per jurisdiction.
3. Make sure your information is correct
Everything these days is done quickly online and as a result, it can be easy to speed through forms and leave typos unnoticed. If important information like your name or address is entered on your IFTA return incorrectly then it could be rejected. Take your time while completing your return and double-check your information to make sure it’s correct.
4. Follow the guidelines for your jurisdiction
You need to complete your quarterly IFTA return with your base jurisdiction or home state, where your vehicle is registered in your name. Each jurisdiction has their own guidelines and regulations to follow. For example, some jurisdictions require you to complete IFTA in a PDF format, while others require you to complete your IFTA return online. Click here to see your specific jurisdiction requirements.
5. Use ExpressIFTA
ExpressIFTA makes completing your quarterly IFTA return quick and easy! You can instantly upload your fuel and distance records at your own pace. Upload your information per trip or for an entire month at a time with the quick entries screen. ExpressIFTA will handle every single calculation for you so you don’t have to worry about doing any math at all. Then we will automatically generate your totals into a quarterly fuel tax report that you can use to instantly complete your return.
We’re Here To Help
If you need any assistance the ExpressIFTA support team is here to help! We’re IFTA experts so you don’t have to be. Give us a call Monday – Friday from 9 AM to 7 PM EST at 704.234.6005. We’re also available via live chat and offer 24.7 email support at support@expressIFTA.com.
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