Still haven’t been able to afford your IFTA payments?
We get it. IFTA payments
are expensive — especially if they put you in the red.
Unfortunately, you don’t have many options. IFTA compliance is mandatory and very strict. Failure to keep up with filing payments can land you in some pretty hot water.
What happens if you fail to pay IFTA
If you haven’t filed for the 3rd quarter yet, you’re going to be looking at a fee of $50 or 10% of the tax you owe, whichever is greater. Then for every additional month you’re late, that amount will increase by .4167%.
Unless you live in Nevada, where penalties are much steeper. The first-month fee is $50 plus 10% of the taxes due. Things get even more interesting after that.
Nevada charges .4167% of the tax due every month as well as an administrative late fee of $100 the first time, $500 the second time, $1000 the third time, $1500 the fourth time, $2000 the fifth time, and $2500 for every time after that.
If you needed any more incentive to pay on time, your base jurisdiction can also suspend or even revoke your license if you fail to file for IFTA.
What to do if you can’t pay IFTA
Basically, you have only one option if you want to stay afloat — pay your IFTA tax.
Consider using either a credit card or get a loan to spread out your IFTA payment. Chances are you could afford smaller incremental payments. Be sure to look into low-interest options.
Unfortunately, that’s about all you can do if you want to keep trucking.
One last thing
Here at Express IFTA, we can help you calculate your IFTA tax. Just enter your mileage and fuel consumption information and we will generate an accurate report that you can use to file IFTA.
That way you can be sure you’re not overpaying or underpaying IFTA.
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