5 Ways To Avoid IFTA Penalties

The 4th quarter IFTA deadline is officially on its way, so we hope you will be prepared to file by the January 31 deadline. Our 5 ways to avoid IFTA penalties should help. If you miss the deadline you will have penalties to face and your risk of getting audited could increase.

Don’t settle for expensive penalties, make things easier by simplifying completing your return by the deadline with the help of ExpressIFTA. Check out the best ways to avoid IFTA penalties and start reporting for the 4th quarter now!

5 Ways To Avoid IFTA Penalties

1. Keep Detailed Information

First of all, keep up with all of your information that’s required to complete your return. Keep up with your fuel receipts, mileage records, and trip logs. This way if you’re audited and when you’re prepared to complete your return you will be able to reference all of the information you need.

However, keeping up with all of your data doesn’t have to be a hassle. Simply use ExpressIFTA to keep all of your information in one convenient location. You can upload your fuel receipts, import your mileage form your GPS, keep detailed trip records, and more.

2. Make Sure Your Information is Accurate

You can be penalized and audited for providing the wrong or incorrect information. That’s why all of your calculations on your IFTA report need to be correct. Luckily, ExpressIFTA will do all of the complicated calculations for you to provide 100% accuracy for your IFTA report.

Also, you will want to avoid typos and errors. Take the time to make sure sensitive information like your name and address are entered correctly on your IFTA return or it could be rejected.

3. Make Sure you Include all of the Required Info

If you fail to include all of the information that’s required to be complete your IFTA return it could be rejected and increase your chances of being audited. Then you will be responsible for correcting your information and retransmitting your IFTA return by the deadline.

In order to complete your IFTA return, you need to include your:

  • Total miles traveled per jurisdiction. 
  • Total gallons of fuel consumed per jurisdiction. 
  • Total tax paid gallons of fuel purchased per jurisdiction and 
  • The current tax rate per jurisdiction. 

4. File by the deadline

The best way to avoid penalties is to simply file by the deadline. You can make it easier to quickly file by each quarterly deadline by tracking your totals and created IFTA reports with ExpressIFTA. The IFTA reports will include all the information you need to complete your returns. Also, here are the IFTA deadlines:

  • 1st Quarter – April 30th 
  • 2nd Quarter – July 31 
  • 3rd Quarter – October 31 
  • 4th Quarter – January 31

5. Prepare with ExpressIFTA

Don’t let your IFTA return take you hours to complete each quarter and don’t raise your rate by having to pay expensive penalties. Simplify IFTA with ExpressIFTA’s innovative, online reporting system to keep all of the required information you need in an easy to access location.

Plus, if you have any questions along the way the dedicated, US-based ExpressIFTA team is here to help. Give us a call Monday – Friday from 9 AM to 6 PM EST at 704.234.6005. You can also reach us via live chat and through our 24/7 email support at support@ExpressIFTA.com.

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