7 Important IFTA Reminders
Do you ever get the feeling that you’re forgetting about something? Maybe you left your toothbrush back at the truck stop? Or maybe you left your coffee on the checkout counter? The mind is mysterious. Sometimes things slip and we just can’t quite put a finger on it.
With the 3rd quarter IFTA filing deadline being only a few weeks away on October 31st, there’s no time for mental lapses! You need to file by the deadline in order to avoid getting hit with major penalties. However, don’t stress about remembering every single detail when it comes to IFTA because ExpressIFTA is here to help! Check out our checklist of important things to remember!
7 Things To Remember About IFTA
1. What is IFTA?
Before you file IFTA it’s important to know exactly what it is. IFTA is the International Fuel Tax Agreement. It was established to simplify the use of fuel by qualifying vehicles that travel in multiple jurisdictions (states) in the continental 48 United States and 10 Canadian provinces.
2. IFTA is Quarterly
Your IFTA return is due on a quarterly basis. That means you have to complete your IFTA return four times a year if you operate a qualifying vehicle in two or more jurisdictions. The IFTA deadlines include:
1st Quarter – April 30th
2nd Quarter – July 31st
3rd Quarter – October 31st
4th Quarter – January 31st
3. Don’t Forget About Your IRP Report
Just like with your IFTA report, you need to keep up with the miles you travel per jurisdiction for your IRP report. The amount you owe for your IRP tax is calculated by your mileage per jurisdiction. You can easily track your mileage for both IFTA and your IRP return with the help of ExpressIFTA.
Just keep in mind that you need your stamped Schedule 1 to complete your IRP return. That means you need to complete and pay for your HVUT Form 2290. ExpressTruckTax can help you quickly file and receive a copy of your stamped Schedule 1 via email within about 15 minutes.
4. IFTA Penalties
Don’t do the crime if you can’t pay the fine. Alright, so that doesn’t exactly rhyme, but you get the idea. If you fail to complete your IFTA return by the deadline you will have pricy penalties to face.
For example, if you fail to complete your IFTA fuel tax return by the deadline you will face a fee of $50 or 10% of the total tax due, depending on which is greater. Plus, a monthly fee of .4167% of the tax due will accrue until the amount is paid. On top of that, some states may even revoke your license for filing late! Also, Nevada imposes extra penalties on top of these!
5. Trip Reports
Keep all of your information organized in easy-to-read trip reports with ExpressIFTA. To start a trip select the person or vehicle you would like to report for and number the trip. Then enter the starting and ending dates for the trip and the odometer readings at the beginning and end of the trip.
Next, you will add your mileage and fuel usage per jurisdiction, along with the amount of fuel purchased per jurisdiction. After that, you will have all your trip information stored in one convenient location and can run trip reports for any time period to view your totals.
6. Use ExpressIFTA
ExpressIFTA makes IFTA reporting easy. You can enter all of your information at your own pace, either per trip, a month at a time, or all at once. You can even upload information directly from your GPS. After you finish entering your information for the quarter we will compile all of your information into an IFTA report that you can print, email, and use to instantly complete your IFTA return!
7. Our Team Is Here To Help
If you have any questions please don’t hesitate to contact the dedicated ExpressIFTA support team. We’re available Monday – Friday from 9 AM to 6 PM EST at 704.234.6005. We also offer live chat and 24/7 email support at support@support@ExpressIFTA.com.
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