IFTA is one thing that just keeps on coming. Four times a year to be exact! If filing is already a hassle then it becomes even worse when simple mistakes are made on your return which causes it to become rejected.
If this is the case, relax because there is a much simpler way to handle all of your IFTA needs. Use ExpressIFTA, the market leading IFTA reporting software to easily track your totals and to create quarterly IFTA reports that can be used to instantly complete your return. To make your life even easier we’ve put together a list of the most common IFTA mistakes to avoid so your return will get accepted the first time.
Common IFTA Mistakes
1. Not Tracking All Of Your Fuel
You are required to report your fuel usage, amount of fuel purchases, and tax paid on each gallon of fuel purchases per jurisdiction. To help you remember all of your totals and to make sure you enter everything correctly in your ExpressIFTA account. However, it’s best to actually keep all of your receipts.
Now we know it can be a hassle to keep hundreds of receipts, but maybe you could keep them in a box or snap photos of them on your smart phone and store them in a folder to reference later. The TruckLogics App will actually let you store photos for your expense records.
2. Entering The Wrong Information
You need to make sure that you correctly enter your name, business details, and vehicle information on your IFTA return. Otherwise, it could easily get rejected. Take your time while entering your sensitive details then go back and double check your information to make sure it was entered correctly.
3. Not Entering all of Your Trip Log Information
ExpressIFTA will easily track all of the totals you need for your IFTA return as long as you enter your information correctly. This means enter everything required for your trip logs for all of your trips.
You need to enter the starting and ending date, starting and ending location, odometer reading at the beginning and end of the trip, plus any stops made. Then ExpressIFTA will accurately calculate the miles traveled per jurisdiction for you. You can enter your trips as you go, or by month with the quick entry screen.
4. Filing late
Your IFTA returns must be submitted by the quarterly deadlines or you will have penalties to face. Late filers will face a penalty of $50 or 10% of the tax due, based on which is greater. Interest will accrue on this amount at a monthly rate of .4167% until you pay the amount you owe. The penalties given by your base jurisdiction will also apply, so be sure to turn in your IFTA return by midnight of each deadline day.
5. You Aren’t Using ExpressIFTA
The habit of scribbling fuel records on papers to keep track of in your truck and doing complicated calculations yourself is over. Easily track your mileage and fuel records per jurisdiction with ExpressIFTA to keep all of your information in one convenient location online.
ExpressIFTA will automatically calculate the amount you owe for you so you don’t have to do any complicated calculations yourself. Your Mileage and fuel totals will be calculated in an IFTA report that you can use to instantly complete your return.
We’re here to make sure IFTA isn’t confusing. If you need any assistance please don’t hesitate to contact our dedicated ExpressIFTA support team. We’re available on the phone 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@expressIFTA.com.
3,225 total views, 3 views today