If you missed the IFTA deadline then you will have IFTA penalties to face. There’s no way around it, especially since the deadline was last week. Plus, the longer you wait to file, the larger the penalties will grow.
ExpressIFTA can help you quickly and easily generate your IFTA report so you can immediately complete your return, but what happens if you need help paying the amount of fuel tax you owe? Luckily we have a few solutions.
What To Do If You Can’t Afford Your IFTA Tax
We will start by going over the IFTA penalties. If you fail to file by the deadline you will face a penalty of $50 or 10% of the taxes you owe depending on which amount is higher. Your base jurisdiction also reserves the right to add a monthly interest charge to this amount. In Nevada, you will be charged 10% of the amount you owe plus the $50 fee.
If you make a late IFTA payment or don’t pay the amount you owe in full you will face a monthly fee of .4167% of the total amount you owe until it’s paid in full. Plus, in Nevada, you will face a series of administrative fees such as $100 the first time, $500 the second, $1,000 the third, and more.
In addition to these penalties, your base jurisdiction reserves the right to suspend or revoke your IFTA license. Then you will really find yourself in trouble without the ability to legally travel between jurisdictions.
However, this usually isn’t the case for first-time offenders. Your base jurisdiction will take a look at your case and your background before they decide to take further actions.
What To Do
If you can’t afford the amount of IFTA tax you owe then it’s best to use a credit card to fully pay the amount you owe then pay off your debt on a monthly basis. If you don’t fully pay the amount of fuel tax you owe interest will accrue and you may get your license revoked.
Instead of using a credit card you could take out a small loan to cover the amount you owe. Look at interest rates and minimum monthly payments to determine your best option.
If you don’t have good credit and can’t get a loan then still turn in your return by the deadline and pay whatever you can to lower the amount you owe. Then pay off the amount in increments as fast as you can. It may also benefit to contact your jurisdiction to explain your situation.
You can use ExpressIFTA’s innovative features to report all of your IFTA totals online. All your totals will be automatically calculated with 100% accuracy and placed in an IFTA report. You can email the report, print it, and even use it to instantly complete your return! If you need any IFTA assistance give the outstanding, US-based, ExpressIFTA support team.
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