The International Fuel Tax Agreement is one of those things that just keep coming. Four times a year to be exact! If IFTA filing is already a hassle then it becomes even worse when simple mistakes are made on your return which causes it to be rejected. Here are important mistakes to avoid when filing IFTA online or anywhere else.
Important Mistakes to Avoid When Filing IFTA Online
On top of the impending HVUT Form 2290 due date coming up you also need to be aware of the 2nd quarter IFTA deadline on July 31st. You need to file your IFTA return with your base jurisdiction by this date or face outrageous penalties.
Filing Your IFTA Report Late or Not at All
We understand you are busy and the IFTA deadline always seems to sneak up on you. It is tough to dig up months of fuel records and mileage calculations. But you have to send your IFTA report on time to avoid penalties. Late submission or forgetting to file at all will lead to an automatic $50 or 10% penalty on the total tax amount, whichever is greater. Also, this could result in a dreaded IFTA audit.
Estimating Fuel Calculations
It might be tempting to save time by estimating your average miles per gallon and miles traveled at the end of the quarter, but it is essential to record all of the numbers accurately.
To receive your full refund or tax credit you will need to record all of your fuel receipt information such as your gallons purchased and where.
Not Logging Personal or Unloading Miles
All miles need to be reported on your IFTA return. Although it may seem irrelevant to report the miles you take during a trip to unload or for personal errands like food, it still needs to be included. It will raise a red flag on the IRS end if there is a gap between mileage on your log from day to day.
Waiting Until The Last-Minute
The struggle against procrastination is real. It is tempting to put off filing your IFTA return but given all the information you need to compile, procrastination is not your friend. As time-consuming as it may be, you have more than enough time to organize all your information to complete your IFTA report before the July 31st deadline.
File With The Best IFTA Software Available
If all of this information is slightly headache-inducing we totally understand. Which is why at ExpressIFTA we make IFTA reporting simple. Our IFTA software for reporting includes innovative features that let you upload your IFTA fuel tax information at your own pace. Upload your trip information as you go or all at once with each quick entry screen. You can even upload your miles from your fuel card.
Don’t worry about handling any complicated calculation yourself, because we will automatically calculate IFTA fuel tax rates for you. And all of your information will be kept in an easy-to-read report that can be easily printed and used to complete your return.
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