In addition to heat waves and barbeques, one thing that should be on your radar right now is truck taxes! The 2nd quarter IFTA deadline on August 2 is actually almost here so don’t let it sneak up on you. Check out all of these important IFTA facts you should know!
The 2nd Quarter IFTA Deadline Is This Month
It’s important to stay on top of all your taxes. If you need a little refresher, IFTA (International Fuel Tax Agreement) was put in place among the 48 continental United States and 10 Canadian provinces.
IFTA was created in order to simplify the reporting of fuel used by qualifying motor vehicles that travel between two or more jurisdictions. The calculations in IFTA help figure out how much of the taxes to equally distribute to each jurisdiction.
Your vehicle qualifies for IFTA if:
It has two axles and a gross weight exceeding 26,000 pounds
It has two axles and a registered weight exceeding 26,000 pounds
It has 3 more axles regardless of weight
Or it has a combination weight exceeding 26,000 pounds.
To comply with IFTA you will apply for your IFTA license with your base jurisdiction or home state. You will then keep your IFTA license in your cab at all times. Plus, you will receive two IFTA decals that you will need to display on your driver’s side door. Also, of course, you will need to complete your quarterly IFTA return.
In order to complete your IFTA return you will need to provide the following information:
Total miles traveled per jurisdiction, including trip permit miles
Total gallons of fuel consumed per jurisdiction
Total tax paid gallons of fuel purchased per jurisdiction
And the current tax rate per jurisdiction.
If you fail to file your IFTA return you will have penalties to face. For example, failure to file by the deadline will result in a penalty of $50 or 10% of the IFTA tax due, depending on which amount is greater.
You will also face a monthly interest charge of .4167% of the total amount due until it’s paid in full. Plus, your base jurisdiction reserves the right to fine you further and revoke your IFTA license!
Good thing you have ExpressIFTA here to help make IFTA reporting quick and easy. We provide all the tools you need to track all of your IFTA totals online in one convenient location online. You can upload your totals per trip, at a month at a time, or even all at once with the bulk upload feature.
Plus, we will handle all of the math for you by accurately calculating all of your IFTA totals in a quarterly IFTA report. The report can be downloaded, printed, emailed, and used to instantly complete your IFTA return!
If you need any assistance with your IFTA report, contact the outstanding, US-based 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@ExpressIFTA.com.