It’s that time of the year again, and we’re not talking about Fall. We’re talking about filling your 3rd quarter IFTA report!
If you drive a qualifying vehicle, it is time to generate your 3rd quarter IFTA report! Filing your 3rd quarter IFTA is now open and can be completed anytime before the deadline. The last day to file your 3rd quarter report with your base jurisdiction is November 1st!
You don’t want to miss this deadline and find yourself face to face with unwanted hefty penalties issued by the IRS!
What Vehicles Qualify for IFTA?
Only qualified vehicles need to file an IFTA report with their base jurisdiction. This report should include every jurisdiction that qualified vehicles were driven in.
A vehicle qualifies for IFTA if it matches any of the descriptions below:
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 or more axles, regardless of weight
Or it has a combination weight exceeding 26,000 pounds.
What Do You Need To File?
To generate your 3rd quarter IFTA report, you need to have a record of the miles you drove and the gallons of fuel that you purchased in every state.
These records need to be reported from July 1st, 2021 through September 30th, 2021. It is important to have this information on hand and ready in order to simplify the reporting process.
To complete the return, you need to have 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.
Where Do You File Your IFTA Report?
After your report is generated, you need to file it with your base jurisdiction. Your base jurisdiction is the home state that you operate out of.
Every state has its own process when it comes to filing your IFTA reports. Most states have their own portals where you have to make an account to file the report.
It’s important to figure out what your base jurisdiction’s process for filing is so you can ensure your return is completed on time!
What Penalties Are Given For Late Reports?
Unfortunately, missing a deadline happens every now and then. But don’t worry! Missing the deadline isn’t the end of the world, but you will be faced with hefty IRS penalties!
If the report is filed late, you will receive a penalty of $50 or 10% of the IFTA tax due, whichever amount is greater.
Every additional month the IFTA report is late, you will receive additional charges. Each month that it is late, you will be charged an additional interest of .4167% of the total amount due until the full amount is paid off.
Another reason that it is important to file your IFTA report on time is that your base jurisdiction can fine you further or even revoke your IFTA license!
Why Use ExpressIFTA?
Using ExpressIFTA makes generating your IFTA report simple and easy! We provide features and tools to ensure an accurate and quick report for your IFTA.
You don’t have to worry about calculating any of these complicated equations when you use ExpressIFTA. We handle all of those calculations in our program so you never have to! We have all the updated tax rates and also provide your IFTA report in the format required by your jurisdiction.
ExpressIFTA also stores all of your previously generated returns and files so, in case you are audited, you have access to them all in one place!
With ExpressIFTA, you can even bulk upload all of your information at once. With this feature, you can upload the totals per trip all at once rather than having to manually input each total individually. What a time saver!
If you ever need any help when generating your IFTA report, the support team at ExpressIFTA is always here to help! Our live support team is available to help answer your questions at 704.234.6005 from Monday – Friday from 9 AM to 6 PM EST all the way through the deadline. ExpressIFTA also provides the email support at support@ExpressIFTA.com!