IFTA Q3 Returns Are Due By October 31st 2015

Just like last quarter, you have to report your IFTA returns this quarter too. It is common for all IFTA Licensees to submit fuel tax reports every quarter of the year. The third reporting quarter for IFTA returns (July to September) is due on October 31st 2015. You have time till October 31st 2015 to prepare your IFTA returns, and get it post marked to avoid penalties & interests as will be considered as “Filed on time”.

Details Required for Online IFTA Preparation:

The basic information that is requires for preparing an IFTA return are listed below.

  • The miles you traveled in each jurisdiction
  • Total miles you have traveled for the reporting period.
  • Gallons of fuel purchased in each jurisdiction
  • Most importantly your IFTA License Number

If you own additional facilities in your vehicle for storing fuel in bulk, the records stating the fuel stored. (Including in which jurisdiction it was purchased)

Fuels that IFTA Covers:

The reporting requirements will vary according to each jurisdiction you report to. It will be based on the same jurisdiction’s established laws and regulations. In general, you have to report all those fuels that you use to power your vehicle.

Penalties for Late Filing:

You will be charged a penalty of $50.00 or 10% from the net tax amount you are liable to pay, whichever is greater. If your total liable tax is zero or even if owed a credit, still you will be charged a penalty of $50.00 for late filing.

These penalties are common for late-filing, failing to file and under payments.

The quarterly IFTA reports must be submitted even if:

  • No taxable miles were traveled during the reporting quarter.
  • All those miles you have traveled were within your base jurisdiction.

So remember, by October 31st 2015, you must prepare and file your third quarter fuel tax.  Preparing IFTA         returns is a tedious task, as some serious calculations are involved. Taxifta.com comes to your rescue by taking away the load of calculations from your way. Log on to www.taxifta.com and prepare your IFTA returns within minutes. Our Tax Experts are always available for your assistance @ 1-866-245-3918, you may also write to them @ support@taxexcise.com.