Throughout the existence of our company, we have helped more than 100 companies file their Quarterly Fuel Tax Returns on time. So, you may ask why IFTA is important? IFTA allows interjurisdictional carriers to report and pay taxes for the fuel their vehicles consume across states using a single fuel tax license. If there were not any IFTA, as it was some years ago, Motor Carriers would be receiving fuel permits from every state they enter. Which is time consuming and imposes serious additional costs. By the establishment of IFTA, the fuel reporting of each state made it really easy and nowadays each state can file it online. However, when calculating it, the companies should be careful. Every mistake made may attract the auditors.
IFTA is calculated quarterly and if filed late, the companies and individuals should pay the late fee of $50. The amount of each quarter filing will be based on the amount of miles traveled and gallons of fuel purchased at each state.
Below is a list of the IFTA return due dates for each reporting quarter:
1st quarter (January to March) — April 30
2nd quarter (April to June) — July 31
3rd quarter (July to September) — October 31
4th quarter (October to December) — January 31