If you own your own business and have never heard of fuel excise tax recovery, you are certainly not alone!
At TIP, we have worked with countless clients over the past 20 years who had no idea that when it came to fuel excise tax, they had left behind plenty of money on the table.
Even companies with personal accountants or who work with large CPA firms may be unaware of this financially beneficial scenario, and that they have money they can claim to boost their business.
The reason why fuel excise tax is often overlooked is fairly simple. For one thing, because it is so specialized and complicated, even the most knowledgeable accountants in the world have trouble deciphering this unique aspect of tax law.
Also, fuel excise tax is only relevant for very specific industries and types of businesses. So while a law practice, retail shop, or at-home startup company may not benefit from exploring their options when it comes to fuel excise tax recovery, countless other businesses that do work outside of a brick-or-mortar location may.
So what types of businesses should explore their options when it comes to fuel excise tax recovery? The answers may surprise you.
Businesses That Depend on the Water
Does your business depend on being able to access the following in your specific corner of the country?
- Ocean
- Bays
- Rivers
- Lakes
Then there’s a good chance that you may qualify for fuel excise tax recovery. Businesses that work on the water can vary greatly. They can include a wide range of both practical and recreational operations.
For example, if you run a charter boat service, you may spend money on fuel to shuttle your clients out to exceptional fishing grounds in your area.
If you’re a commercial fisherman, then you rely on fuel to reel in catches. And if you’re in the food or transportation industries, then you may use vessels of all varieties to transport goods from one location to another easily.
All these scenarios may mean you qualify for a fuel excise tax refund. Remember, fuel excise tax often revolves around fuel that is used for less traditional vehicles. Boats and on-the-water vessels fit under this umbrella.
Farming Operations and Businesses That Depend on the Land
Farmers, ranchers, and other industries need to cover a lot of terrains are also strong candidates for fuel excise tax recovery. Accessing the land typically requires using a wide range of equipment that is powered by gasoline.
These types of vehicles can include:
- Tractors
- Construction equipment
- Graders
- Heavy-duty farming equipment
- Off-road vehicles to access:
- Crops
- Livestock
- Other assets that are miles away from your home base
If you are in the farming or ranching industry, then consider how often you use gasoline to power your day-to-day operations.
Chances are you depend on fuel for everything from transporting livestock to harvesting your crops, and this, in turn, can lead to ample money on the table.
Businesses That Revolve Around the Great Outdoors
Perhaps you have a landscaping company and use gasoline-powered equipment to navigate through rough terrain. Maybe you own a construction company that uses generators to provide power.
Virtually all companies that conduct business in the great outdoors need some type of extra power or specialized equipment to get the job done, and this could translate to extra money in your pocket.
So What Are the Next Steps?
If your business falls into any of the above categories, or if you can think of any instances when you required fuel to keep your operations running, then your first step should be to contact our professional team at TIP.
We are experts at reviewing your options and finding the biggest possible refund for your company. Best of all, once we get the ball rolling, we’ll do all the heavy lifting so you can simply focus on your business.
We’ll use your fuel receipts and expenses to guide the way. Often, we can even help those who may not have these documents handy.
Remember, that if you’ve never investigated fuel tax recovery before, you may have years of funds that can be recovered. A recovery is based on several factors.
This can include fuel consumption, equipment domiciles, and the amount of time equipment has been in use. Across the board, however, our clients are generally surprised when they discover just how much money they can recover.
Contact Us Today, and Let’s Get to Work on Exploring Your Options!
Reach out to our team today to start the conversation. We promise we’ll work hard to ensure when it comes to unclaimed fuel tax recovery funds, you leave nothing behind.