A construction company and crews of all varieties have a tough job. Often working in rugged locations, construction companies often need a reliable way to transport heavy machinery and equipment.
After all, when it comes to creating new homes, businesses, and whole subdivisions or developments in otherwise untended areas, it takes a lot of manpower – and fuel power – to work in less than desirable elements.
This is exactly why, when it comes to fuel excise tax recovery, construction companies are one of the leading industries. You should examine your options and consult with a professional team.
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If you own or manage a construction company, chances are your focus is continually centered on the task at hand and creating the best home or structures possible, as opposed to the daily expenses that can trickle in and affect your bottom line.
As a leader in your company, your attention is rightly on the client and the result, leaving little time to manage the fine details of managing your state and federal taxes.
At TIP, we work with industries across the board. From food service providers that utilize refrigerated trucks to small charter fishing businesses and grand resorts and golf courses, we are very familiar with the industries that need an expert’s hand when it comes to fuel tax recovery.
But among all of these industries, construction companies of all sizes can be greatly under-represented. Most construction owners don’t realize that with every job that requires equipment, they are leaving money on the table.
So how can fuel excise tax recovery boost your construction business, and how can you take advantage of this often-overlooked corner of tax strategy?
The simple answer is to call the professionals at TIP! We have worked with numerous construction companies of all sizes to determine the most significant refund possible.
But it also helps to understand how an initiative to obtain your fuel excise tax refund can benefit you and your company.
Remember that Fuel Plays an Intricate Role in Your Business
In the construction industry, costs boil down to materials, labor, and the equipment required to keep operations going. And more often than not, this equipment depends on fuel.
Think of the many job sites you have tackled over the past several years, and how fuel of any variety – gasoline, diesel, kerosene, etc. – has played a role. You may know that you needed fuel to transport your materials and crew to the job site, but chances are that fuel was a necessity long after your construction jobs initially began.
As an example, consider the following common ways fuels in varying forms are used on a job site.
- Stationary machinery like saws and generators to provide power to an off-the-grid site
- Bulldozers and forklifts used to transport materials from one area to the next
- Gas-powered mowers or landscaping equipment to clear a site
- Off-highway transportation needs to take materials to varying spots of a region or development
Remember that this is the tip of the iceberg, and there’s a solid chance that fuel plays an integral role in every aspect of every job.
From clearing out wild lots to make way for new construction to using heavy-duty and fuel-powered equipment to pave the way to the finished product, fuel plays a key role in your business from start to finish.
What You Need to Know
The most important thing to keep in mind as a contractor or owner of a construction company is that fuel excise tax recovery is not as simple as it seems.
In this niche corner of tax law, regulations and requirements are always changing, and the refunds available to you are continually changing as well.
You likely notice the rising and falling prices of fuel, as it intrinsically plays an essential role in your business. When fuel costs rise, it becomes more expensive to conduct your day-to-day work, simply because your routine costs, like keeping the generator going or utilizing bulldozers regularly, tend to go up.
But in the long run, this could translate to more dollars in your pocket. At TIP, we often surprise our clients with the fuel excise tax refund we can acquire for them. This can be particularly true for construction companies.
With so much work dedicated to being able to power job sites that are miles away from reliable power sources, a solid construction company can benefit significantly from examining their options when it comes to fuel excise tax recovery.
It’s also important to keep in mind that when it comes to fuel excise tax recovery, size doesn’t matter. And this is especially true in the realm of construction companies.
You may think it’s not worth examining your options because you are a small company. The percentage of the expenses you filter into your fuel needs is the same. However, regardless of size, that percentage can make a big difference in your overall income.
The Main Takeaway Is to Consult an Expert
At TIP, we do not require any preliminary or upfront fees to find the biggest fuel excise tax refund. Instead, we’ll concentrate on the details. We only need a small amount of information from you to uncover the maximum refund possible.
Federal and state fuel excise tax recovery is our specialty. So reach out to our professional and knowledgeable team, regardless of the size of your construction company.
We’ll get to work on identifying the best ways to put money back into your business.