Excise Tax Refund: 5 Signs You Might Be Entitled to a Refund

Excise Tax Refund: 5 Signs You Might Be Entitled to a Refund
October 22, 2019 0 Comments

Businesses of all sizes have a lot to consider when it comes to taxes and potential refunds. From a small one-person operation to a large company with multiple services, there’s always a chance you are missing out on tax refunds that are rightfully yours.

And one of the most overlooked opportunities for business owners is fuel tax recovery.

Thinking About Fuel Costs

You likely don’t think about your fuel cost or consider it a part of doing everyday business. But this complicated component of taxes and tax laws can translate into money in your pocket.

Fuel tax is deductible. And your potential excise tax refund may be larger than you think – especially if you’ve never taken a closer look at fuel tax recovery before.

So how do you know if your business might qualify for an excise tax refund? Your best bet is to contact our tax experts for a free consultation so we can learn more about your business.

After more than two decades of working with clients across all industries, we have seen it all, and we are always on top of tax law changes and adjustments that could mean more money for you and your company come tax season.

But to get you started on thinking about the possibilities, consider these common types of industries and business scenarios that likely mean that it’s worth further investigation.

1. Your business spends time on the water.

Do you operate a recreational charter boat company, a commercial fishing operation, or any business that spends time on the water? If your operation uses boats for any purpose, you could be due a refund for your fuel expenses.

2. You conduct business outside.

Several businesses conduct their work outside, and this can include construction companies, landscapers, remodelers, farmers, and any industry that spends time in the literal and figurative field.

When you’re not tethered to a brick and mortar location and need to meet with clients outside of the office, there’s a reasonable probability that fuel expenses are involved.

Maybe you routinely purchase fuel for:

  • Lawnmowers
  • Trimmers
  • Other landscaping equipment
  • Heavy machinery

These amounts in fuel expenses add up over a year and can translate to large savings in the long term.

3. Your business revolves around food.

Refrigeration costs can add up. Whether you are a seafood company, meat distributor, produce company, or even run an ice cream truck in your spare time, you need to ensure your product stays cold and fresh while en route, and this requires refrigeration.

And as any business owner in the food industry knows, these refrigeration costs can certainly add up. When tallied together, this could equal big savings when tax season rolls around.

4. Your specialty is outdoor recreation.

Do you operate a golf course, a mini-golf course, or any other outdoor entertainment venue where you rely on fuel to get around the off-road grounds? Then you likely qualify for fuel tax recovery services.

Many owners don’t think about the details behind the equipment that runs their outdoor operation. Equipment like golf carts that are used daily at a golf course but your everyday equipment is an integral part of your success. It should be considered when it comes to potential tax refunds.

5. You work with heavy-duty equipment.

Perhaps you operate out of a warehouse where large forklifts and front-end loaders are regularly used, or perhaps you have a fleet of refrigerated trucks to secure certain types of deliveries. If you require any heavy-duty equipment to perform your job, you may have a hefty refund waiting for you.

Why Not Use Our Fuel Tax Estimator?

The bottom line is there are no drawbacks to seeing if you have left money on the table. 

We are experts at excise tax refunds! We’ll do the math when it comes to whether you are owed money for common business expenses.

Don’t worry if you haven’t kept all of your receipts, or are unclear about the current tax laws and how they could affect your business – we’ll do the legwork for you, and will work hard to ensure that every avenue is explored when it comes to potential income.

In our more than 20 years of service, we have seen a ton of owner-operators who miss out in this unique area simply because they don’t realize that these small costs add up, and can be accounted for.

Everyday equipment like the following are often overlooked.

  • Refrigerated trucks
  • Gas golf carts
  • Maintenance equipment
  • Generators
  • Boats

Remember that it’s always smart to get expert guidance when it comes to these unique tax situations.

Complicated businesses, like the trucking industry, inherently have complicated taxes, and guidelines and tax regulations are always changing. We stay on top of these changes as they progress. We determine how they can best be used to make your business more profitable.

Exploring Your Options Doesn’t Cost You a Thing

We work on a contingency basis, which means you will never pay for our extensive services unless we can save you money. We’ll track down potential refunds so you can concentrate on what you do best – managing your business.

It’s Worth the Minimal Effort

The first federal filing can go back three years from the date that you file. So you may have literal years of money on the table just waiting for your business.

Call us toll-free at 1-888-505-0847 or email us at info@tipexcise.com and get started on determining if your business is eligible for an excise tax refund.

With just a little information from you and a lot of expertise from our experienced and dedicated team, we will explore all avenues and do our absolute best to secure you the refund that is rightfully yours.

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Article Name
Excise Tax Refund: 5 Signs You Might Be Entitled to a Refund
Curious about fuel excise tax recovery but not confident that your business qualifies? Here are a few signs that you may be leaving money on the table.