As the pandemic clearly showed, businesses that provide food and food services are an essential backbone that keeps the country rolling. Thus, the food chain and food supply became instrumental in this past challenging year.
Food providers, like below, became more important than ever.
- Grocery stores
- Shipping companies
- Farmers
If you work in the food industry, chances are you have been busier over the past few months than ever before. And, as such, you probably have not had time to concentrate on any initiatives outside of daily operations.
It’s Time to Review Your Taxes
Reviewing your taxes to ensure that you aren’t leaving money on the table might not even be in your view. Essential businesses like those in the food industry have been working 24/7 for extended periods of time to feed the country.
Understandably, you haven’t been able to concentrate on anything other than getting the job done. But as the world slowly and steadily returns to normal, it’s a great time to catch your breath and to start thinking about ways to put money back in your pocket.
And one of the easiest things you can do to enhance your revenue stream is to reach out to Tip to see if you qualify for a fuel excise tax refund.
There are several industries that we commonly work with to ensure the biggest fuel excise tax refund possible. But, importantly, the majority of our clients are surprised at just how much money they are owed!
In conclusion, if you work in any of the following industries, then you should contact us. Then, allow our tax experts to go to work for your business!
Let’s Talk About Farming
If you operate or own a farm, then it’s highly likely, if not certain, that you use fuel regularly.
Real-Life Example
You may use fuel:
- In everyday maintenance and farming operations
- For canning or processing your product
- For keeping your product cool as you transport it
As a rule of thumb, farms can qualify for a fuel tax refund for any of the following activities:
- That take place off the highway
- For farming purposes
- That don’t include fuel powering a propulsion engine
“Farm” Is Not Just for Farming
In addition, the “farm” designation does not just apply to fruits and vegetable growers.
It applies to all of the following specific industries that can qualify for a fuel excise tax refund.
- Poultry
- Fish
- Dairy
- Livestock
- Truck farms
- Fur-bearing animals
- Fruit
- Ranches
- Plantations
- Orchards
- Feed yards
- Ranges
- Nurseries
Simply put, if you are a food provider at the source, then you should definitely reach out to us! You likely have a fuel excise tax refund waiting to be claimed.
What About Food Providers and Shipping Companies?
You should also explore your fuel tax refund options if you are in any way involved with the transportation of products from one locale to the next.
Also, if you require refrigerated trucks or special equipment to get from point A to point B. Fuel excise tax recovery may not apply to the fuel you spend at the gas station.
However, it does apply to the fuel required for:
- Refrigeration
- Equipment that may travel off the grid
- Expenses that help keep your product fresh before it reaches its final destination
Keep in mind, too, that transportation costs are common for businesses that are not strictly a part of the shipping industry.
Farm Example
For example, you may require tractors and other equipment to move your product from the field to storage sites or your distributor if you own a farm.
Restaurant Example
And, if you are a restaurant or caterer, you likely require fuel for refrigerating and transporting your fare to off-site locations.
All of these situations can lead to big savings down the road.
Caterers, Restaurants, and Other Venues
Fuel excise tax refunds aren’t just reserved for the folks who:
- Grow the foods we eat
- Manufacture the foods we eat
- Transport the foods we eat
Also, they can apply for the end-users of businesses that prepare and serve food to their customers, such as:
- Restaurants
- Caterers
- Cruise ships
- Event venues
Restaurant Example
For example, if you run a restaurant or catering business, then it’s highly likely you use refrigerated trucks or generators to allow you to serve your customers at outside locations.
Cruise Ship Example
If you run a large event venue, cruise ship, or other tourism-based business, then fuel is likely required to keep your food fresh and transportable to your traveling patrons.
Simply put, there are many ways that folks in the service and tourism industry use fuel when it comes to food preparation. And, it’s certainly worth enlisting us, the tax professionals at Tip, to see if your everyday expenses can translate into actual dollars.
The Bottom Line…
Remember, you don’t have to be a giant in the food industry to reap a big reward.
You may still have fuel excise tax recovery funds that you are due if:
- Have a small farm or business
- Frequent the local farmers’ markets
- Serve a small clientele in your region
In addition, if you have never specifically filed for a fuel tax refund, you could have years of financial rewards in your future. We can go back three years on the Federal level alone.
Simply put, if your business is in any way connected to the following, then there is an excellent chance you are a perfect candidate for fuel excise tax recovery!
- Growing
- Manufacturing
- Processing
- Delivering food
- Serving food
You Are Not Alone!
Best of all, when it comes to this unique area of tax law, you don’t have to go it alone! The regulations and laws associated with fuel excise tax recovery are constantly changing. So, it can be hard for even the best general tax experts to navigate.
That’s why your best bet is to partner with the specialized expertise that only focuses on fuel excise tax refunds and that knows the associated intricacies inside and out.
Let Us Help You
Reach out to the tax professionals at Tip today to get started on retrieving the refund money you deserve. All that is required is a little effort from you and no cost to you until we obtain your refund. Working with us is an easy way to ensure that your food-based business is as profitable as possible!