Fuel Tax Recovery: Why You Shouldn’t Go It Alone

fuel tax recovery
June 17, 2020 0 Comments

Completing your annual taxes tends to be one of the least desirable aspects of operating any business, and for good reason.

Every industry – from farming to trucking, to food and hospitality – has its own unique set of circumstances when it comes to matters of taxation. And it’s easy for any business owner to leave a little money on the table when filing an annual tax return.

Focus On Business

After all, whether you own a global corporation or just a small business in your hometown, you want to keep your focus on your actual business and ensuring that all operations are running smoothly.

This can be difficult to do when April 15 rolls around. You may have to shuffle through piles of receipts and invoices to create a full annual accounting for Uncle Sam.

Granted, because of these challenges, business owners have options for seeking assistance while completing taxes on their own.

Modern tax software options are abundant and make it easier for business owners and accountants to simply type in their figures, and have them applied to the appropriate forms.

CPAs and accountants of all skill levels and offering all varieties of services are also readily available. They can make it even easier for companies to focus on their daily work, instead of their annual tax tallies.

But despite these resources, when it comes to fuel excise tax recovery, you need to rely on an expert.

Though the forms associated with fuel tax recovery may look manageable, this niche area of federal taxes can be far more complicated than you realize. It can be very easy to leave money on the table.

So before you start doing your own research on fuel excise tax recovery, consider the reasons why you should rely on a professional instead. And allow an expert like TiP to do your hard work for you.

Companies Find Fuel Tax Recovery Complicated

Tax laws related to fuel excise tax are constantly changing and vary from state to state. As such, even if you have properly filled out all forms related to fuel excise tax recovery in the past, the ever-changing laws might mean your circumstances – and your expected return – vary from year to year.

The margin of error can be high for fuel tax recovery, especially if you are not a strict expert in this complicated corner of federal taxes.

Because of this, your ability to get the biggest refund possible is much better when you partner with an expert.

Fuel Tax Recovery Can Extend for Years

Did you know that you may be owed years of refund when it comes to fuel excise tax recovery? Generally speaking, your first federal filing can go back three years from the date filed when it comes to securing a fuel tax refund, so you may be due a much larger refund than you’d initially expect.

Fuel Tax Recovery Tends to Require Time

Think of all the ways that you use fuel in your business. Perhaps you require fuel for refrigerated trucks or heavy-duty equipment that’s needed for construction and tough industrial jobs.

Maybe you need fuel for landscaping and property maintenance. Or perhaps you have trucks that have separate engines that aren’t necessarily attached or mounted to an otherwise highway-oriented vehicle.

Simply put, all of these considerations come into play. And it takes time to consider all the ways you use fuel and to collect and file that information come tax time. With TiP, you just need to provide a little preliminary information, and we’ll tackle the rest of the time-consuming work.

Companies Often Overlook Fuel Tax Recovery

If fuel tax recovery is unfamiliar to you, you’re not alone. Many CPAs and professional accounting services often overlook this aspect of federal taxes.

This tax is involved and complicated. And that is exactly why you need an expert partner that specializes in fuel tax refunds to explore your options.

You don’t have to get rid of your CPA or accounting team to proceed! Because TiP will singularly focus on fuel tax recovery and how it is related to your business.

You May Be Owed a Bigger Refund Than You Realize

In our more than 20 years of experience, we have been able to garner our clients millions of dollars. This money has been left behind when it comes to fuel tax recovery. The majority of our clients are genuinely surprised when they discover just how much they can recover.

Contact our team today. We’ll explore your options. When it comes to fuel excise tax recovery, you should never go it alone.

As an experienced and expert partner, we will help you ensure you can get money back in your pocket. All of the services without having to distract yourself from your day-to-day operations.

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Fuel Excise Tax Recovery: Why You Shouldn’t Go It Alone
Think you may be due a fuel excise tax refund? Don’t go it alone! Here are the reasons why when it comes to fuel tax recovery, you need to partner with a professional.