Fuel Tax Recovery Plans: What You Need

Fuel Tax Recovery Plans: What You Need
August 21, 2019 0 Comments

As a business owner, we know how stressful it can be to deal with taxes. Sifting through the information available when it comes to tackling tax reductions can be overwhelming.

For business leaders in the transportation industry, it’s especially important to minimize costs associated with taxes.

There are tons of exceptions, changing regulations, and misunderstood rules. However, in our more than 20 years in the industry, we’ve seen that Fuel Tax Recovery is the most misinterpreted.

Today, we’ll walk you through a simple guide on fuel tax recovery plans and the need-to-know points so that you can maximize tax refunds.

Leverage our technical understanding of fuel tax regulations, fuel tax reporting, and our longstanding working relationships with regulatory bodies throughout the United States to enjoy significant savings for your organization!

Excise Taxes Explained

We’ve been around long enough to know that tax talk can quickly send anyone into a snore, so here’s a quick explanation.

Taxes are put on fuel used in the transportation systems across the U.S., making all cars, trains, boats, and aircraft subject to excise fuel taxes.

Excise taxes can be collected on a federal, state, and local level. But, certain fuels are non-taxable and entitle you to a tax excise fuel refund.

A Few Things to Know About Fuel Tax Recovery Plans

The fuel tax is collected differently among different levels. For example, at the Federal level, most of the taxes are collected when the product is removed from the bulk storage terminals.

States have a different method and rules for the point of taxation. Some tax the product upon removal from the bulk terminal while others impose the tax at the distributor level and have a series of approved distributors.

These bulk distributors hold licenses and file returns regularly where the state and local taxes are paid. Equipment eligible for a fuel refund:

  • Boats & many other kinds of equipment & vehicles
  • Gas Golf Carts & Maintenance Equipment
  • Generators & construction equipment
  • Mowers & Landscaping Equipment
  • Planes and airlines
  • Refrigerated Trucks & Trailers

Can’t My Regular Accountant Handle This?

Any competent and certified accountant can perform fuel excise tax refunds. But, wouldn’t you rather leave this to an expert?

While the fuel excise tax refund process can be carried out by any certified accounting professional, it is almost impossible to find one who does the same particularly for small and mid-sized companies.

On the one hand, it’s a timely and paperwork ridden process, which is why the average accountant avoids discussing them with their clients.

We understand that as a business owner of a small to a medium-sized organization you’ve learned a lot and had to self-teach along the way, but when it comes to fuel excise taxes and fuel tax refunds you’ll want a professional.

You Want a Professional

At TiP Excise we want all of our clients to be as involved in the process as they’d like. Whether you’re looking for a guide to walk you through what to expect or you simply want an expert to take this matter off your hands, we can help!

We’ve seen it too many times before, business leaders didn’t even know they were eligible for a fuel excise tax refund. And if they did know, they weren’t sure how to move forward due to limited knowledge on the complicated subject.

If you have a basic understanding of fuel excise taxes but simply no time to tackle the never-ending paperwork and complex processes, we know what to do.

The TiP Excise Difference

Our firm can offer more than the average accountant. Our team of specialists have dedicated decades to learning and monitoring tax laws and rulings as well as building a vast professional network that ensures we are in the know on industry news and innovations.

We take care of all the tedious processes. Our knowledge of state and federal fuel tax laws, as well as our experience with fleet operations, enables us to identify and recover tax refunds for you.

  • We can help you save money and time and focus more on your core business with the following services:
    • Prepare fuel tax reporting forms
    • Deliver timely fuel tax refunds
    • Help you avoid the costs of hiring or training internal staff to keep up with technical fuel tax regulations

Here’s how we do it. First, get in touch! Schedule a consultation with our team. During our call, the TiP specialists can get a better picture of how your business operates.

We’ll help small businesses all the way to government fleets maximize tax refunds. We also use our technical understanding of:

  • Fuel tax regulations.
  • Fuel tax reporting.
  • Working relationships with regulatory bodies throughout the nation to enhance your savings.

We’ll customize a plan to maximize your refund, and your best interest is at heart because we don’t get paid until you do.

Take advantage of this risk-free opportunity today! We continuously monitor changes and measure results to offer you the best personal service.

Have questions? Check out our FAQs here or give us a call at 1-888-505-0847. Not sure this opportunity is relevant for your business? Check for yourself with our tax refund opportunity estimator here.

Get in Touch with the Experts Today!

Are you ready to get the money your business deserves? Get in touch with TiP Excise today!

You can learn more about our services and how we can maximize your fuel tax recovery. Fill out our contact form or give us a call directly at 1-888-505-0847. Don’t wait until it’s too late!

Image attribution.

https://www.fhwa.dot.gov/motorfuel/faqs.htm

Summary
Article Name
Fuel Tax Recovery Plans: What You Need
Description
As a business owner, you may be entitled to fuel tax refunds. Here’s what you need to know.

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