When it comes to securing a fuel tax refund, there are a few industries and professions that may benefit more than others. Organizations that deal with heavy equipment on a routine basis are at the top of the list, and in most cases, this includes lawn care and landscaping specialists.
However, most company owners and managers don’t have the time to investigate these unique but profitable tax credits. Alternatively, they may not have the resources to hire an in-house accounting team that can filter through the details and the paperwork. It’s certainly an understandable situation, as landscapers and lawn care specialists have busy schedules where they need to concentrate on the work at hand. Therefore, this may not allow them to have extra time to investigate tax laws and forms that can be complicated and time-consuming.
This is where an expert and outside resource like TiP Excise can help. We are adept at helping busy professionals across the board maximize their excise tax refund with little extra effort or excess cost. We will do the legwork to determine if you deserve a fuel tax refund and won’t charge a dime for this research and ensuing fuel tax refund acquisition. Our services are solely based on a percentage of the money we put back into your business.
The first step to seeing if you can gain a fuel tax refund is to reach out to the experts at TiP Excise. In the meantime, here is how the fuel tax credit for landscapers works and how you can determine, initially, if you might qualify.
The Basics of a Fuel Tax Credit for Landscapers
Business owners pay federal and state taxes on the income they earn every year, but there are also not-as-obvious taxes that consumers pay on a routine basis. Goods like tobacco or alcohol have taxes that are built into the price of the product, and these goods with built-in taxes include gasoline and diesel fuel.
Per the U.S. Energy Information Administration, current federal taxes include excise taxes of 18.3 cents per gallon on gasoline and 24.3 cents per gallon on diesel fuel, in addition to state taxes. State rates of general application can include excise taxes, environmental taxes, special taxes, and inspection fees, and this additional percentage can vary from state to state.
Simply put, when you pay for gasoline or clear diesel, you also pay this extra tax. However, as a landscaping and lawn care professional, you may be owed an excise tax refund.
When Does a Fuel Tax Credit for Landscapers Apply?
As a rule of thumb, a fuel tax credit comes into play for any gasoline or clear diesel fuel purchases used for non-highway equipment. In the landscaping industry, this can include a good percentage of the equipment that you use to perform your everyday job, including but not limited to:
- Lawnmowers and weed whackers/string trimmers
- Backhoes, excavators, and other heavy equipment that is used on the site of a job
- Generators to power equipment at a job site
- Any other gas-powered gear that is used at a job site and not on the roadway
Keep in mind that the above list is just a sample. Therefore, as you take stock of your inventory, you’ll likely discover that you have a wealth of equipment that requires fuel on a regular basis. Over the course of a year or a lifetime, these costs add up. This means you likely have money on the table via a fuel tax credit waiting to be claimed.
What is the Process to Claim Excise Fuel Tax for Lawn Care and Landscaping Service?
Being a candidate for a fuel tax refund and claiming your excise tax refund are two different things.
Special forms and documentation are required from the IRS; if you have never investigated the process before, it can be a daunting task. All tax laws are intricate, but this is especially true when it comes to excise tax refunds. Furthermore, most Americans have never dealt with the interworking of this process before. As such, the best way to move forward is to connect with an expert specializing in excise tax refunds for landscapers, who can help pave the way.
What are the Benefits of Claiming Excise Fuel Tax Credit in the Landscaping and Lawn Care Industry?
The financial benefits of exploring a potential fuel tax credit can be significant and noticeable. Consider how often you use your fuel-powered equipment on a regular basis, and you’ll likely notice that the costs tend to add up. The extra money you spend on fuel can be put back into your pocket. This can help your business grow, expand, or simply maintain operations for years to come, with a financial boost that helps your bottom line.
In addition, if you have never claimed a fuel tax credit before, you may be able to go back and claim excise fuel tax from previous years, boosting your refund even more.
Paying close attention to detail and thorough work is required to secure the biggest credit possible without raising any potential red flags. Additionally, this is a highly specialized area of federal and state tax law, even the best in-house accountants may not have the extensive knowledge to navigate this unique tax terrain.
Reach out to our Experts at TiP Excise and Receive Your Excise Fuel Tax Refund
Even if you have an accounting team at your side, TiP Excise has expertise in fuel tax credits for landscapers that is simply unmatched. Regardless of whether you have detailed receipts that track every fuel purchase or just a little preliminary information to get started, we can work together to ensure you receive the biggest fuel tax refund possible.
Start claiming the money that you are owed. With TiP Excise as your partner, you can enjoy a financial boost without extra effort and ensure that when it comes to finding funds to keep your landscaping business going strong, no stone left unturned.