Secure Your Biggest Fuel Excise Tax Refund in 2021

how to get a fuel excise tax refund
September 15, 2021 0 Comments

2021 is proving to be another year with challenges. In the past few years, many business owners, entrepreneurs, and employees focused on keeping their businesses going strong through the pandemic and struggling economy. As such, it’s no wonder why this year we are focusing on the basics and day-to-day operations.

As 2021 draws to an end, it’s a good time to take stock and make plans. Your plans will ensure the months and years to come are more financially successful than ever before.

However, this year could be the opportunity to grow through:

  • Expanding your business
  • Finding cost-saving measures
  • Paying more attention to your bottom line

It’s a Great Time to Reach Out to Us!

You don’t have to invest in costly or time-consuming ventures to find ways to save in the year ahead. And a brighter and more financially successful future can start with a simple phone call or email to our tax experts at Tip.

We’re helped countless businesses across all industries reap big rewards through our fuel excise tax recovery efforts. And, we can do the same for your operations at no up-front cost to you and minimal effort on your part.

Need a hand to make 2021 your most profitable year yet? Then start with the following initial steps that will allow you to examine if you have left money on the table when it comes to securing your biggest fuel excise tax refund possible.

First, Consider Your Industry

Over the decades, we find many clients are hesitant to reach out to us for a consultation.

  • They are not sure if their business qualifies.
  • They don’t know if they have enough fuel expenses to justify exploring their options to fuel excise tax refunds.

But you may be surprised and amazed at how these costs can add up and can result in extra money in your pocket! Here is just a sample of the types of industries our tax experts work with regularly.

  • Transportation
  • Food prep and storage
  • Construction
  • Commercial or recreational fishing
  • Golf courses
  • Tourism
  • Landscaping
  • Farming
  • Any business that uses off-road vehicles, watercraft, and other fuel-dependent equipment

Consider how and when you use fuel in your daily operations. Chances are, it’s a big portion of your business that extends well past getting from Point A to Point B. After you consider how fuel functions in your operations, you’ll start to get a clearer picture of how Tip’s fuel tax recovery services can be a valuable asset for your bottom line.

Review Your Expenses

One of the best aspects of working with Tip is that we take care of the heavy lifting. We’ll only need a little information from you, such as your receipts and past tax returns. With this information, we will get started on securing your biggest fuel excise tax refund possible, allowing you to focus on the day-to-day work of doing business. Don’t have your receipts or other information handy? That’s typically not a problem, as Tip can help you obtain this information as needed.

As a general rule of thumb, the basic information you’ll need to have on hand is:

  • A list of non-highway equipment
  • In-service dates
  • Reefer hours
  • Fuel invoices
  • Form number used for annual federal tax filings
  • The month of the year your tax year ends
  • Federal I.D. number

But don’t hesitate to contact us if any of this info is missing! We can still work together to ensure you receive the money you are due.

Take a Peek at the Past

If you have never explored your options for fuel excise tax recovery, then it’s more important than ever to reach out to Tip. Your first Federal filing can go back three years from the date of filing. And, while the state filing can range between three months to three years based on the individual state, this means you may have a lot of money on the table from your previous returns.

Again, don’t be stressed if you have lost receipts from years past. At Tip, we are experts at filling in the blanks and ensuring that no stone is unturned when acquiring the money you are owed.

Come Up With Questions

Our clients may have tax professionals and accountants on hand. However, because fuel excise tax is such a specific and complicated corner of Federal and state taxes, they may overlook it. And this can cause a lot of questions.

  • What qualifies as off-road vehicles or equipment?
  • Is your fleet eligible for fuel tax recovery if it solely runs on highways?

Take a moment to come up with any questions to address at your initial consultation, and we’ll be happy to help you find the answers!

You can also take a peek at our FAQ page to get started on understanding the process and how easy it is for Tip to put money back into your pocket.

The Bottom Line

We can help you explore your options when it comes to fuel excise tax recovery is one of the simplest things you can do! Contacting us ensures you have a leg up when the 2021 tax season rolls around.

Remember that there’s no time like the present, and there are no upfront costs or excess time commitments required on your end to get started. Just provide our tax experts with a little basic information about your business, and we’ll do the rest! 2021 is another challenging year, no question. But with a little forethought and a phone call, you can get started on ensuring it’s a resounding success for your business and your bottom line.

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Secure Your Biggest Fuel Excise Tax Refund in 2021
Now is the time to start securing your biggest fuel excise tax refund. Here are tips to help you put money back in your pocket.