If you own or manage a business, then you are already well aware that compiling and completing your taxes can be an annual struggle.
And with so many aspects of your business to cover, it’s understandable that some opportunities to receive a refund can get lost in the cracks when tax season rolls around. In our experience, we find this is especially true when it comes to fuel excise tax refund recovery.
We have worked with countless clients over the decades who reached out to us simply because they were curious about whether they were due a fuel excise tax refund.
And, they were surprised to learn that not only had they left money on the table, but they had left behind quite a lot. If you use fuel in your business on a regular basis, then you absolutely need to explore your options when it comes to fuel excise tax refunds, regardless of your specific industry, or whether or not you have received a fuel tax refund in the past.
It never hurts to dig deeper and to ask questions, and it could very well be a profitable move that puts money back into your business. But if you’ve never explored your fuel excise tax refund options before, and are not sure if you qualify, how do you get started?
It all begins with the following easy steps that will get the ball rolling, and which can lead to great financial rewards down the road.
First, Take Stock
Many business owners or managers may initially be hesitant to explore their options when it comes to fuel excise tax refunds, simply because they are not sure if their specific industry qualifies.
But there are countless businesses that use fuel on a regular if not daily basis to conduct operations, and these industries can vary widely.
As a general rule of thumb, TIP’s Fuel excise tax recovery services are ideal for companies that use gasoline or diesel to power machinery that is used for operations off the road. Examples of these types of industries are as follows:
- Industries that use refrigerated trucks (florists, meat, produce, ice, etc.)
- Landscapers
- Hospitals
- Food banks
- Golf courses
- Oil fields & construction companies (diggers, drillers, dozers, etc.)
- Homeowner’s Associations (landscaping, maintenance to community property, etc.)
If you aren’t sure if your business qualifies or not, then reach out to TIP. With a customized consultation, we can quickly determine if it’s time to take the next steps to uncover the fuel excise tax refund you are owed.
Take a Look in the Past
Some companies are hesitant to connect with TIP regarding their fuel excise tax recovery options because they have never received a fuel-related refund in the past, but this is all the more reason to schedule a consultation.
If you have never received a fuel excise tax refund before, then there’s a good chance you can reclaim past funds. You can go back three years to reclaim past funds that you are due, which means that your refund could be even larger than you expect.
Remember it doesn’t cost a thing to see if you qualify. And, a quick consultation could lead to a large windfall.
Use Our Fuel Tax Calculator
Want to get a rough estimate of the size of your refund? TIP can help you make a generalized determination in just minutes!
Use our online fuel tax calculator to get started on garnering an idea of what you might be owed. It’s easy to use, and with just a few selections, you’ll have a clearer picture of just how substantial a fuel tax excise refund can be.
All you’ll need to know and provide is to use the calculator is an estimate of the following:
- Fuel type you use
- Vehicle type you use fuel in your business, (like lawn equipment or refrigerated trucks)
- Hours per day you use this equipment
- Days per week, and weeks per year, you use the equipment
Simply select this information, and you’ll instantly get an assessment of just how much money you can expect to put back into your pocket, and back into your business.
Find a Good Partner
Chances are you have accounting professionals already connected with your business that help you do the heavy lifting when it comes to your annual taxes.
But fuel excise tax is a unique aspect of your annual taxes that is often overlooked simply because it can be so intricate, and complicated, and often requires a specialized expert to understand.
Fuel excise tax laws are constantly changing, and the intricacies can be difficult for even the most outstanding accounting professionals to navigate.
This is exactly why you need to work with a company like TIP whose sole focus is fuel excise tax refund recovery to ensure that you receive the largest and most accurate refund possible.
The best aspect is that connecting with TIP does not cost you a thing until you receive your refund, and working with TIP requires little time and effort on your end, so you can concentrate on your business.
You won’t have to spend days or weeks digging up paperwork or making time-consuming calculations to obtain your fuel excise tax refund.
Instead, we’ll just need a little information from you to get started, which could include:
- 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 ID number
We Can Help You Today!
And even if you don’t have this information on hand, we can still help! We will take care of all of the hard work when it comes to maximizing your fuel tax refund, so all you have to do is reach out and connect with our professional team.
So what’s the best first step? Talk to the experts at TIP. Whether you’ve filed for fuel taxes in the past, or just want to determine if you qualify, our expert team can help you ensure when it comes to your refund, you leave nothing behind.