The Benefits of Claiming Excise Fuel Tax for Your Business 

man filling fuel at gas station - excise fuel tax
April 17, 2023 0 Comments

Let’s talk all about excise fuel tax and how claiming this tax can benefit your business. Business owners have to focus on day-to-day operations, so it’s understandable that companies across all industries may be unable to keep up with the tax laws and benefits that can boost their business. 

However, if you manage or own any business that utilizes non-highway equipment powered by gasoline, you need to take a closer look at the mechanics of excise fuel tax. You can receive a refund on taxes paid for fuel used for your business. 

Excise tax is often overlooked when identifying opportunities to minimize annual federal taxes. On the other hand, pursuing your options regarding fuel tax refunds can have huge financial benefits. Every year, fleet operators and other industries that use fuel on a regular basis lose millions of dollars of fuel tax refunds because they fail to claim these qualified refunds properly. This can go on for years or even decades. 

So, how can claiming fuel tax help boost your bottom line? Here’s what you need to know about fuel tax and the next steps you need to take in order to put money back in your pocket. 

What is Excise Tax? 

Excise tax is essentially an indirect tax that is built into the price of specific goods and services, such as fuel.  

The tax is commonly included in the product, and the consumer doesn’t typically notice the tax during a transaction. It is charged at the time of purchase.   

What Are the Requirements for Claiming Excise Fuel Tax? 

As a broad definition, any business that operates non-highway equipment that burns gasoline or clear diesel fuel is a great candidate for receiving an excise fuel tax refund. The list of specific industries is lengthy, but a few examples include the following: 

  • Landscapers, golf courses and any business that deals with gasoline-powered outdoor equipment 
  • Construction industries that use non-highway vehicles 
  • Businesses that use refrigerated trucks (and use gasoline to power their goods) 

Bear in mind that this is just a sample. At TiP Excise, we have worked with countless businesses of all specialties and sizes over the past several decades to identify the best ways to find excise tax refunds. 

What Are the Benefits of Claiming Excise Fuel Tax for Businesses? 

Businesses that rely on fuel to power their operations can benefit greatly from examining their options regarding excise tax refunds. It can improve a business’s cash flow by providing you with additional funds that can be reinvested in the business.  

Here are a few ways to claim excise fuel tax can help with your everyday costs. 

Potentially Receiving a Refund on an Everyday Need  

  •  Every time your business has to head to the fuel pump, you pay for the fuel. Therefore, the government is taking out a chunk of this cost for taxes. This tax is unavoidable, but you may be due a refund, especially if you use fuel on a regular basis. 

Possible Years of Benefits  

  • If you have never claimed an excise fuel tax refund before, you may be able to go back and claim money you are owed from previous years, which helps with boosting your refund. 

An Unexpected Financial Boost  

  • Chances are that you are used to paying a set amount of taxes, but examining your options for excise fuel tax refunds can put more money back in your pocket. This allows you to maintain or even grow your business through new initiatives. 

An Easy Process  

  •  There are multiple IRS forms and steps you must review and possibly submit to claim an excise tax refund. However, a professional expert can tackle the heavy lifting for you. At TiP Excise, we only need a few key details from you about your business. Then, we’ll take it from there so that you can focus on ensuring your business continues to run smoothly. 

The Impact of Excise Fuel Tax on Your Business  

 Exploring your options can have a literal wealth of benefits when it comes to saving money on the equipment and expenses that you incur every day. If fuel is a regular and routine part of your business, then you need to explore your options when it comes to fuel tax refunds. 

 However, there are a lot of factors and intricacies that come into play when it comes to securing an excise fuel tax refund. The ultimate amount of your refund will be based on variable information. Such as your fuel consumption, types of equipment usage and more. Our team can help navigate these questions and can identify the best ways to ensure the highest refund possible. 

What Are the Next Steps for Claiming Excise Fuel Tax for Your Business? 

Most companies don’t have the bandwidth, or the internal resources required to dive into the details of excise tax laws to secure a refund. But the good news is that you don’t have to do it alone when it comes to putting money back into your business.  

At TiP Excise, we work on a contingent fee basis. That means there is no cost or obligation on your part unless we deliver fuel tax savings, and then the fee is just a percentage of your total tax refund.  

Simply put, there is no risk to exploring your options, and no excess effort is required. 

Give our team at TiP Excise a call today to get the ball rolling. With a quick and complimentary consultation and a little preliminary information from you, we can begin securing all the money you are owed now and well into the future. 

Contact us today.