Fuel Tax Refund

[Cobra Jet Steering LLC]

I believe there is also a federal highway tax that you can get back per gallon. My accountant has me keep track of how many gallons of fuel I buy for use on the water, funny thing when you get that rebate you then have to enter it as income on another line of the tax forms so they get 1/3 of it back anyway. lol

 

[sysinu]

Looks like it's only for the following states:

• Alaska
• California
• Connecticut
• Delaware
• Massachusetts
• Missouri
• Nebraska
• North Carolina
• Texas
• Virginia
• Washington

 

[Ronnie]

... funny thing when you get that rebate you then have to enter it as income on another line of the tax forms so they get 1/3 of it back anyway. lol

I believe there is also a federal highway tax that you can get back per gallon. My accountant has me keep track of how many gallons of fuel I buy for use on the water, funny thing when you get that rebate you then have to enter it as income on another line of the tax forms so they get 1/3 of it back anyway. lol

I forgot about that, thanks for the reminder. Makes me think about being in the Service, getting paid (indirectly) with tax payer money and later paying taxes on that.

 

[latitudeadjuster]

I did this last year. I submitted $1500+ worth of receipts and got back a measly $12.
Needless to say - I won't be doing it again - it wasn't worth my trouble.

Maybe some didn't get approved, something missing on the paperwork etc....who knows with them at times. The first time here I was audited....was no big deal.

It appears to be 25 cents per gallon in Conn. you should have see about $100.....

 

[octavio3311]

Yeah - I see it should've been .25 a gallon. But who knows.

 

[Huskerjetboat]

Don't understand how they can consider the refund taxable income since you paid tax already on the money you bought the gas with. That is being taxed twice on the same money. Something not right there.

 

[Ronnie]

Don't understand how they can consider the refund taxable income since you paid tax already on the money you bought the gas with. That is being taxed twice on the same money. Something not right there.

I thought this was a common practice in that my state refund is figured into my federal income tax annually (or is it the other way around?). I know my account reviews this with me every year, I stopped trying to understand it and just let her do her job which she has done well for me for over 10 years.

 

[latitudeadjuster]

Don't understand how they can consider the refund taxable income since you paid tax already on the money you bought the gas with. That is being taxed twice on the same money. Something not right there.

What state are you in? I wouldn't doubt they do that.....Currently VA does not tax it a income....but Virginia does tax our previous year state income.....smh...so yea, they can do it I guess.