Form 8896 Low Sulfur Diesel Fuel Production Credit

Instructions and help about Form 8896 Low Sulfur Diesel Fuel Production Credit

hey youtube so in this video i wanted to cover irs form 4136 it is a credit for federal taxes paid on fuels so if you are running a trader business and you have to purchase fuel to use for machinery equipment vehicles that are part of your trader business you can actually file this form and get a tax credit back for whatever taxes you paid you know per gallon of fuel purchased during the year so in this example here i have a landscaping company right so landscaping companies they have lawn mowers tractors weed whackers i mean you name the name the whole lot and a lot of these uh types of equipment require fuel to run right they're not all electric and so if you're a landscaper and you have to buy fuel to run these machines and this other equipment you can file this form to get a credit for the taxes that were paid on every gallon purchase okay so in this example like i said we have a landscaping company this is the form 4136 the form 4136 it's several pages long it basically contains