Mar, 15

Biofuel and Tax Returns

By now you know that biofuel is a clean and renewable heating oil. But did you know that if you used biofuel in 2014, you may qualify for government tax credits?

Gasoline Drop

That’s because biofuel is environmentally-friendly and produced domestically. Tax credits and incentives help to promote the usage of this alternative fuel. Here’s how to proceed when filing your taxes:

  1. Familiarize yourself with the IRS’s current policies on biofuel and tax returns
  2. Fill out an 8864 form from the IRS
  3. Once completed, enter information into your tax program or bring to your account

Keep the following points in mind:

  • You also may qualify if you use a biofuel mixture
  • To make a one-time claim, refer to Notice 2015-3
  • You can amend past claims to include information on your biofuel usage

If you have additional questions about biofuel and tax returns, feel free to call Petroleum Kings at 914-576-4040. We’re happy to discuss clean-burning fuels and government tax incentives. Like us on Facebook and follow us on Twitter and Google+ for more tips.

Note: This blog post is for informational use only and does not replace the use of a qualified tax professional.

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