In this video we'll be going over IRS form 4136 credit for federal tax paid on fuels generally speaking this tax form is used by businesses and taxpayers to claim the following types of credits the biodiesel or renewable diesel mixture credit the alternative fuel credit a credit for certain non-taxable uses or sales of fuel during your income tax year a credit for blending a diesel water fuel Emulsion a credit for exporting died fuels or gasoline blend stocks or the sustained substainable aviation fuel credit you don't have to wait to claim your credit for federal tax paid on this annual form you do have a couple of options you can file IRS form 8849 which is a claim of for refund of excise taxes if you're looking to claim this is a periodic refund or you can file IRS form 720 which is your quarterly federal excise tax return to claim a credit against excise excise tax if you're a partnership other than electing large Partnerships you cannot file this form instead you would include a statement on schedule K1 of your form 1065 showing the allocation to each partner that specifies the number of gallons of fuel used during the tax year the applicable credit per gallon the non-taxable use or sale and then additional information that might be neat that might be submitted and generally you would file this income tax form with your tax return so let's get started on this four-page tax form so the structure of this entire tax form looks very similar it's got four pages and it's got a 17 well 16 different lines so if you look at each line there's basically a narrative there's a rate accrediting rate there's gallons and then the amount of credit so you...
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How to prepare Form 4136
About Form 4136
Form 4136 is a tax form used by individuals and businesses to claim a credit or refund for federal excise taxes paid on certain fuels. This form is typically required for taxpayers who use specific fuels for non-taxable purposes, such as those used in motorsport racing, farming, or off-highway business functions. Taxpayers who purchase gasoline, diesel fuel, kerosene, or other specified fuels for non-taxable purposes can use Form 4136 to claim a credit or refund for the federal excise taxes paid on these fuels. Generally, individuals who are sole proprietors, farmers, or those engaged in specific off-highway business functions are examples of taxpayers who may need to file this form. Form 4136 is submitted along with an individual or business tax return (such as Form 1040 or Form 1041) to report and claim the applicable credit or refund for excise taxes paid. It is important to note that eligibility requirements and specific instructions for completing this form can be found on the official IRS website or by consulting a tax professional.
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