4136 Form 2023-2024

2017 4136 Form: What You Should Know

For the credits for biodiesel and petroleum coke, you can enter a maximum of 1 gallon of the fuel. If you're using your own fuel, you can enter 0 gallons. You can find examples of uses in the form. You don't have to include the total of the credits by date, but if you want to, you can enter the credit for any of them. But if the credit exceeds your credit limit for that year, you'll have to file it for 2017. You can claim this as an itemized deduction on Form 1040, but the credit should be reported on Form 1040, line 29, on Form 8446. If you are applying the credit for 2017, you have to provide a statement that you filed the return on time and paid all taxes due. Who can claim a business tax credit under this subchapter for federal or state fuel taxes?  A business must have a taxpayer identification number (“TIN”; also known as a “business number”). In fact, the tax credit is treated as an excise tax. If your business or sole proprietorship uses fuels that are taxable under federal or state laws, and the tax credit is included in computing gross income or the sales tax paid, the credit is limited to the amount of taxes paid under the applicable laws. (See the FAQs for Form 4136.) How do I claim a nonresident tax credit? If you have a U.S. business or a U.S. person and use the credit, you may claim it on a Schedule C. Use Form 4136 to claim the credit you do not claim for federal or state fuel taxes.  For more information, read OMB No., Pub. L. No. 114-36 (which became effective in September 2017) or OMB No., Pub. L. No. 114-44. If you are claiming an excise tax credit on your business (as opposed to receiving a personal tax credit), you may also be able to claim the credit on Schedule C.  You can find out from your CPA, tax attorney, or tax advisor the amount of fuel taxes claimed on Schedule C and whether you can claim the fuel tax credit under Pub. 946. A self-employed person is limited in the amount of the credit per year (it can't exceed 4% of AGI).

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