Tax credit on gas may help you save money this tax season. But what does that really mean for your pocket? Here's 19's Michael Fuller with the details. The average taxpayer purchases about 750 gallons of gas per year. To take advantage of the 2018 motor fuel income tax credit, drivers have to save their gas receipts and report them on their state tax return. Cadena Chavez, CFO of Javis Tax Service, explains just how it works. "You get three cents per gallon back for the gallons that you purchased over the year if you save gas receipts. But those gas receipts have to be the actual gas receipt. I did some research and found out that we could use bank statements that show where we got gas. But as we know, we can buy other things from the gas station besides gas. So, we cannot use bank statements. So please know that you have to save those thermal receipts because it also shows the number of gallons." So how does one go about getting this tax break? You have to file a form I-385, which is a South Carolina form. You have to be a resident of South Carolina as well to file that form. Consumers need to know that their maintenance bills can be included and added and they will also be included in filing that form I-385. You do not have to itemize, you just have to have the gas receipts. Davis says there's no minimum or maximum of how many receipts one can submit for the tax credit. But the most imperative aspect in South Carolina comes back to the summer and once they audit this new form and where taxpayers are filing it, you need to have your receipts and backup documentation. Because if you do not, then...
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Fuel tax credit 2024 Form: What You Should Know
A person whose income exceeds the Line 11 standard deduction is not eligible to claim the alternative fuels credit. The form must be submitted separately for each alternative fuel mixture, and must be postmarked by May 18, 2019, and received by the Form 945 for review by the IRS before filing. Claim for Alternative Fuels Credit. The alternative fuels credit is available only for an individual taxpayer. The Form IT-251 must be applied on the part of Form 945 that lists the taxpayer's tax year 2024 tax return. The Form IT-251 must be issued as soon as possible so that it can be issued in lieu of a second IRS Form 945. After the form is issued, the amount of the credit can be entered on line 3a of the return and may be applied on any prior income tax returns that were filed in years prior to the date the form is issued. The tax credit is not reduced by any adjustments to the modified adjusted gross income of an individual or to his or her tax liability, except in circumstances where the taxpayer elects to file the return on Form 1040X. The alternate fuel credit cannot be claimed if a person elects to file an individual income tax return, returns by any partnership or S corporation and returns by any trust (generally, returns for years prior to 2016), or returns by any estate or trust estate that were filed in years prior to 2016. For 2024 tax years and for 2024 tax years, the amount of the alternative fuels tax credit is: 16.00 per gallon for biodiesel sold or used in the United States for use at a fuel pump; and 2.10 for any alternative fuel mixture sold or used during the 2024 calendar year. For 2024 tax years and for 2024 tax years, the alternative fuels tax credit is: 16.00 per gallon for biodiesel sold or used in the United States for use at a fuel pump; and 2.10 per gallon for any alternative fuel mixture sold or used during the 2024 calendar year. The alternative fuels and biodiesel credit is also available for purchase of alternative fuels or diesel on or after January 26, 2018, and before April 30, 2020. If the taxpayer used such fuel in the course of his or her trade or business or owned such material as an investment in which he or she was the owner, he can claim the credit to the extent his income exceeds the exclusion of his income from sources subject to the Alternative Minimum Tax.
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