Beware of Fuel Tax Credit Scam

The IRS is warning taxpayers to NOT fall for scams suggesting they’re entitled to various tax credits, including the fuel tax credit, when this just isn’t so. The fuel tax credit is designed for off-highway business and farming use. You need a business purpose and a qualifying business activity, such as running a farm or purchasing aviation gasoline, to be eligible for the credit. Most small businesses don’t qualify for this credit. If you followed bad advice and mistakenly claimed the credit, talk with a reliable tax pro (you’ll likely have to file an amended return). #IdeaoftheDay