Benefits of Hiring Utility Sales Tax Consultants

Your company may be eligible for a utility sales tax exemption or refund, but there are a number of factors that come into play. Only certain companies with certain machines can apply. On top of that, you need to be aware of the statute of limitations and understand the percentage of utility usage that is eligible for the exemption and information about ownership. With everything that you need to know and do in order to reap the benefits, you should hire Iowa utility sales tax consultants. Here are 4 benefits that you can take advantage of by hiring professional assistance:

Saves Money

One of the greatest benefits that you can receive by getting professional assistance is money savings. Many companies find that the sales tax is as much as 8% of the amount that they spend on utilities every month, so an exemption can be a great way to save money throughout the year. The consultant can also audit your utility bills to make sure that you're not overpaying and recover any money that you shouldn't have spent. Gather all of your natural gas, electricity, water, and other utility bills to give to your consultant for review.

Explains Requirements

Each state has its own requirements that must be met for a company to be considered eligible for the utility sales tax exemption. A consultant will know the requirements that you need to meet, and he or she can quickly help you determine if you'll be eligible. Many companies will review your information to quickly gauge if you're eligible, and they can give you more information about what you can expect from the application process.

Conducts Utility Studies

In order to show that you're eligible, you need to have a predominant-use study or utility-use study completed by a certified professional. This person will examine your property and the machines and equipment that you use. He or she can determine the amount of energy, heat, and other utilities that are used for manufacturing and processing. During the study, the consultant will examine each machine and equipment on your property that is used for manufacturing and processing. He or she may ask you questions about its hours of operation and percentage of time used to complete the manufacturing and processing tasks. With your answers and energy readings, he or she can complete the study for you.

Files Applications

With the predominant-use study completed, you can complete your application. Your consultant can help you complete the application and submit the claim for you. Having a professional help you complete this process can give you reassurance that everything was completed correctly and all the information is there that can help the government make a decision as quickly as possible. The consultant knows what information the government will be looking for when reviewing applications, and he or she can make sure that there is no missing information when you're ready to submit it. With accurate information and nothing missing, you can be assured that there won't be any issues with your application so you can get an answer in a timely manner.
If your utility sales tax seems exorbitant, it would be to your benefit to hire Iowa utility sales tax consultants. They can review your current costs to determine if they can recover any money that you overpaid unnecessarily. You'll need to be aware of the statute of limitations to determine the amount of money that you can receive. They can also help you determine if you're eligible for exemptions, so you can save money every month moving forward. A professional consultant will become an invaluable asset for your company to help you get the money that you're owed.