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I have questions about the biodiesel tax credit, 2016 tax

Customer Question
I have questions about the...
I have questions about the biodiesel tax credit
JA: The Expert will know how to help. Please tell me more, so we can help you best.
Customer: 2016 tax credit was received by the LLC company...is it to be included as income for federal taxes?
JA: Is there anything else the Expert should be aware of?
Customer: Is it non taxable income?
Submitted: 3 months ago.Category: Tax
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Answered in 3 hours by:
9/9/2017
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 3 months ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,740
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi from just answer. I'mCustomer I can assist.
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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 3 months ago
The tax credit is supposed to be a reduction in what you spent for the fuel. Let's say you spent 10,000 in 2016 for biodiesel and claimed a $480 fuel tax credit on 4136.Next year, when you receive the credit, that should reduce next year's biodiesel expense. If you paid 11,000 in 2017, your deductible expense would be 10,520.Thanks for asking at just answer. Positive feedback is appreciated. I'mCustomer
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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 3 months ago
Hi again.Customerhere.Can I ask for positive feedback to complete your request? Site management does not consider a request answered without feedback.
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PDtax
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,740
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Experience: 35 years tax experience, including four years at a Big 4 firm.

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