Reducing your operating costs is essential to help your business succeed and increase your overall profits. One of the best ways of accomplishing this goal is to find out if you qualify for a tax exemption on your utility bills. A predominant use study in Texas is a reliable way to get the exemption you deserve. Here’s what you can expect when you request this study.
A Complimentary Review
The first step in a predominant use study in Texas is to look at your past utility bills. A qualified professional will analyze your utility bills and calculate how much of your energy usage goes toward qualifying equipment within your business. This process can give you a rough estimate of how much money you can expect to save each month.
The Utility Study
After the complimentary review, your predominant use study in Texas will move forward. The professional team you choose will track your energy use over a specific period and determine your average utility usage for qualifying equipment. This calculation provides the proportion of your sales tax that will be removed from your future bills.
Filing for a Refund
Upon completion of your predominant use study, the right company will help you file for a refund. The study will provide documentation to claim the tax exemption going forward but you may still qualify for a refund on what you have paid for the past several years. However, you will need to file for this refund. It doesn’t apply automatically. You will receive your refund in a lump sum or as a credit on your utility account.
If you need a predominant use study in Texas, visit the B. Riley Financial website to learn more.
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