Many businesses take steps to reduce their operating costs and maximize their profits. One way to do this is by completing a predominant use study in Missouri. These studies help you determine how much of your energy use qualifies for a tax exemption, reducing your utility bills. The following will help you understand what these studies look at and how they can help your company.
What Is Tax Exemption for Utilities?
An evaluator will determine which equipment you run qualifies for an exemption when you get a predominant use study in Missouri. After locating the permitted equipment, they will calculate how much each piece of equipment uses on a per-meter basis. After comparing that amount to the total cost of your energy bills, you will learn what percentage of your energy bills is tax exempt. In some situations, you can reclaim taxes paid over the past ten years.
What Types of Equipment Qualifies?
In short, a predominant use study in Missouri will look for pieces of equipment that relate directly to your business processes. Any form of processing or producing will qualify for a tax exemption on your utility bills. In addition, products you sell, such as telecommunications, or recovered materials you recycle or reuse can also qualify. An experienced evaluator will understand the state laws and provide a detailed summary that helps you get the tax exemptions you deserve.
Help Filing Your Exemption
When you choose a company that provides a predominant use study in Missouri, choose one that will help you file your tax-exempt status. It’s essential to ensure you meet the qualifications and follow the requirements to avoid problems, such as underpaying, which can have financial consequences in the future.
Resource Box: If you’re ready to get a predominant use study in Missouri, visit the Business Name. website to schedule an appointment.
