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Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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Can I claim my excise tax in Massachusetts?

A: Yes, vehicle excise tax is a proper itemized tax deduction. Personal property tax is deductible, if it is charged on personal property, based on the value of the personal property, and charged on a yearly basis.

Do Owner Operators need to file form 720?

Anyone involved in the sales of goods or services, such as fuel, heavy trucks, and other goods in Part I and Part II of Form 720, must pay Excise Taxes using Form 720, Quarterly Federal Excise Tax. This form must be submitted for every quarter until you file a final return.

Is an excise tax a negative incentive?

The increase in excise tax will work as a negative incentive for lower income groups who smoke, thus lowering the rate of smokers in this group.

How is an excise tax different from a sales tax an excise tax is not deductible?

Unlike general sales taxes, excise taxes are usually applied on a per-unit basis instead of as a percentage of the purchase price. For instance, cigarette excise taxes are calculated in cents per pack. And most gasoline excise taxes are imposed in cents per gallon.

Are excise taxes deductible?

An excise tax isnt deductible if its for a personal expense. You can deduct as a business expense excise taxes that are ordinary and necessary expenses of carrying on your trade or business.

How does excise tax work in Massachusetts?

The excise rate is $25 per $1,000 of your vehicles value. It is charged for a full calendar year and billed by the community where the vehicle is usually garaged. If your vehicle is registered in Massachusetts but garaged outside of Massachusetts, the Commissioner of Revenue will bill the excise.

What are 4 examples of excise taxes?

Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.

Who files form 720 excise tax?

Who Files Form 720? If you are a business that deals in goods for which excise taxes are due, you must file a Form 720. In addition, some expat taxpayers would fill out form 720.

What is the best example of an excise tax?

State governments levy state excise taxesfor example, a state tax on alcohol and tobacco products, like cigarette taxes. Local excise taxes. In most cases, excise tax levied by local governments is imposed as added fees.

What are examples of excise tax?

What is an example of excise tax? The federal gas tax is an excise tax. The US federal government charges 18.4 per gallon of gasoline and 24.4 per gallon for diesel fuel. These excise taxes stay the same regardless of other price inputs and are baked into the advertised price.

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A tried and tested way to Excise Statistic Record For Free

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Can I claim my excise tax in Massachusetts?