Business State Tax Returns: A Guide for Business Owners
For business owners, the complexity and demands of managing business taxes can be overwhelming. Yet, mastering your state-level business taxes is...
Everyone knows about income taxes and sales taxes, but we tend to forget about excise taxes, because they're not obvious.
Excise taxes are paid when purchases are made on specific goods or activities, such as wagering or highway usage by trucks. The producers or merchants pay the tax and typically include the additional tax in the price to the end consumer. Governments levy excise taxes on goods and services that have a high social cost, such as cigarettes, alcohol and gambling. Excise taxes are also referred to as selective sales or differential commodity taxes.
Here are six key facts regarding common, little-known excise taxes —
The idea is to limit the use of certain products, such as alcohol and tobacco. States also levy excise taxes. Some people say that excise taxes are stopgap measures to solve short-term problems. In fact, some note that discriminatory excises on the consumption of specified products is a step back in development of fiscal systems, postponing a more proper reform for the country or state.
Are you unsure how excise taxes may affect you? Contact us so we can help you with your situation.
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