CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Doug Oosterhart, CFP®
Owner/Financial Advisor
LifePoint Planning, PLLC
1821 Walden Office Square, Suite 400
Schaumburg, IL 60173
Phone: 844-505-3618
Email: doug@lifepointplanning.com
Website: www.lifepointplanning.com
March/April 2025
The Lowdown on Excise Tax
Generally, federal excise tax is imposed on the sale of specific goods, services, or particular uses. Some examples include fuel, airline tickets, heavy trucks and highway tractors, tires, tobacco, alcohol, indoor tanning services, and other goods and services. The tax may be imposed at the time of import, sale by the manufacturer, sale by the retailer, or use by the manufacturer or consumer.
Reporting and Paying
You generally must file an IRS Form 720, Quarterly Federal Excise Tax Return to report and pay the tax. Excise taxes are in addition to any sales tax on items and independent of income tax. States may levy excise tax as well. A similar state or local form is on the tax authority's website. You can pass the cost of excise tax onto your customers.Deductible?
You can deduct federal excise taxes paid for goods or services on your small business taxes. Excise taxes collected from customers are not deductible. Consider consulting a tax professional to help you with reporting and filing.LifePoint Planning, PLLC and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.