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Signature Financial Group LLC logo

Manny Gonzalez, II

Investment Advisor Representative

 

Signature Financial Group, LLC

9150 South Hills Blvd, Suite 200

Broadview Heights, OH 44147

 

Phone:  216-642-9556 Ext. 320

Fax:      216-642-5508

Cell:      440-731-0321

Text:     440-583-6146

 

Email: mgonzalez@sfg4you.com

Website: MGONZALEZWEALTH.COM

March/April 2025

The Lowdown on Excise Tax

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.


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