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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
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.
Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional advisory services offered through Signature Equity Partners, LLC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth.
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