Get Raffle And/or Bazaar Tax Return - Gardner-ma

Filling out the RAFFLE AND/OR BAZAAR TAX RETURN - Gardner-ma is an essential task for organizations conducting raffles or bazaars in Massachusetts. This guide will provide you with clear, step-by-step instructions to facilitate the completion of your tax return online.

Follow the steps to successfully complete your tax return online.

1. Click ‘Get Form’ button to obtain the form and open it in your preferred online editor.
2. Begin by identifying the type of activity you are reporting. Check the appropriate box for Raffle, Bazaar, or Other.
3. In Schedule 1, fill in the name of your organization, street address, phone number, city or town, and the organization’s federal identification number.
4. Enter the total receipts from sales in line 1. Calculate this by multiplying the number of tickets sold by the cost per ticket.
5. If applicable, report any other receipts in line 2.
6. Calculate Gross Receipts by adding lines 1 and 2 and enter the total in line 3.
7. Determine the tax due by calculating 5% of the gross receipts from line 3 and entering it in line 4.
8. If there are any penalties or interest applicable, calculate and enter them in line 5.
9. Add the tax from line 4 and any penalties or interest from line 5 to determine the total tax due, and record it in line 6.
10. Proceed to Schedule 2. Record the gross receipts from line 3 of Schedule 1 in line 1.
11. List all deductions, including the total prizes awarded (line 2A), other expenses (line 2B), and taxes paid (line 2C). Add these for total expenses in line 2D.
12. Finally, subtract the total expenses in line 2D from gross receipts in line 1 to find your net profit or loss, and enter this amount in line 3.
13. Review all entries for accuracy. Once satisfied, save your changes, and utilize available options to download, print, or share the completed form.

Complete your RAFFLE AND/OR BAZAAR TAX RETURN online today to ensure compliance and timely submission.