Get MA DoR 355SBC 2018

Rate Structure: The effective excise rate on corporations is 9.5% of net income apportioned to Massachusetts, and $2.60 per $1,000 of the value of Massachusetts tangible property or net worth allocable to Massachusetts. The minimum tax is $456.

The amount of the Motor Vehicle & Trailer Excise Tax on any particular vehicle or trailer is calculated by multiplying the discounted value** of the vehicle by the Excise Tax Rate of $25.00 per $1,000 of value. The $25.00 Excise Tax Rate applies to all communities in the Commonwealth of Massachusetts.

An excise or excise tax is any duty on manufactured goods which is levied at the moment of manufacture, rather than at sale. ... Excises are typically imposed in addition to an indirect tax such as a sales tax or value-added tax (VAT).

Excise tax bills are due annually for every vehicle owned and registered in Massachusetts. Excise tax bills are prepared by the Registry of Motor Vehicles and billed by the local community where the vehicle is garaged. The excise tax rate is $25 per $1,000 of assessed value.

The excise due is calculated by multiplying the value of the vehicle by the motor vehicle tax rate. The tax rate is fixed at $25 per one thousand dollars of value. The value of a vehicle is determined as a percentage of the manufacturer's suggested retail price for that vehicle based on the year of manufacture.

Pay your bill online You can pay your excise tax through our online payment system.

Business collect excise taxes and pay these excise taxes over the the government. Excise taxes apply to alcoholic beverages, tobacco, firearms, airfares, telephone service, and many other products and services.

Excise taxes are taxes paid when purchases are made on a specific good, such as gasoline. Excise taxes are often included in the price of the product. There are also excise taxes on activities, such as on wagering or on highway usage by trucks. One of the major components of the excise program is motor fuel.

Excise taxes are most often levied upon cigarettes, alcohol, gasoline and gambling. These are often considered superfluous or unnecessary goods and services. To raise taxes on them is to raise their price and to reduce the amount they are used. In this context, excise taxes are sometimes known as "sin taxes."

Who files Form 720? Whether you are a manufacturer, retailer, airline or any other business that deals in goods for which excise taxes are due, you have a responsibility to file a Quarterly Federal Excise Tax Return on Form 720 up to four times per year, depending on the circumstances.

Excise duty is on the production of goods whereas sales tax is levied on sale of goods. Excise duty is paid by the manufacturer while the burden of sales tax is borne by the end consumer. ... Excise duty is levied on accessible value whereas Sales tax is based on sale price.

State Business Tax By default, LLCs themselves do not pay income taxes, only their members do. ... If your LLC is taxed as a corporation you'll need to pay the corporation income tax. The state's corporation tax return (Form 355) is filed with the Massachusetts Department of Revenue (DOR).

STEP 1: Name your LLC in Massachusetts. ... STEP 2: Choose a Resident Agent in Massachusetts. ... STEP 3: Get an EIN. ... STEP 4: File the Massachusetts Certificate of Organization. ... STEP 5: Create an Operating Agreement.

If you own a limited liability company (LLC), you will want to know your state's rules about LLC reporting and tax filing requirements. Many states require LLCs to file an annual report and pay an annual tax or fee. Penalties for failing to file a report or pay required taxes can be steep.

Introduction. For tax year 2018, Massachusetts had a 5.1% tax on both earned (salaries, wages, tips, commissions) and unearned (interest, dividends and capital gains) income. The tax rate was lowered to 5.05% for tax years beginning January 1, 2019, and after. Certain capital gains are taxed at 12%.