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This document serves as a tax return form for reporting petroleum gross receipts to the Delaware Division of Revenue, including relevant tax calculations and due dates.
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How to fill out petroleum gross receipts tax
How to fill out PETROLEUM GROSS RECEIPTS TAX RETURN - FORM LM4 9501
01
Begin by downloading the PETROLEUM GROSS RECEIPTS TAX RETURN - FORM LM4 9501 from the official website.
02
Fill in your business name, address, and tax identification number in the designated fields.
03
Report all gross receipts from petroleum sales for the reporting period in the appropriate section.
04
Calculate the taxable amount based on the provided rates and guidelines.
05
Complete any additional calculations required for credits or deductions.
06
Double-check all entries for accuracy and completeness.
07
Sign and date the form as required.
08
Submit the completed form by the due date, either electronically or by mail, as per state regulations.
Who needs PETROLEUM GROSS RECEIPTS TAX RETURN - FORM LM4 9501?
01
Businesses engaged in the sale of petroleum products who meet the applicable thresholds for gross receipts.
02
Entities looking to comply with state tax regulations related to petroleum transactions.
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People Also Ask about
What is the New Mexico gross receipts tax?
The Gross Receipts Tax rate varies throughout the state from 4.875% to 8.9375%. It varies because the total rate combines rates imposed by the state, counties, and, if applicable, municipalities where the businesses are located.
What is the formula for gross receipts?
To find gross receipts, add up all revenue sources, including sales, services, rent, interest, and other earnings before deductions. Review financial records, invoices, and bank statements for accuracy. Accounting software can automate calculations.
How do you calculate the gross receipts?
To find gross receipts, add up all revenue sources, including sales, services, rent, interest, and other earnings before deductions. Review financial records, invoices, and bank statements for accuracy. Accounting software can automate calculations.
Who is subject to Delaware gross receipts tax?
Who is required to pay Delaware's Gross Receipts Tax? A. When you engage in business in the State of Delaware, you may be required to pay Gross Receipts Tax. This tax is paid by the seller of goods (tangible or otherwise) or the provider of services in the state.
Is a gross receipts tax an income tax?
Because GRTs are imposed at intermediate stages of production and do not allow (or strictly limit) deductions for costs, they are not based on profits or net income, like a corporate income tax, or final consumption, like a well-constructed sales tax.
Where do I find my gross receipts?
If you operate your business as a Sole Proprietorship or a single-member Limited Liability Company (LLC), gross receipts go on Schedule C of your IRS Form 1040.
How do you calculate gross receipts?
Gross receipts are the total amounts the organization received from all sources during its annual accounting period, without subtracting any costs or expenses.
What is an example of a gross receipt?
Gross receipts include all revenue in whatever form received or accrued (in ance with the entity's accounting method) from whatever source, including from the sales of products or services, interest, dividends, rents, royalties, fees, or commissions, reduced by returns and allowances.
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What is PETROLEUM GROSS RECEIPTS TAX RETURN - FORM LM4 9501?
The PETROLEUM GROSS RECEIPTS TAX RETURN - FORM LM4 9501 is a form used by businesses involved in the petroleum industry to report and remit gross receipts taxes owed to the state. This tax is levied on the revenue generated from the sale of petroleum products.
Who is required to file PETROLEUM GROSS RECEIPTS TAX RETURN - FORM LM4 9501?
Businesses and entities that engage in the sale or distribution of petroleum products within the jurisdiction that requires this filing are mandated to file the PETROLEUM GROSS RECEIPTS TAX RETURN - FORM LM4 9501.
How to fill out PETROLEUM GROSS RECEIPTS TAX RETURN - FORM LM4 9501?
To fill out the PETROLEUM GROSS RECEIPTS TAX RETURN - FORM LM4 9501, businesses must provide their gross receipts from petroleum sales, calculate the tax due based on these receipts, and include any applicable deductions or credits as instructed on the form.
What is the purpose of PETROLEUM GROSS RECEIPTS TAX RETURN - FORM LM4 9501?
The purpose of the PETROLEUM GROSS RECEIPTS TAX RETURN - FORM LM4 9501 is to ensure the correct reporting and payment of taxes owed on gross receipts from petroleum sales, aiding in the regulation and taxation of the petroleum industry.
What information must be reported on PETROLEUM GROSS RECEIPTS TAX RETURN - FORM LM4 9501?
The information that must be reported on the PETROLEUM GROSS RECEIPTS TAX RETURN - FORM LM4 9501 includes the total gross receipts from petroleum sales, calculations of the taxes owed, any claimed deductions or exemptions, and identification information for the filing entity.
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