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This document serves as a tax return for corporations registered in Massachusetts, detailing the corporation's financial activities, taxable property, and excise payments due to the state.

How to fill out combined corporation excise return

How to fill out Combined Corporation Excise Return

1. Gather necessary documents: Ensure you have all the required financial records and information for your corporation.
2. Determine your tax year: Identify the period for which you are filing the return.
3. Access the Combined Corporation Excise Return form: Obtain the correct form from your local tax authority's website.
4. Fill out corporate details: Input your corporation's name, address, and tax identification number in the appropriate sections.
5. Report income and deductions: Provide details on your corporation's income, expenses, and allowable deductions.
6. Calculate taxes owed: Based on the completed income and deductions, compute the total tax liability.
7. Review for accuracy: Double-check all entries for accuracy and ensure compliance with tax regulations.
8. Submit the form: File the completed return by the deadline, either electronically or by mail, depending on local regulations.

Who needs Combined Corporation Excise Return?

1. Corporations operating in the state that are subject to the Combined Corporation Excise Tax.
2. Any entity that is engaged in business activities that meet the thresholds for taxation under the Combined Corporation Excise Act.
3. Businesses with gross income exceeding a specific threshold as defined by the state legislature.

People Also Ask about

Who must file MA form 355?

Types of Business Taxes in Massachusetts Filing Requirements: C corporations must file Form 355 by the 15th day of the fourth month after the tax year ends. S corporations must file Form 355S by the 15th day of the third month after the tax year ends. Estimated Payments: Required if liability exceeds $1,000.

What is Massachusetts corporate combined excise tax?

Taxable Unit: A corporation is a taxpayer separate and distinct from its shareholders. 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.

Why am I paying excise tax?

Excise tax is an indirect tax on specific goods, services and activities. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.

What is the excise tax on electricity in Illinois?

Electricity Excise Tax $. 0033 per kwh / first 2,000 kwhs.

What vehicles are exempt from excise tax?

Automobile truck bodies and chassis with a gross vehicle weight of 33,000 lb. or less, truck trailer and semi-trailer bodies and chassis for use with a trailer or semi-trailer having a gross vehicle weight of 26,000 lb. or less, and tractors mainly used for highway transportation with a trailer or semi-trailer having a

What are excise returns?

Excise taxes are primarily business taxes. They are separate from other taxes that corporations must pay, such as income taxes. Businesses charging and receiving excise taxes are required to file Form 720 Federal Excise Tax Return on a quarterly basis and include quarterly payments.

How can I avoid federal excise tax?

This is done by filing an exemption certificate with the order. (The Exemption Certificate, STD. 802, is available from Department of General Services, Office of Procurement, Material Services Section.)

Why do I have to pay excise tax?

Excise taxes target specific goods or services such as fuel, tobacco, and alcohol. These taxes are typically paid by businesses but are passed on to consumers in the form of higher prices. Excise taxes can be ad valorem (paid by percentage) or specific (cost charged by unit).

For pdfFiller’s FAQs

What is Combined Corporation Excise Return?

The Combined Corporation Excise Return is a tax return form used by certain corporations to report their income, deductions, and tax liabilities to state tax authorities. It combines several excise taxes related to corporate income and activity into a single filing.

Who is required to file Combined Corporation Excise Return?

Corporations that conduct business within a state and meet specific thresholds for income or activity are typically required to file a Combined Corporation Excise Return. This includes both domestic and foreign corporations that have earned income in that jurisdiction.

How to fill out Combined Corporation Excise Return?

To fill out the Combined Corporation Excise Return, corporations need to gather financial information, including total income, allowable deductions, and credits. They must complete the return according to the instructions provided by the taxing authority, ensuring all applicable fields are accurately filled out before submission.

What is the purpose of Combined Corporation Excise Return?

The purpose of the Combined Corporation Excise Return is to report the taxable income of corporations, calculate the excise taxes owed, and ensure compliance with state tax laws. It aims to streamline the filing process for corporations operating in multiple jurisdictions.

What information must be reported on Combined Corporation Excise Return?

The Combined Corporation Excise Return must report information such as total income, deductions, taxable income, credits, and any other relevant financial data required by the state. Specific forms and schedules may also be necessary to detail certain transactions or activities.