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This document is used by licensed dealers of special fuel in Oklahoma to report their monthly fuel transactions, including calculations of applicable excise taxes and deductions.
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How to fill out monthly special fuel use
How to fill out Monthly Special Fuel Use Excise Tax - Dealers Report
01
Begin by downloading the Monthly Special Fuel Use Excise Tax - Dealers Report form from the appropriate tax authority website.
02
Fill in your dealer information including name, address, and dealer number.
03
Enter the reporting month and year at the top of the form.
04
List all special fuel purchases made during the month, including the date, supplier name, and quantity purchased.
05
Calculate the total special fuel consumption for the month.
06
Apply the relevant tax rate to the total quantity of special fuel used to determine the excise tax owed.
07
Include any credits or deductions for fuel used for exempt purposes, if applicable.
08
Review all entries for accuracy before submission.
09
Sign and date the report.
10
Submit the completed report to the designated authority by the due date.
Who needs Monthly Special Fuel Use Excise Tax - Dealers Report?
01
Any dealer who sells or distributes special fuel and is responsible for reporting special fuel use excise tax needs to complete the Monthly Special Fuel Use Excise Tax - Dealers Report.
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People Also Ask about
Do you want to report use tax on your IL 1040?
Individuals should report use tax on Form ST-44, Illinois Use Tax Return. An individual also may use Form IL-1040, Individual Income Tax Return, to report use tax along with the taxpayer's income tax liability, provided the individual's annual use tax liability is $600 or less.
What is use tax on taxes?
Use Tax is defined as a tax on the storage, use, or consumption of a taxable item or service on which no sales tax has been paid. Use tax is a complementary or compensating tax to the sales tax and does not apply if the sales tax was charged.
What is the fuel excise tax in Illinois?
From July 1, 2021, through June 30, 2022, the rates are as follows: gasoline/gasohol – $0.392 per gallon. diesel fuel – $0.467 per gallon. liquefied petroleum gas (LPG) – $0.467 per gallon.
Who is exempt from federal excise tax on fuel?
In order to qualify for tax-free treatment, the state or local government must purchase the fuel for its own exclusive use. State and local government entities may benefit from Internal Revenue Code Section 4221(a)(4). This section exempts these entities from the Federal motor fuel excise taxes.
What is an excise tax report?
Excise taxes are independent of income taxes. Often, the retailer, manufacturer or importer must pay the excise tax to the IRS and file the Form 720. Some excise taxes are collected by a third party. The third party then sends the tax to the IRS and files the Form 720.
Do you want to report use tax on your IL 1040 meaning?
Use tax is tax owed on items that are purchased for use in Illinois. If the seller does not collect the tax, you are required to report the tax owed on your Illinois Individual tax return. This is most common when you make internet purchases.
Do I have to pay use tax in Illinois?
Use tax is a form of Illinois sales tax that you, as the purchaser, owe on items you buy for use in Illinois. If the seller does not collect this tax from you, you must pay the tax yourself.
What is the use tax on vehicles in Illinois?
The rate is 6.25% of the purchase price or fair market value, whichever is greater.
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What is Monthly Special Fuel Use Excise Tax - Dealers Report?
The Monthly Special Fuel Use Excise Tax - Dealers Report is a tax document that dealers of special fuels, such as diesel and other non-highway fuels, are required to file to report the use and taxable sales of these fuels.
Who is required to file Monthly Special Fuel Use Excise Tax - Dealers Report?
Dealers who sell or distribute special fuels and are subject to excise tax obligations are required to file the Monthly Special Fuel Use Excise Tax - Dealers Report.
How to fill out Monthly Special Fuel Use Excise Tax - Dealers Report?
To fill out the Monthly Special Fuel Use Excise Tax - Dealers Report, dealers should collect data on the amount of special fuel sold, tax rates, and any exemptions. They must then provide this information in the specified format and submit it by the due date.
What is the purpose of Monthly Special Fuel Use Excise Tax - Dealers Report?
The purpose of the Monthly Special Fuel Use Excise Tax - Dealers Report is to ensure compliance with tax laws and to accurately assess the amount of excise tax owed for the special fuels sold within the reporting period.
What information must be reported on Monthly Special Fuel Use Excise Tax - Dealers Report?
The report must include details such as the total gallons of special fuel sold, the amount of excise tax collected, any exemptions claimed, and the dealer's identifying information.
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