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This document is a tax return for corporations in Massachusetts, detailing income, deductions, and liabilities for the tax year.

How to fill out combined corporation excise return

How to fill out Combined Corporation Excise Return

1. Gather necessary documents such as gross receipts, total assets, and any applicable deductions.
2. Obtain the Combined Corporation Excise Return form from the relevant tax authority's website.
3. Fill out your business information including name, address, and tax identification number at the top of the form.
4. Report total income on the appropriate line, ensuring all sources of income are included.
5. List out applicable deductions and credits in the specified sections of the form.
6. Calculate the total tax liability based on the rates applicable to your corporation.
7. Review the completed form for accuracy and ensure all required information is provided.
8. Sign and date the return, then submit it by the deadline, either electronically or via mail.

Who needs Combined Corporation Excise Return?

1. Corporations operating in specific jurisdictions that impose a combined excise tax.
2. Businesses that are part of a combined group or unitary group for tax purposes.
3. Companies with income sourced from within the taxing jurisdiction.

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 form used by corporations to report their income, expenses, and other financial information for state tax purposes. It consolidates various tax liabilities into a single return for efficiency.

Who is required to file Combined Corporation Excise Return?

Corporations that conduct business activities within a state that imposes an excise tax on corporations are generally required to file the Combined Corporation Excise Return. This includes both domestic and foreign corporations doing business in the state.

How to fill out Combined Corporation Excise Return?

To fill out the Combined Corporation Excise Return, corporations must provide accurate financial data, including revenue, deductions, credits, and other relevant information. The form usually requires supporting documentation and may need to be submitted by a specified deadline.

What is the purpose of Combined Corporation Excise Return?

The purpose of the Combined Corporation Excise Return is to ensure that corporations accurately report their earnings and pay the appropriate state taxes. It helps state tax authorities assess the tax liability of corporations operating within their jurisdiction.

What information must be reported on Combined Corporation Excise Return?

The information that must be reported typically includes total income, allowable deductions, tax credits, capital gains, loss carryforwards, and the calculation of the excise tax owed, as well as any other relevant financial details required by the state.