Get the free Petroleum Gross Receipts Tax Return - Form LM4 - revenue delaware

Este formulario se utiliza para reportar y calcular el impuesto sobre los ingresos brutos de petróleo en Delaware.

How to fill out petroleum gross receipts tax

How to fill out Petroleum Gross Receipts Tax Return - Form LM4

1. Start by downloading the Petroleum Gross Receipts Tax Return - Form LM4 from the appropriate state revenue department website.
2. Fill out your contact information, including your name, address, and phone number, in the designated section.
3. Provide your business identification number (if applicable) in the specified field.
4. Report the total gross receipts from petroleum sales for the reporting period.
5. Calculate the taxable amount as required and enter it in the corresponding space.
6. Apply any allowable deductions, if applicable, and enter them in the provided section.
7. Compute the tax due based on the applicable tax rate for petroleum gross receipts.
8. Sign and date the return, confirming that the information provided is accurate to the best of your knowledge.
9. Submit the completed form along with any required payment by the deadline specified by your jurisdiction.

Who needs Petroleum Gross Receipts Tax Return - Form LM4?

1. Individuals or businesses engaged in the sale or distribution of petroleum products.
2. Companies that meet the minimum thresholds for gross receipts during the reporting period.
3. Tax professionals assisting clients in compliance with petroleum gross receipts tax regulations.

People Also Ask about

Who is subject to Delaware gross receipts tax?

A. Delaware's Gross Receipts Tax is a tax on the total gross revenues of a business, regardless of their source. This tax is levied on the seller of goods or services, rather than on the consumer.

How do you calculate gross receipts for Texas franchise tax?

Franchise tax is based on a taxable entity's margin. Unless a taxable entity qualifies and chooses to file using the EZ computation, the tax base is the taxable entity's margin and is computed in one of the following ways: total revenue times 70 percent; total revenue minus cost of goods sold (COGS);

Does Texas have a gross receipts tax?

The other states that levy a gross receipts tax (Nevada, Ohio, Oregon, Tennessee, Texas, and Washington) also levy a general sales tax so revenue from both taxes may be included in the states' collection totals.

What is the tax on a receipt in Texas?

The state use tax rate is 6.25 percent. For Texas purchasers, depending on where you use, store or consume the item, you may owe up to an additional 2 percent in local use taxes. Use our Sales Tax Rate Locator to determine the local tax rate at your address.

What qualifies as Texas gross receipts?

Texas Tax Code Section 171.103 defines gross receipts for a business as the sum of: Each sale of tangible personal property if the property is delivered or shipped to a buyer in this state regardless of the FOB point or another condition of the sale.

Which states have a gross receipt tax?

Summary: There are multiple states with gross receipts tax: Delaware, Nevada, Ohio, Oregon, Tennessee, Texas, and Washington. Business owners should be aware of the gross receipts tax requirements in these states and to take action to prevent liabilities from accumulating over time.

What is the gross receipts tax rate for petroleum products in New Jersey?

Rates for the Petroleum Products Gross Receipts Tax. $0.344 per gal.

What is the gross receipts tax in Nevada?

How to Pay Nevada Commerce Tax (Gross Receipts Tax) Summary : All businesses whose gross Nevada revenues exceed $4,000,000 are required to file a Nevada Gross Receipts Tax (Commerce Tax) return annually. The amount of tax used is based on your business category but is usually ranges from 0.05% and 0.3%.

For pdfFiller’s FAQs

What is Petroleum Gross Receipts Tax Return - Form LM4?

The Petroleum Gross Receipts Tax Return - Form LM4 is a tax form used by businesses involved in the sale or distribution of petroleum products to report their gross receipts for tax purposes.

Who is required to file Petroleum Gross Receipts Tax Return - Form LM4?

Businesses that engage in the sale or distribution of petroleum products and exceed the gross receipts threshold as defined by state regulations are required to file Form LM4.

How to fill out Petroleum Gross Receipts Tax Return - Form LM4?

To fill out Form LM4, a filer must input relevant business information, report gross receipts for petroleum sales, and calculate the tax due based on the applicable tax rate. Instructions provided on the form must be followed carefully.

What is the purpose of Petroleum Gross Receipts Tax Return - Form LM4?

The purpose of Form LM4 is to ensure compliance with state tax laws by providing a standardized way for businesses to report their gross receipts and calculate the amount of tax owed on petroleum sales.

What information must be reported on Petroleum Gross Receipts Tax Return - Form LM4?

Form LM4 requires reporting of the business's name and address, gross receipts from petroleum sales, any deductions, total taxable amount, and the tax owed.