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This document provides instructions and guidelines for completing the Massachusetts Corporation Excise Return (Form 355) including schedules, tax law changes, and filing requirements for corporations
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How to fill out massachusetts corporation excise return
How to fill out Massachusetts Corporation Excise Return Form 355
01
Obtain Form 355 from the Massachusetts Department of Revenue website or your tax advisor.
02
Fill out the top section with your corporation's name, address, and federal identification number.
03
Provide the date of incorporation and the principal business activity code.
04
Complete the income section by reporting total income, deductions, and taxable income as per the instructions.
05
Calculate the excise tax due based on the taxable income or the minimum tax amount, whichever is greater.
06
Fill in any applicable credits and adjustments in the designated sections.
07
Review the form for accuracy and completeness to avoid errors.
08
Sign and date the form, certifying the accuracy of the information provided.
09
Submit the completed Form 355 along with any payment by the deadline to the appropriate address indicated on the form.
Who needs Massachusetts Corporation Excise Return Form 355?
01
Any corporation doing business in Massachusetts that has a taxable income or is required to file is required to submit Form 355.
02
Corporate entities including standard C corporations, financial institutions, and insurance companies.
03
Corporations registered in Massachusetts or qualifying under special provisions related to excise tax.
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People Also Ask about
Can I claim excise tax on my taxes?
Is excise tax deductible? If a business pays excise taxes deemed an “ordinary and necessary expense” for conducting their business or trade, they can claim excise taxes as a business expense. However, if the excise tax is for a personal expense, it is not deductible.
How to file an excise tax return?
Filing excise tax returns Complete Form 720, Quarterly Federal Excise Tax Return. File Form 720 electronically for immediate acknowledgement of receipt and faster service with an IRS-approved software provider.
Where do I enter excise tax in TurboTax?
Where do I enter excise tax Open your return in TurboTax. Select Federal Taxes (Personal depending on version). Select Deductions & Credits, click Show all tax breaks (if needed) Scroll down to the Cars and Other Things You Own section, click Show More to expand the options.
How do I file an excise tax return?
Filing excise tax returns Complete Form 720, Quarterly Federal Excise Tax Return. File Form 720 electronically for immediate acknowledgement of receipt and faster service with an IRS-approved software provider.
How do I pay my corporate estimated taxes in Massachusetts?
Individuals and businesses can make estimated tax payments electronically through MassTaxConnect. It's fast, easy, and secure.
Is excise tax the same as federal tax?
Excise tax in the United States is an indirect tax on listed items. Excise taxes can be and are made by federal, state, and local governments and are not uniform throughout the United States. Certain goods, such as gasoline, diesel fuel, alcohol, and tobacco products, are taxed by multiple governments simultaneously.
Who must file MA form 355?
This form should be used when a corporation has business activities in Massachusetts and needs to fulfill its tax obligations for the tax year. It is vital when reporting income earned in the state or when there are changes in the corporation's structure or status.
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What is Massachusetts Corporation Excise Return Form 355?
The Massachusetts Corporation Excise Return Form 355 is a tax form that corporations use to report their income, calculate their excise tax, and fulfill their tax obligations in the state of Massachusetts.
Who is required to file Massachusetts Corporation Excise Return Form 355?
All corporations doing business, or having any income derived from sources within Massachusetts, are required to file Form 355 regardless of their structure or size.
How to fill out Massachusetts Corporation Excise Return Form 355?
To fill out Form 355, corporations need to provide their federal employer identification number, report their income, calculate deductions, and complete the appropriate schedules and sections related to their specific circumstances.
What is the purpose of Massachusetts Corporation Excise Return Form 355?
The purpose of Form 355 is to assess the excise tax owed by corporations based on their income and to ensure compliance with Massachusetts tax laws.
What information must be reported on Massachusetts Corporation Excise Return Form 355?
Form 355 requires reporting information such as total income, net income, tax credits, deductions, and the calculation of the applicable excise tax.
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