WA DoR Combined Excise Tax Return 2016 free printable template

MAIL TO Washington State Department of Revenue PO Box 47464 Olympia WA 98504-7464 January 2016 Combined Excise Tax Return If you had no business activity check the box and mail this return unless filed electronically NAME TAX REG NO. Wa.gov 64 Renewable Energy System Cost Recovery Credit 65 Bad Debt Tax Credit attach Schedule B Amount Public Utility Tax Credit for Billing Discounts/Qualified Contributions to a Low Income Home Energy Assistance Fund 69 B O Credit for Syrup Tax Paid 70...

How to fill out WA DoR Combined Excise Tax Return

How to fill out WA DoR Combined Excise Tax Return

1. Gather all necessary financial records, including sales and revenue reports.
2. Obtain the WA DoR Combined Excise Tax Return form from the Washington Department of Revenue website.
3. Complete the taxpayer information section, including your business name, address, and Identification Number.
4. Fill out the applicable sections based on your business activities, such as retail, wholesale, or service.
5. Calculate the total gross income for the reporting period and list it in the designated area.
6. Apply any deductions or exemptions as applicable.
7. Calculate the total tax owed based on the current tax rates for your business type.
8. Complete the payment section, including any payments made previously and the current payment due.
9. Review the completed form for accuracy before signing and dating it.
10. Submit the form to the Washington Department of Revenue by the due date, either electronically or by mail.

Who needs WA DoR Combined Excise Tax Return?

1. Businesses operating in Washington that sell products or provide services and are required to pay sales tax.
2. Businesses that engage in activities subject to specific excise taxes, such as alcohol or tobacco.
3. Any individual or entity required to report gross income or pay business and occupation taxes in Washington.

People Also Ask about

What is the Washington excise tax?

Graduated REET Structure Sale price thresholdsTax rate$500,000 or less1.10%$500,000.01 - $1,500,0001.28%$1,500,000.01 - $3,000,0002.75%$3,000,000.01 or more3%

What is the WA excise tax return?

This return is used for reporting your business income, sales tax, and use tax. Monthly. Quarterly.

Do I have to pay WA excise tax?

All sales of real property in the state are subject to REET unless a specific exemption is claimed. The seller of the property typically pays the real estate excise tax, although the buyer is liable for the tax if it is not paid.

Are Washington B&O taxes deductible?

Washington's B&O tax is calculated on the gross income from activities. This means there are no deductions from the B&O tax for labor, materials, taxes, or other costs of doing business.

What are excise returns?

Excise taxes are taxes that are imposed on various goods, services and activities. Such taxes may be imposed on the manufacturer, retailer or consumer, depending on the specific tax. Form 720, Quarterly Federal Excise Tax Return, is available for optional electronic filing.

How is an excise tax different from a sales tax?

Unlike general sales taxes, excise taxes are usually applied on a per-unit basis instead of as a percentage of the purchase price. For instance, cigarette excise taxes are calculated in cents per pack. And most gasoline excise taxes are imposed in cents per gallon.

Can you write off property taxes in Washington state?

As of 2018, however, taxpayers in Washington and nationwide have only been able to deduct up to $10,000 in combined property and sales taxes. There was no cap before, but there is now. But this only affects taxpayers who itemize their deductions.

What is Washington excise tax on real estate?

Property falling under these classifications will be taxed at a rate of 1.28% for the state portion. Land classifications are assigned by the county in which the property is located, for additional information contact the county assessor's office.

Is Washington excise tax deductible?

The federal government charges excise taxes on the sale or use of a wide variety of products. An excise tax isn't deductible if it's for a personal expense.

What is an excise tax also called?

Excise taxes can fall into one of two categories: Ad Valorem Taxes: These excise taxes are fixed percentage rates assessed on particular goods or services. Specific Taxes: These taxes are fixed dollar amounts applied to certain purchases.

What are the two types of excise tax?

Specific Tax – refers to the excise tax imposed which is based on weight or volume capacity or any other physical unit of measurement. Ad Valorem Tax – refers to the excise tax which is based on selling price or other specified value of the goods/articles.

Is WA state excise tax deductible?

An excise tax isn't deductible if it's for a personal expense. You can deduct as a business expense excise taxes that are ordinary and necessary expenses of carrying on your trade or business. Excise tax paid to your state and local for sale of home would not be business related so not deductible.

How much is WA excise tax?

Washington state levies a real estate excise tax (REET) on all property sales. This state tax rate is 1.28% of a property's full selling price.

Is Washington excise tax the same as sales tax?

Use tax is paid directly to the state using the use tax lines of the excise tax return or the use tax form. The local use tax rates are the same as the retail sales tax rates.

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What is WA DoR Combined Excise Tax Return?

The WA DoR Combined Excise Tax Return is a tax return form used in Washington State to report various excise taxes, including business and occupation (B&O) taxes, public utility taxes, and sales and use taxes.

Who is required to file WA DoR Combined Excise Tax Return?

Businesses and individuals engaged in taxable activities within Washington State, such as selling goods or performing services, are required to file the WA DoR Combined Excise Tax Return.

How to fill out WA DoR Combined Excise Tax Return?

To fill out the WA DoR Combined Excise Tax Return, you need to provide your business information, report gross income, calculate applicable taxes based on reported income, and submit the form along with any due payment to the Washington State Department of Revenue.

What is the purpose of WA DoR Combined Excise Tax Return?

The purpose of the WA DoR Combined Excise Tax Return is to collect taxes from businesses operating in Washington State and ensure compliance with state tax laws.

What information must be reported on WA DoR Combined Excise Tax Return?

The information that must be reported includes the business name, federal tax identification number, gross sales, deductions, taxable amounts, and the calculated excise taxes owed for various categories of business activities.