Q&A of the Week August 22, 2024
Question
What is Excise Tax?; Does my business qualify for it?
Answer
Excise taxes are taxes imposed on certain goods, services, and activities.
You may be subject to Excise Tax if you do any of the following:
Manufacture or sell certain products
Operate certain kinds of businesses
Use various kinds of equipment, facilities, or products
Receive payment for certain services
To read more about Excise Tax:
https://www.irs.gov/businesses/small-businesses-self-employed/excise-tax