Platapus
02-14-22, 11:30 AM
But did you know the IRS also taxes shafts?
Any corporation involved in the manufacture or sale of archery equipment is subject to an excise tax of $0.55 per arrow shaft
Thus reported on the corporation's IRS Form 720, part II. It represents IRS Excise tax item 106.
Now Excise taxes are those taxes levied on the production or, more often, the use, of material that has some hazard which will result in an externality cost to society. The intention is to recoup some of the externality expenses involved in the production and use of these materials.
Coal, Fuel, Ozone Depleting Chemicals, Highway use, Airline use and such. Why? Because the use of these materials/services has an impact on the environment and may incur costs. Tobacco and tanning salons are also subject to Excise taxes because of the added health care costs that may result.
But archery arrow shafts??:doh:
It is considered so important that it actually has its own line on the IRS form 720.
So the government can give you the shaft, but if you sell shafts, you gotta pay the government. :doh::doh::D
BTY, the pointy bits that go on the end of the shaft? That will cost ya 11% of the sales price. That's IRS Excise tax number 44.
Oh, and you guys causing all sorts of problems with making fishing tackle boxes? You better cough up 3% of the sales price to the IRS to help compensate the harm you are causing. :doh::doh::doh: IRS Excise tax number 144. Have to keep society safe from the effects of Fishing Tackle Boxes.
Gotta love US taxes.
Wanna to know what all the Excise Taxes are?
You will have to read Title 26 U.S.C. But bring something to snack on as just reading it will take you a while.
I hope there is not an excise tax on researching excise taxes.
Happy US Tax season every one.
Any corporation involved in the manufacture or sale of archery equipment is subject to an excise tax of $0.55 per arrow shaft
Thus reported on the corporation's IRS Form 720, part II. It represents IRS Excise tax item 106.
Now Excise taxes are those taxes levied on the production or, more often, the use, of material that has some hazard which will result in an externality cost to society. The intention is to recoup some of the externality expenses involved in the production and use of these materials.
Coal, Fuel, Ozone Depleting Chemicals, Highway use, Airline use and such. Why? Because the use of these materials/services has an impact on the environment and may incur costs. Tobacco and tanning salons are also subject to Excise taxes because of the added health care costs that may result.
But archery arrow shafts??:doh:
It is considered so important that it actually has its own line on the IRS form 720.
So the government can give you the shaft, but if you sell shafts, you gotta pay the government. :doh::doh::D
BTY, the pointy bits that go on the end of the shaft? That will cost ya 11% of the sales price. That's IRS Excise tax number 44.
Oh, and you guys causing all sorts of problems with making fishing tackle boxes? You better cough up 3% of the sales price to the IRS to help compensate the harm you are causing. :doh::doh::doh: IRS Excise tax number 144. Have to keep society safe from the effects of Fishing Tackle Boxes.
Gotta love US taxes.
Wanna to know what all the Excise Taxes are?
You will have to read Title 26 U.S.C. But bring something to snack on as just reading it will take you a while.
I hope there is not an excise tax on researching excise taxes.
Happy US Tax season every one.