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An excise tax is a tax a government levies on specific goods and services, often with the goal of discouraging their consumption or to make up for their associated social costs. Unlike traditional sales taxes?which apply to broad swaths of commerce?excise taxes target items such as fuel, tobacco, and firearms.

An excise tax is a tax on sales of a good or service. The excise tax drives a wedge between price payed by consumers and that received by producers leading to a fall in the quantity transacted.

1. : an internal tax levied on the manufacture, sale, or consumption of a commodity. 2. : any of various taxes on privileges often assessed in the form of a license or fee. excise.

Real estate excise tax (REET) is a tax on the sale of real property. 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.

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. Some Form 720 filers must make semi-monthly deposits in addition to reporting excise tax liability on Form 720.

An excise tax is a legislated tax on specific goods or services at the time they are purchased. Goods subject to excise taxes could be fuel, tobacco, and alcohol, among others.

In contrast, excise taxes are typically imposed on specific goods, activities, or industries, such as gasoline, alcohol, tobacco, or certain services. Excise taxes focus on particular products or behaviors that governments want to regulate, discourage, or tax for specific reasons.