Investopedia

Continue to Site »

IRS Publication 510

Filed Under » , ,
Dictionary Says

Definition of 'IRS Publication 510 '

A document published by the Internal Revenue Service that details how businesses are to report and pay excise taxes for certain types of products. IRS Publication 510 covers excise taxes levied on fuels, manufactured goods, heavy vehicles, ship passengers, foreign insurance and products that are harmful to the environment, such as certain chemicals and oil-based products.
Investopedia Says

Investopedia explains 'IRS Publication 510 '

The IRS allows businesses to request credits and exemptions for certain excise taxes, such as the sale of biofuels and alternative fuels. These credits can change from year to year, and are often the focus of governmental legislation.

While businesses might be able to offset their taxes for the sale of fuel with credits, consumers are not able to. Excise taxes typically make up 10-30% of the price of gas at the pump.

Articles Of Interest

  1.

    Do Tax Cuts Stimulate The Economy?

    Learn the logic behind the belief that reducing government income benefits everyone.

  2. A Concise History Of Changes In U.S. Tax Law

    We look at how U.S. taxes have changed since their inception.

  3. The History Of Taxes In The U.S.

    The number of taxes that we now consider a given did not always exist. Find out how they arose.

  4. Has Income Tax Become A Class Tax On The Poor?

    With more than 33% of American families falling close to the poverty line despite their adult members holding full-time employment, a rising number of citizens are being forced to pay a rate ...

  5. How The 2014 Obama Budget Could Affect Your Finances

    Depending on which estimate you believe, Obama's proposed budget would raise the tax bill of a household with a yearly income of $50,000 to $75,000 between $63 and $100 per year. However, that’s ...

  6. Austerity: When The Government Tightens Its Belt

    When a government tightens its belt in tough economic times the entire nation feels the squeeze.

  7. Inaccurate Tax Return, Now What?

    If the IRS finds errors, it will cost you. Find out how to fix them, and how to prevent them in the first place.

  8. How To Safeguard Your Tax Returns From Identity Theft

    Identity thieves love tax season. In 2012, there were 13 million victims of identity theft. As easy as it is for thieves to steal your information, there are also simple measures you can take ...

  9. How To Deduct Your Job Search Expenses

    With approximately 12 million Americans out of a job right now, many people are spending significant dollars to be noticed by potential employers. Fortunately, some of these job-search costs ...

  10. Are IRS-Prepared Tax Returns The Solution To Our Tax Woes?

    The government is considering letting the IRS do your taxes for you. While this may sound great, there are plenty of reasons why you may not want to trust the IRS to calculate your tax return. ...
comments powered by Disqus
Marketplace
Hot Definitions

  1. Disaster Loss

    A special type of tax-deductible loss, similar to a casualty loss, where a loss has been incurred by taxpayers who reside in an area that has been designated as a federal disaster area by the President.

  2. Fool In The Shower

    The notion that changes or policies designed to alter the course of the economy should be done slowly, rather than all at once.

  3. Pattern Day Trader

    An SEC designation for traders who trade the same security four or more times per day (buys and sells) over a five-day period, and for whom same-day trades make up at least 6% of their activity for that period.

  4. Cost-Push Inflation

    A phenomenon in which the general price levels rise (inflation) due to increases in the cost of wages and raw materials.

  5. Happiness Economics

    The formal academic study of the relationship between individual satisfaction and economic issues, such as employment and wealth.

  6. Affluenza

    A social condition arising from the desire to be more wealthy, successful or to "keep up with the Joneses." Affluenza is symptomatic of a culture that holds up financial success as one of the highest achievements.
Trading Center