The Internal Revenue Service today reminded self-employed individuals, retirees, investors, businesses, corporations and others who pay their taxes quarterly that the payment for the first quarter of 2021 is due Thursday, April 15, 2021.
The extension to May 17, 2021 for individuals to file their 2020 federal income taxes does not apply to estimated tax payments. The 2021 Form 1040-ES, Estimated Tax for Individuals, can help taxpayers estimate their first quarterly tax payment.
Taxes are one of the most challenging and complicated aspects of running a business. There are several forms to fill out, each with its own set of conditions and deadlines. In light of that, businesses who deal with the selling of such products and services must file Form 720. These companies must pay “Excise Taxes,” which are additional taxes.
If the company is in charge of filling out Form 720, you must file it periodically and can do it either online or by mail. The IRS Form 720 has three components, as well as sections for Schedule A, Schedule T, and Schedule C. Excise taxes, on the other hand, must be paid on a semimonthly basis and through electronic funds transfer. A semimonthly period is described by the IRS as the first 15 days of the month (first semimonthly period) or the 16th to the last day of the month (second semimonthly period). Your excise taxes will be calculated as a percentage of gross revenue or a percentage of units sold, depending on your specific business.
Over a calendar year, this Federal excise tax is divided into four months, with each quarter’s date falling on the last day of the next month, i.e., by April 30 for the first quarter, July 31 for the second quarter, October 31 for the third quarter, and January 31 for the fourth quarter. The first quarter of 2021 (for the months of January, February, and March) must be submitted by April 30, 2021. Even if you are not responsible for excise taxes during any of the year’s quarters, you must submit Form 720 by the deadlines.
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.
“This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” said IRS Commissioner Chuck Rettig. “Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.”
The mission of Trucking Moves America Forward (TMAF) is to establish a long-term industry-wide movement to create a positive image for the industry, to ensure that policymakers and the public understand the importance of the trucking industry to the nation’s economy, and to build the political and grassroots support necessary to strengthen and grow the industry in the future. Today the TMAF Co-Chairs on Texas Relief Efforts along with American Trucking Associations and Texas Trucking Association, let us join hands to strengthen the cause and be part of it.
Quarterly Federal Excise Tax Form 720 for the 4th Quarter of 2020 was due this February 1 and if you have missed it file and pay the taxes at the earliest to make it less taxing. You can still report the taxes and pay the dues electronically at TaxExcise.com to lower your tax late filing charges, penalties and interests.
The tax filing deadline has come and gone. If you didn’t file a tax return and pay the taxes you owe to the IRS on your FET should have, you need to take action now. Filing soon is very important because the late-filing penalty and late-payment penalty on unpaid taxes adds up quickly.
The IRS is processing tax returns, issuing refunds and accepting payments. Taxpayers who mail or who have already mailed a tax return will experience a longer wait. IRS encourages all taxpayers to make use of the electronic filing, it is fast, easy and safe. TaxExcise.com is the only website that offers secured and simple electronic filing services for all the Federal Excise Tax Returns at one place. TaxExcise.com is the most experienced and most trusted electronic filing service since 2007.
The Internal Revenue Service announced that the nation’s tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. If you’re not ready with your Federal Income taxes for individual and business taxes, to get extra time to prepare on your tax return file for extension of time.
Federal Tax Extension Application Online
When the coronavirus pandemic hit in full force in March 2020, it upended normal life in a very meaningful way. Businesses were forced to shut down. Schools closed for in-person learning all over the country. And countless families were left scrambling to pay their bills.
Given that chaos, the IRS made what many agree was a smart and reasonable decision — to postpone 2020’s tax-filing deadline from April 15 to July 15. Not only were taxpayers given an extra three months to submit their returns, but they also got three more months to pay any tax debt they owed without incurring interest or penalties.
Unfortunately, tax filers won’t get any extra time this year to tackle their tax returns. The IRS has confirmed this week that it will not, in fact, be pushing back the April 15 deadline this year. If you haven’t begun to give your taxes some thought, now’s the time to get moving.
Start working with your Extension Tax Application to push your due date from April 15 to October 15 automatically by filing the extension tax forms with the IRS on time