This month seems to be easy going with no more due dates and submissions. Liberal air is flowing around. Taking all the advantage, we decided to have a warm up session first about our form 720 and how well TaxExcise.com can fit in. anyways, the due date is still far from your reach, it is good to maintain good terms with your documents.
Well, to start with, we would like to tell you the exact audience for form 720. Companies and individuals that are involved in business are required to file and pay taxes with the federal government. These taxes are included in the MRP for the customers; and the business owners pay this tax. Form 720 is also known as the Quarterly Federal Excise Tax Return, which is filed every 3 months. As there are no extensions applied for this form, every business is required to file on or before the due date of the quarter.
The Quarterly Federal Excise Tax Return is used to file and pay excise tax due on the quarterly basis. Companies dealing with communication or environmental related business are required to file excise tax to the federal government. In addition, companies dealing with the sale of gasoline or tobacco or in services including indoor tanning may be required by law to file an excise tax return.
When To Pay:
As form 720 is paid quarterly, this tax is paid four times a year. The tax must be filed within a month from the last day of the quarter and must include all appropriate tax due. If you are filing for January-March, the last date to file and pay your dues is April 30th.
While filing form 720, the tax liability should be broken down, determined in separate lines in the form, and issued to IRS. The form should be filed and submitted regardless of the tax liability you owe each quarter. Also, if you have adjustments to be done through prior filing, separate form 720X should be filed, mentioning Name, EIN (Employee Identification Number), accompanying a signature on each of the paperwork while submitting.
This is the most crucial part of filing taxes. Individuals required to file form 720 must file on or before the due date or penalties would come your way. The Federal government has the rights to collect late filing and paying fee, including interest on late payment. So gear up with your documents and file your return on time. It would help you in excluding penalties out of your list.
So where does ExciseTax.com fits in?
TaxExcise.com is a product owned by ThinkTrade, which supports filers to prepare their return online, calculate tax due and check on the errors online without paying anything extra. Our services are transparent and thus, you can experience authenticity in every aspect of the application. This is not the end, we have Tax Experts to support you with your queries and clear them with their magic wands. Just like, it happens in fairy tales. Like always. Reach us @ 1-866-245-3918 or shoot an email to firstname.lastname@example.org. You will discover trust, security and user friendliness… all at one end, TaxExcise.com.