Welcome to our blog taxpayers. After a long weekend, we are right here with new information in our tow. Well, we would like to remind you that Quarterly Federal Excise Tax Return via form 720 is due for the first quarter. So filers, gear up with your documents and efile your excise tax return. You will save much time and energy.
Let’s Get Started From scratch, What Is Form 720?
The Federal government charges an excise tax on the specific type of products, goods and services. However, the taxes it is usually included in the price of good such as gasoline you purchase for your car. Excise Tax is for the businesses that deal with selling of goods and services that is subjected to excise tax and is liable to prepare form 720, pay their dues on the quarterly basis and report the same to IRS.
Who Is Liable To File Form 720?
Well, if you belong to the business world as an entity, you are liable to file and pay any of the federal excise tax listed by IRS in form 720, Parts I and II. Excise Tax for Part I includes items like petroleum spill taxes and ozone-depleting chemical tax; communications and air transportation taxes; fuel taxes for diesel, kerosene, gasoline, and other gases; coal and tire manufacturing taxes. Whereas in Part II, the IRS enumerates such excise taxes as those related to the sales of sport fishing and archery, inland waterways fuel use taxes and bio fuel sold, but not used as fuel.
What Are The Schedules, Included In Form 720?
There are three schedules included, holding its own purpose of existence. Keep reading to know more.
Schedule A-
Schedule A is to record the net tax liabilities for Form 720, Part I, taxes for each semimonthly period in a quarter even if your net liability is under $2,500
Schedule T-
Schedule T is used to report gallons of taxable fuel received between two parties within a terminal and delivered in a two party exchange with a removal across the rack.
Schedule C-
With Schedule C, you can claim a refund on the fuels. However, do note, if you don’t have any liability to mention in any of the parts on form 720, you need to file your claims through form 8849.
When Is The Form 720 Due?
As form 720 is quarterly based, the due date is as follows:
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Quarter Covering: |
Due Date: |
|
January-February-March |
April 30th |
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April-May-June |
July 31st |
|
July-August-September |
October 31st |
|
October-November-December |
January 31st |
So apparently, the due dates mentioned above states that April 30th is the last date for filing excise tax through form 720. However, there is one catch. How do you file your taxes, should you go with paper filing, the old traditional style or should move with the technology or call upon tax expertise?
Well, TaxExcise.com has the perfect answer, the one stop service provider for authentic services. You can utilize and ensure that 100% satisfaction. You can prepare your return online and paper file it if you are not comfortable using online payment portals or you can efile your return and paying your dues online and at the same time, you can check out for our full service option, wherein you will be supported by our expertise. Isn’t it as simple as you are looking one for?
Taxexcise.com has always indulged in filing authentic and safe for our taxpayers, ensuring immediate acknowledgement from IRS after filing. TaxExcise.com would notify you the status through Text Alert . We believe in making things less complicated for you.
No one grows so successful overnight, nor did we. Our trial and error sessions, talk to the experts, and understanding our customer’s requirements has molded us into a successful efiling portal for our users. And that’s how today, we are proud to stand with our heads high, serving millions of filers across the borders of America.
To join our league or looking forward for assistance by our Experts, dial 1-866-245-3918 or simply shoot an email to support@taxexcise.com. Like we said, we don’t proud on what we owe, but we would surely show off when our family grows larger, each day.