It’s July, and tax time for Excise Tax Filers. By this time last year, you may have had already prepared and ready to report your Form 720 and Form 2290 Tax Returns electronically. This is same time of the year and a gentle reminder for you to file your Federal Excise Tax Returns. E-filing is simple, easy and convenient as you would have experienced in last year. TaxExcise.com has now made it more easier, simpler and faster… give it a try for free and pay only when you opt to file or print.
The 2nd quarter FET, is due now and has to be reported with the IRS by July 31. Excise taxes are taxes paid when purchases are made on a specific good, such as gasoline. Excise taxes are often included in the price of the product. There are also excise taxes on activities, such as on wagering or on highway usage by trucks. One of the major components of the excise program is motor fuel.
The Patient Protection and Affordable Care Act (PPACA) created a special excise tax due each year on July 31st called the Patient-Centered Outcomes Research Institute (PCORI) fee. This fee is used to fund a research institute to study and provide advice on various health care issues. The PCORI fee is generally paid by health insurance companies.
The Highway Vehicle Use Tax Returns for the Tax Year starting in July 2017, through June 2018 is due this July. IRS alerts that you must file Form 2290 and Schedule 1 for the tax period beginning on July 1, 2017, by August 31, if a taxable highway motor vehicle is registered, or required to be registered, in your name with the state and federal authorities by the time of its first use and the vehicle has a taxable gross weight of 55,000 pounds or more. Applicable for all Individuals, Owner Operators , Limited Liability Company (LLC), Corporation, partnership, or any other type of organization (including nonprofit, charitable, educational, etc.).
For vehicles first used on a public highway during the month of July, file Form 2290 and pay the appropriate tax between July 1 and August 31. Electronic filing is required for each return reporting and paying tax on 25 or more vehicles. However IRS encourages every one who needs to report this 2290 taxes to choose electronic filing as it is fast, easy and safe. Has more benefits and saves you money and time. We’re now accepting 2290s at http://TaxExcise.com and http://Tax2290.com, we would hold your returns until IRS is ready and starts accepting 2290s by first week of July.
It’s July and the time for reporting and paying your 2nd Quarter IFTA Fuel Use Tax with your base jurisdiction. The IFTA tax return and full payment of taxes is due on the last day of the month (July 31st) that follows the close of the tax reporting period. Tax returns must be filed even if no operations were conducted, or no taxable fuel was used during the reporting period.