Federal Excise Taxes for 3rd Quarter of 2020 is Now Due

It is October and time for the 3rd Quarter Federal Excise Tax reporting. If your business deals with quarterly excise taxes and liable to report it to the IRS then make sure you report and pay this by November 2, 2020 as the usual due date October 31, 2020 falls on a weekend, the due date is pushed to the next business day.

Electronic filing is the simple and easy process to prepare your 720, Quarterly Federal Excise Tax returns. By answering simple interview questions you can complete your excise tax returns in minutes. Electronic filing makes sure that you have all the information for the IRS to process your quarterly return and accept it.

Form 720 eFile

TaxExcise.com makes it more affordable and comfortable than working with a tax accountant. The economic pricing model allows you to choose the best package that fits for your filing requirements. Excise taxes are paid on the services offered and goods sold, some of the important categories are;

Federal Excise Taxes on fuels – Tax Form 720

  • Gasoline, including aviation gasoline and gasoline blendstocks.
  • Diesel fuel, including dyed diesel fuel.
  • Diesel-water fuel emulsion.
  • Kerosene, including dyed kerosene and kerosene used in aviation.
  • Other Fuels (including alternative fuels).
  • Compressed natural gas (CNG).
  • Fuels used in commercial transportation on inland waterways.
  • Any liquid used in a fractional ownership program aircraft as fuel.

eFile Form 6627, Environmental Taxes on Tax Form 720

The Form 6627 is an attachment to Form 720 and used to figure the quarterly excise taxes under environmental tax on:

  • Petroleum
  • Ozone-depleting chemicals (ODCs)
  • Imported products that used ODCs as materials in the manufacture or production of the product, and
  • The floor stocks tax on ODCs

Environmental taxes are imposed on crude oil and petroleum products (oil spill liability), the sale or use of ozone-depleting chemicals (ODCs), and imported products containing or manufactured with ODCs. In addition, a floor stocks tax is imposed on ODCs held on January 1 by any person (other than the manufacturer or importer of the ODCs) for sale or for use in further manufacture.

Indoor Tanning Service Excise Tax

Businesses providing ultraviolet tanning services must collect the 10 percent excise tax at the time the customer pays for the tanning services. If the customer fails to pay the excise tax, the tanning service provider is liable for the tax. The tax does not apply to phototherapy services performed by a licensed medical professional on his or her premises. The tax does not apply to spray-on tanning services.

Come be a part of electronic filing to enhanced tax reporting experience and enjoy the comfort of filing taxes from your home/office with out stepping out. TaxExcise.com guarantees accurate and easy tax preparation, fast and secured tax reporting. Top rated and the only website to support electronic filing for the Quarterly Federal Excise Taxes. Talk to us at 866 – 245 – 3918 or write to us at support@taxexcise.com.

Happy and Safe Electronic Filing!