Hello taxpayers! We all know that filing quarterly federal excise taxes can be a complex and frustrating process. Form 720 is used by various businesses to report and pay federal excise taxes on specific goods and services like gasoline, tobacco, air travel, indoor tanning and more. The intricacies of the form and the deadlines associated with it can be overwhelming for all federal excise taxpayers. Since you have to report Form 720 every quarter, you have to go through the frustrations of preparing and reporting your federal excise taxes four times a year. But don’t worry! TaxExcise.com is here to help you navigate the complexities of Form 720 reporting. We offer a comprehensive platform with practical features to streamline the process and eliminate your Form 720 tax filing headaches.
Understanding Form 720.
Form 720 is used to report and pay federal excise taxes to the IRS imposed on specific products, goods, services, and businesses such as gasoline, aviation fuels, truck body building, indoor tanning services, and more. Taxpayers dealing with the products/services that come under federal excise taxes must use Form 720 to report and pay the taxes to the IRS. Tax liabilities and rules may vary for each taxpayer based on their service or products. Therefore, they must clearly understand the rules and regulations of Form 720 and report the taxes accordingly.
Deadlines of Form 720.
Form 720 is typically filed quarterly. The deadlines for filing are:
- April 30th (for January – March)
- July 31st (for April – June)
- October 31st (for July – September)
- January 31st (for October – December)
The deadline for Form 720 Q3 is approaching by the end of this month. If you haven’t reported your Form 720 for the third quarter, don’t delay anymore. E-file Form 720 in TaxExcise.com and stay ahead of the deadline.
Challenges Behind Form 720 Filing.
Complexity of the Form: Federal Excise Tax Form 720 has many parts, categories and types, each with its specifications and calculations. Therefore, you must identify the specific line in which your business comes under and prepare the tax reports accordingly.
Accuracy Issues: Even minor errors in Form 720 reports and calculations can lead to rejections, penalties and interests. Also, businesses that file inaccurate returns are at a higher risk of IRS audits, which can be a time-consuming and stressful process.
Time-consumption: If you are a busy business owner, preparing and reporting Form 720 can be a hectic ride that you have to take every quarter. Gathering all the necessary information, preparing the tax reports, attaching supporting documentation, calculating your tax liabilities accurately and filing Form 720 to the IRS can be a time-consuming process. Also, you must ensure accuracy in every process and do this within the deadline. Otherwise, you must brace yourself for unwanted consequences.
Overcome these Challenges with TaxExcise.com!
Simple and Easy Process: Our intuitive user interface ensures a crystal-clear Form 720 tax filing process. You can easily navigate your Form 720 tax preparation by simply choosing your business, product or service from the menu and get on with your Form 720 tax preparation comfortably. You can complete the entire Form 720 process in a few steps within a few minutes on TaxExcise.com.
100% Accuracy: Our platform has effective features that make your Form 720 excise tax preparation a cakewalk. Since every process is automatic, you don’t have to worry about manual calculation errors. You can validate your entire Form 720 tax preparation and calculations before submitting them to the IRS to ensure their accuracy.
Instant Confirmation: Our platform is available 24/7. All you need is a smart device like a PC, laptop, or smartphone with a strong internet connection. You can finish your Form 720 responsibilities on time and get instant confirmation to your registered email ID. With TaxExcise.com, you don’t have to worry about deadlines, penalties or other consequences. Even if you choose to E-file Form 720 in TaxExcise.com at the last minute, our platform ensures a seamless and peaceful tax filing experience on time.
For more queries involving Form 720 E-filing, please don’t hesitate to contact our customer support team at 1-866-245-3918 (toll-free), available from 8 AM to 6 PM EST on all working days, or write to us at support@taxexcise.com we will reply promptly.