In general, an excise tax is a tax is imposed on the sale of specific goods or services, or on certain uses. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services. The IRS Federal Excise Taxes are reported at end of every quarter, this is the time for third quarter federal excise taxes and November 1, 2021 is the deadline.
Businesses that are subject to excise tax generally must file a Form 720, Quarterly Federal Excise Tax Return to report the tax to the IRS. Choose electronic filing to complete the quarterly excise tax returns at TaxExcise.com.
Quarterly Federal Excise Tax Electronic Filing:
Electronic filing helps taxpayers to complete their federal excise taxes faster, easier and more accurately than with traditional paper forms. We at TaxExcise offer full featured online tax preparation and reporting software at a significant discount to other programs.
- Electronic filing is easy and you can complete your taxes by yourselves, just follow the screens and get it done in minutes.
- Electronic filing ensures that you report an accurate and complete tax return, the inbuilt tax engine confirms all the needed data is captured to efile a tax return.
- Electronic filing is affordable and pocket friendly, you no need to invest inn any software package or install any new hardware in your computer, with just internet from your laptop, computer or from your smart phone devices you can complete your tax return online.
- We know that filing your taxes can sometimes be unpleasant. That is why our help desk is at your sides to guide you in tax preparation and the filling process.
Excise taxes are imposed on a wide variety of goods, services and activities. The tax may be imposed at the time of
- Import
- Sale by the manufacturer
- Sale by the retailer
- Use by the manufacturer or consumer
Many excise taxes go into trust funds for projects related to the taxed product or service, such as highway and airport improvements. Excise taxes are independent of income taxes. Often, the retailer, manufacturer or importer must pay the excise tax to the IRS and file the Form 720. They may pass the cost of the excise tax on to the buyer.
Some excise taxes are collected by a third party. The third party then sends the tax to the IRS and files the Form 720. For example, the tax on an airline ticket generally is paid by the purchaser and collected by the airline.
When to file Quarterly Federal Excise Taxes
Businesses must file the form for each quarter of the calendar year. Here are the due dates:
- Quarter 1 – January, February, March: deadline, April 30
- Quarter 2 – April, May, June: deadline, July 31
- Quarter 3 – July, August, September: deadline, Oct. 31 (this year it is November 1, 2021 as the actual deadline falls on a weekend)
- Quarter 4 – October, November, December: deadline, Jan. 31
If the due date for filing a return falls on a Saturday, Sunday or legal holiday, the due date is the next business day.
How to file Quarterly Federal Excise Taxes
The IRS does accept paper excise tax returns. However, electronic filing is strongly encouraged, when possible. To make this process easier for taxpayers, the contact information for all approved e-file transmitters like TaxExise.com. Businesses can submit forms online 24 hours a day.
When businesses e-file, they get confirmation that the IRS received their form. Also, e-filing reduces processing time and errors. To electronically file, business taxpayers will have to pay the provider’s fee for online submission.
Form 720 Call Support:
TaxExcise is available 24X7 for your to complete your Quarterly Federal Excise Taxes online, our help desk is working between 8:00 AM to 6:00 PM CST. on all business days to help you through your electronic filing, guide you through Phone Call at (866) 245 – 3918 and by Live Chat; also write to us at support@taxexcise.com.