‘Prevention is better than cure’ is one of the oldest phrases that we hear from time to time. In business when it comes to financial matters, it is important to keep records of all transactions as a precaution; be it small or a big transaction. The sole and the most important reason to perform business activities is to earn profit; increase the zeros in our bank accounts. At the same time, we want to make sure that no mistakes or problems occur while earning those hard earned dollars for IRS or anybody else to snatch it away from us. Hence we need a good record keeping system that can actually help you save money. Keeping records to maintain the progress of our business is just as important. As per the IRS, Keep records of all your Excise taxes for at least 3 years after the date the tax is due or paid, whichever is later. They must be available at all times for inspection by the IRS. When it comes to tax 2290, it is important to maintain records for the following reasons: Continue reading Why and How to Keep Records of Your Tax Documents
Tag Archives: Excise tax on Indoor Tanning Service
Reasons to E-file Your Excise Tax Return with TaxExcise.com
You are still in Stone Age if you are still paper filing your Excise Tax returns. More than 80 percent of the taxpayers file their taxes electronically. The IRS has processed more billion’s tax returns safely and securely since 1990, the Official beginning of Efiling ERA. Very few still stick with paper filing
Below are the important reasons to switch to Efiling:
- Trust Technology for Accuracy: For simple calculations we use our mobile phones or calculators these days, for accurate tax calculations it’s always recommended to Efile your tax returns. IRS will reject your Tax return or your claim for simplest of calculation mistake, which can happen mostly when you try to Paper file your Tax return.
- Safety First: E-file service provider like TaxExcise.com follows strict guidelines to provide the best in encryption technology. When logged in to TaxExcise.com you will be in a “secure session” that is established with Secure Sockets Layer (SSL) and verified by COMODO’s Global Site Certificate Technology. While connected with SSL, every transmission between your computer and our websites are encrypted with 128-bit (strong) encryption.
- Response at the drop of a hat. You receive instant acknowledgement from the IRS on a tax return that is E-filed through TaxExcise.com. If the IRS rejects your tax return, you will receive an instant notification and you can quickly correct the return and resubmit it. An e-filed claim means a three times faster refund compared to paper return.
- Various options to pay-off: While e-filing one can enjoy different payment options like EFW Electronic Funds Withdrawal from the bank account, EFTPS Electronic Federal Tax Payment System or can even opt to the traditional check or money order option.
All the above mentioned points about E-filing can be summed up to one word “SIMPLE”.
www.taxexcise.com and www.extensiontax.com serves as a one stop shop for all your excise and extension tax needs. For all your Excise and Extension tax related questions call us @ 1-866-245-3918 or write to support@taxexcise.com.
Form 720 and Environmental Taxes – A Sneak Peek
Taxation is considered to be one of the byzantine activities but there is no way one can escape from it. You may hire a tax professional to help you file excise tax return but it is always wise to understand the taxes you are paying for. With the several taxes levied by the Federal Government, Tax 720 is a quarterly Tax return that some and not all businesses file with the IRS. Although, understanding form 720 might not be easy but reading this article might make things clear and logical.
Quarterly Federal Excise Return: The Actual Purpose
The federal government collects excise tax on a wide-variety of goods and services such as indoor tanning excise tax, airline ticket tax, and gasoline tax. Although, the tax is included in the price but the seller and manufacturer should file a return to report to the Internal Revenue Service quarterly. It is advisable to select the right option from the taxes listed on tax 720 form. Read on to get a brief insight of the environmental taxes.
Environmental Taxes: Imposed on:
- Oil Spill Liability Tax
Businesses using crude oil, which includes natural gasoline and crude oil condensates should use form 6627 and 720 to file for oil spill liability tax.
- Imported Petroleum Products:
Whether used for consumption, warehousing, or any other purpose in the United States, businesses are legally responsible to file for excise tax 720. This tax is imposed only once, therefore businesses should ensure if the tax has already been imposed on.
- Ozone-depleting Chemicals or ODCs:
ODC tax is levied on manufacturers and importers for selling and using of ODC to generate income and for other purposes. However, there are scenarios when businesses can be exempted from tax ODC such as metered-dose inhalers, recycled ODCs, Exported ODCs, ODCs used in natural form.
E-filing Tax Return: The Viable Option:
With the filing date approaching soon (April 30th for first quarter), e-filing your tax return is the right way to reduce the hassles. Many CPAs filing tax return for their customers choose Tax720.com. By electronic filing you save the environment too. Call us @ 866-245-3918 to share your ideas or get your queries answered.
Let’s Measure Our Love
Nothing could be rated down than slipping a love-wrapped gift to your better half. You might be in love or in a relationship. May be married even! The timely gift speaks your love for her/him. Romantic time in your life comes often. Let’s make this Feb-14, a little more special. Being well-wisher of truckers, we can simply feel your rough task to roam around the city. How bad it would be missing your loved one. Why can’t you make much outta this day? We know when it comes to money or relationship, you will choose relationship. Yes! Relationships are important too.
If your valentine stays home (Gifts for women):
Do take some little time to know what’s going on her life, when you are away from home. Check out whether she has proper food diet, while she misses you. Realize the efforts she puts in to bring up your children on her own. Know her wishes and take this chance to fulfill them.
Some gift ideas:
- A hand-written letter, closer to her heart.
- Candies & chocolates
- A beautiful dress that she love to wear
- Booking for a relaxing spa or a romantic movie
- Personalized gifts like photo printed Tees, photo frames and coffee cup
- A candle light dinner
We personally don’t believe in gifting flowers or candies to women. Not all the women love flowers. Some may treasure it, while others look for some expensive kinda gift. So open your purse at least now!
These gifts could be attractive. But remember no gift would be greater than your presence.
If your valentine trucks (Gifts for men):
Before you make any plan for this day, just think off how your true love suffers all the time in huge traffic, irritating noise from blowing horns, driving long hours gearing it apt for winter etc., Get to know his pains. Now your mind says, “Let me ease his pain by showering loads of love” And it is valid to plan for the day.
- Present him an all new love-photo of you couples that could make him think of him at anytime he sees that.
- Prepare a special meal on the day. It’s better to bake something he preferably likes.
- If he has to run behind the wheel, then pack those dishes shaping up them in to heart form. In times, it may even end up in the shape of lungs or liver. Doesn’t matter!! Love that counts J
- A music player gift, Old idea but still makes perfect sense. Utility matters
- You might belong to any community. Get your god’s perfect love book, which would not be a trouble to carry along trucking.
God’s perfect love books!
In the mean time, make some ample time love your country too. Pay taxes on time or file an extension to avoid penalties. Happy e-filing!
Excise tax on indoor tanning services, for the first quarter of 2011 is due May 2.
Starting July 1, 2010, many businesses offering tanning services must collect a 10 percent excise tax on the tanning services they provide. This excise tax requirement is part of the Affordable Care Act that was enacted in March 2010.
Use IRS Form 720, Quarterly Federal Excise Tax Return to report and pay the indoor tanning tax due by May 2, 2011. Act fast and report it electronically at www.TaxExcise.com
What is taxable indoor tanning service?
Taxable indoor tanning service means a service employing any electronic product designed to incorporate one or more ultraviolet lamps intended for the irradiation of an individual by ultraviolet radiation, with wavelengths in air between 200 and 400 nanometers, to induce skin tanning
Who must pay the indoor tanning services tax?
Indoor tanning service providers are responsible for collecting the tax from the person paying for the service and in some situations, from the person receiving the service.What is taxable indoor tanning service?
Taxable indoor tanning service means a service employing any electronic product designed to incorporate one or more ultraviolet lamps intended for the irradiation of an individual by ultraviolet radiation, with wavelengths in air between 200 and 400 nanometers, to induce skin tanning.
Who must report the tax to the government?
The person receiving the payment for the indoor tanning service must report the indoor tanning services tax on and remit the full amount of tax with a timely filed return.
How do I report the indoor tanning services tax?
Report the indoor tanning services tax on Form 720, Quarterly Federal Excise Tax Return electronically at www.TaxExcise.com and get it accepted by the IRS in minutes.