The tax season of 2021 is in full swing, the deadline for filing a personal income tax return was extended to May 17, 2021. This also extends the deadline for any money owed without incurring a late fee or interest penalties. However IRS has now moved or pushed away the 1st Quarter Federal Excise Tax reporting dates and this falls due this week. April 30, 2021 is the deadline and choose eFiling at TaxExcise.com, the priority efiling at an affordable rate.
As the FIRST IRS AUTHORIZED & ONLY DECADE OLD E-file Service Provider for E-filing, it is our duty to alert all excise taxpayers of the upcoming deadline. Form 720, Quarterly Federal Excise Tax Reporting, to be sent by the end of the calendar quarter. Form 720 is filed quarterly to record taxes levied on the manufacturing, distribution, or use of a certain class of goods and materials, with the first quarter deadline falling on April 30th, 2021. We’re halfway through April, which means we’re approaching the Due Date for the first quarter of 2021. Walking to the local IRS office or mailing the paper-filled Form 720 in this short time period is the slowest way of filing form 720 and you can foresee a delay in getting the filings acknowledged and if the date is skipped or filed late, you will have to incur penalties.
Keep in mind that even though you have no sales to record, you must also file a Form 720 by choosing the alternative for a Zero Return (Zero Tax Liability). This is to notify the IRS that you have no Excise taxes to declare for the year.
Continue reading With less than a month before the deadline, E-file Forms 720 and 2290 before April 30, 2021.
Taxes are one of the most challenging and complicated aspects of running a business. There are several forms to fill out, each with its own set of conditions and deadlines. In light of that, businesses who deal with the selling of such products and services must file Form 720. These companies must pay “Excise Taxes,” which are additional taxes.
If the company is in charge of filling out Form 720, you must file it periodically and can do it either online or by mail. The IRS Form 720 has three components, as well as sections for Schedule A, Schedule T, and Schedule C. Excise taxes, on the other hand, must be paid on a semimonthly basis and through electronic funds transfer. A semimonthly period is described by the IRS as the first 15 days of the month (first semimonthly period) or the 16th to the last day of the month (second semimonthly period). Your excise taxes will be calculated as a percentage of gross revenue or a percentage of units sold, depending on your specific business.
Over a calendar year, this Federal excise tax is divided into four months, with each quarter’s date falling on the last day of the next month, i.e., by April 30 for the first quarter, July 31 for the second quarter, October 31 for the third quarter, and January 31 for the fourth quarter. The first quarter of 2021 (for the months of January, February, and March) must be submitted by April 30, 2021. Even if you are not responsible for excise taxes during any of the year’s quarters, you must submit Form 720 by the deadlines.
Continue reading The deadline for filing Form 720 for the first quarter of 2021 is April 30, e-file now!The Federal Excise Taxes are reported quarterly with the IRS using Federal Excise Tax Form 720, for 2nd Quarter it was due on July 31 and if you have missed out the July deadline, you can still report it online at TaxExcise.com. Reduce your late fee charges, penalties and interest by filing it as early as possible.
Electronic filing is the best way as it reaches IRS in minutes and gets processed immediately with out any further delay. An acknowledgement is share by the IRS on acceptance, we in-return sent it across to your inbox. E-file is the fastest way to report taxes with the IRS, also the convenient, safe and secured way. Record keeping is also easy and you can access your tax return any time any day, it is available in our website. Continue reading Missed out to report your 2nd Quarter Federal Excise Tax
TaxExcise.com, the 1st IRS Authorized Electronic Filing website for all Quarterly Federal Excise Tax Returns. The top rated and most experienced too, has been very popular among the Truckers for reporting Federal Vehicle Use Tax Return, using IRS Tax Form 2290.
