Are you responsible for collecting, any of the federal excise taxes listed on IRS Quarterly Federal Excise Taxes Form720? then this is a last minute alert for you to work on your Form 720, ExciseTax Reporting for 2nd Quarter of 2021. August 2, 2021 is the Due Date (July 31 is the usual due date to report it), act fast and choose electronic filing at TaxExcise.com.
Electronic filing of Form 720 will allow IRS to provide expedited and improved service and reliability to taxpayers while reducing processing time and errors.
The first quarter of Federal Excise Tax returns got due by April 30, 2021 and if you have missed the due date you still have time to report this excise taxes with the IRS. Report the taxes as early as possible to reduce the late filing and interest charges on the delay. TaxExcies.com has a intuit solution for taxpayers that would enhance the excise tax reporting process. This is a self serviced tax reporting website and getting started is simple, just start using by registering with your email and you have help around to walk you through the process screen by screen. No upfront charges, try for free and pay only when you opt to eFile or print the tax return.
The electronic filing platform have seen a consistent growth over the years and now this is the most preferred method to report and pay the Federal Taxes. The electronic filing also leads the taxpayers to directly report and pay the taxes with the IRS. The situation due to pandemic has pushed the taxpayers towards electronic filing. TaxExcise.com is a pioneer in handling Quarterly Excise Tax returns since 2007, infact the only website that supports electronic filing for all the Federal Excise Tax Forms at one place.
Are you unsure if you need to file Form 720 and pay the excise tax? We’ve come to inform you just that. If you own a company and sell goods and services that are listed on Form 720, The fee, on the other hand, is found in the items that consumers buy, such as fuel for your vehicle or plane tickets. Businesses that deal with these goods and services are responsible for paying the bill. Excise tax is paid on a quarterly basis, and the first installment is due by the end of this month, so you must pay taxes on or before April 30, 2021. This is a reminder to excise taxpayers to log in and efile form 720 (Excise Tax) and report their returns electronically on www.TaxExcise.com as quickly as possible.
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.