Form 720 is a quarterly excise tax return that some; businesses must file with the Internal Revenue Service. According to the IRS, “Excise taxes are taxes paid when purchases are made on a specific goods, such as gasoline. Excise taxes are often included in the price of the product. There are also excise taxes on activities, such as on wagering or on highway usage by trucks.” If you accrue excise taxes in the course of doing business, you should know the rules on filing 720 taxes.
Selling and buying takes place when there is business. Today we are going to throw some light on schedule 8 for form 8849. Without much introduction, we would simply start with the purpose, requirements and other important details for better understanding.
Starting from scratch, we shall discuss about the purpose of Schedule 8 in form 8849.
Purpose Of The Schedule 8: Continue reading Thorough Outlook of Schedule 8 Form 8849