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.
While certain company owners continue to operate on paper, you will be able to save time and effort by filing your tax return electronically on www.TaxExcise.com. You’ll save money on paper and postage by completing the form online, and you won’t have to rely on the postal system to make sure you reach the deadline. Furthermore, electronically completing Form 720 will make it easy for you to file tax returns and keep track of your filing history.
Our tax advisors are available to answer your Federal tax-related questions so that we can provide you with the best possible support. Please call us at 866-245-3918 or send an email to support@taxexcise.com if you have any questions. Also, on the website, you can use our LIVE CHAT feature. We’re open Monday through Friday, 9:00 a.m. to 6:00 p.m. Central Time. Thank you so much for your support.