You must file Federal Excise Taxes Form720 every quarter if you were liable for, or responsible for collecting, any of the federal excise taxes listed on Form 720, Parts I and II, for a prior quarter or for the current quarter and you haven’t filed a final return. 2nd quarter excised taxes is due now, efile it today at Taxexcise.com.
Excise taxes are taxes paid when purchases are made on a specific good, 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. Getting Start with 720 E-file is a breeze at TaxExcise. No up-front fee to try our website, pay a nominal fee to efile. IRS would process and send you the acknowledgement immediately. No more guessing game… straight forward filing! Form 720 efile at its best with Taxexcise.
If your small business deals in goods and services that are subject to excise tax — like air transportation, fishing equipment or gasoline — then you’ll have to complete IRS Form 720, which must be filed with the IRS on a quarterly basis in order for your business to report and pay your federal excise tax liability. Learn all you need to know about Form 720 in this comprehensive, step-by-step guide.
Essentially, Form 720 needs to be completed by the last day of the first month that follows the end of the prior quarter (e.g., the second quarter ends on June 30, so the form is due by July 31). If the due date for filing Form 720 falls on a Saturday, Sunday or legal holiday, you can file the return by the next business day. This time it is August 2, 2021 the due date.
You only need to complete the Schedule T section of Form 720 if your business produces or sells diesel fuel, kerosene, gasoline or aviation gasoline. Schedule T is used to report the total amount of taxable fuel gallons received or delivered in a two-party exchange within a terminal.
Like Schedule T, Schedule C is only applicable to businesses that deal with one of the fuel types (and a few tire types) as indicated in Parts I and II of IRS Form 720. If you’re liable for taxes on Part I or Part II, you may be able to reduce the amount you owe by filing a claim on Schedule C. However, only certain types of fuel and use-cases qualify for a Schedule C claim.
However, if your business sells a good or service that is subject to excise tax, then you are responsible for reporting and paying those taxes; IRS Form 720 allows you to do so.
Electronic Filing for Form 720 – Quarterly Excise Taxes
Although many business owners still prefer to work on paper, you may be able to save yourself both time and hassle by utilizing the IRS’ e-file program. Completing the form electronically will save you money on paper and stamps; plus, you won’t be relying on your mailing system to make sure you meet your deadline. In addition, filling out Form 720 electronically can make it easier for you , the IRS acknowledgment is made available instantly.
Zero Liability Return:
If you are reporting a zero liability return then we can help you out to make it electronically. When you start preparing the return, you can choose the option in the website for Zero Liability Return. It cost $29.99 to report a zero liability return in any quarter electronically at TaxExcise.com, otherwise it is $49.99 for a single category return.
Electronic filing is by and large the best way of reporting Quarterly Federal Excise Tax Form 720 returns with the IRS and get the best available resources. The most trusted and top rated website since 2007. Talk to us at 866 – 245 – 3918 or write to us at support@TaxExcise.com.