Electronic Filing for Form 720 with the IRS
The Quarterly Federal Excise Tax Form 720 is used to report and pay the excise taxes for businesses that deal with the sale of certain goods (like alcohol or gasoline) and services (for instance, tanning salons). The business that buys the product, or the seller of the service, pays the excise tax. This is accounted and paid for quarterly through form 720 with the IRS. This 720 excise taxes can be reported and paid electronically at https://TaxExcise.com and IRS Authorized efile provider since 2007, in fact the only website that supports efiling for all federal excise taxes at one place.
Who files Form 720 to pay excise tax?
Form 720 is for businesses to report excise taxes paid on goods and activities listed in parts one and two of the form. In general, Form 720 is for businesses that owe excise taxes on:
- Fuel
- Ozone-depleting chemicals
- Sport fishing equipment
- Trucks, trailers, tractors, and semi-trailer chassis and bodies
- Water transportation services
- Foreign insurance
- Coal, tires, gas guzzlers, and vaccines
- Archery supplies
- Indoor tanning services etc.
Refer here for the list of all the Excise Tax reported in the IRS Tax Form 720.
When is Form 720 due?
Form 720 is a quarterly return that comes due one month after the end of the quarter for which you’re reporting excise taxes. For example, your first-quarter Form 720 return is due on April 30.
Schedule A, T and C in Form 720
Schedule A:
Schedule A in IRS form 720 helps you list the deductions, which includes various categories of expenses such as medical and dental, charity gifts, theft losses, and taxes. For easy and hassle-free, filing of Schedule A you should file it through taxexcise.com and preserve the documents of the expenses made during the year in your registered account.
Schedule T:
Also known as the two-party exchange information reporting is imposed on diesel fuel used in terminal, or delivered within a terminal. The same rule applies for the usage of Kerosene, Gasoline, and Aviation Gasoline too.
Schedule C:
To report loss or profit of the business you own or the profession you handle, you need to file form 1040 in Schedule C. Here, you can explain your wages, expenses along with income and deductions too.
Online Filing with TaxExcise.com is safe and secure
Well, this is one subject asked by all since the time E-filing has taken its vows. As it is easy, accurate, and fast, you tend to save much time and also some dollars. The advantage here is that you could zero down all possible human errors while preparing a tax return and avoid paying additional taxes with accurate math.
Reporting quarterly federal excise taxes electronically would get your return processed instantly and you’ll receive an acknowledgment immediately. If you have missed out something and the return data does not matched with the IRS record then your return would get rejected. You can rework on the data and resubmit it for processing on the same day. TaxExcise takes extra care to make sure that you do not leave mandatory fields empty, you have to be watchful while keying in your data.
Getting Start with Form 720 eFiling is Easy, Fast and Safe at TaxExcise.com
Support Center for Form 720 eFiling
TaxExcise.com has a experienced team of experts to help you with your electronic filing for all the Federal Excise Tax Forms at one place working from 9:00 AM to 6:00 PM Central Time on all business days. We’re also available at support@TaxExcise.com, and in a LIVE Chat at TaxExcise.com.
