Other Excise Taxes: Everything You Should Know
Excise taxes are specific federal taxes that are charged on certain goods, services, and activities. Certain excise taxes are popular, for example, that on gasoline or tobacco; however, there are quite a number more that the businesses may have to file for. In this case, the guide will cover various other excise taxes, who is affected and required to file, the company categories in question, and Form 720 how to file. Register with us for e-filing and see how easy it is to carry out the activity.
What Are Other Excise Taxes?
Among the uncertainties are also other excise taxes that extend beyond goods and activities already listed. Other possible taxes of this nature could be:
- Environmental Taxes: These are certain types of taxes on the sales of some chemicals or substances producing harmful effects to the environment.
- Luxury Taxes: These taxes are imposed on people who buy expensive things or items considered to be luxuries such as high end vehicles and expensive jewels.
- Health-Related Taxes: Economics relates especially on a certain health device or health products
- Communications Taxes: Taxes on telecommunication services, phone lines or internet services.
All these excise taxes assist in financing different kinds of federal programs and regulations.
Of the Many Who Are Required to File Other Excise Taxes – the businesses falling under these activities or industries shall be required to file other excise taxes:
- Environmental Obligations Businesses: Companies that manufacture/import/export chemicals or substances that fall under environmental regulation.
- High Value Precious Goods Selling Businesses: Businesses that will predominantly be retailers of high priced luxury items.
- Medical Commodity Selling Businesses: Businesses which manufacture or sell designated medical items.
- Communication Service Businesses: Business enterprises that provide telephone services that are taxable federally.
Should your business, in any form, fall under any of these sets of activities, you should pay the corresponding excise taxes.
Other Excise Taxes Filing Company Categories
Other excise taxes filing Companies, depending on the sphere of activity, are also fighting:
- Chemical Producing Firms: Companies involved in the manufacture, use, or distribution of controlled substances.
- Luxury Articles Sale Merchants: Sale and purchase of luxury goods.
- Clinical Tools Production Firms: Companies that design and produce certain clinical use instruments.
- Telecom Services Providers: Companies engaged in the provision of telephone services.
As for the filing of excise taxes for each category, it can be said that there are stringent regulations on how taxes charged on each activity undertaken in that activity are reported and paid.
Filing with Form 720
To submit other excise taxes, IRS Form 720, quarterly federal excise tax return is used as the base. Form 720 comprises a variety of Federal Excise Taxes, including those types that do not have their own specific form.
Key Information Required for Form 720:
- Taxpayer Identification Number (TIN): The Tax Identification Number of your business and legal entity.
- Taxable Activity Details: The particulars of the property, services, or activities for which excise tax liability exists.
- Tax Calculation: How much tax liability is due based on the description of the operations of the business.
The last date by which Form 720 is expected to be filled is after every three months within the month which precedes the end of the quarter. The deadlines are, for example, the first quarter running from January 1 – March 31, then the last date to submit will be April 30.
E-Filing with Us
E-filing your Form 720 for the other excise taxes is very simple and the fastest method. Here is how e-filing with us can speed up the process:
- Efficient Submission: Quickly e-file Form 720, it is unlikely one will delay waiting for paper form submission.
- Accurate Calculations: With our platform, we may include all the computations and make tax calculations correctly as most mistakes may be avoided.
- Immediate Confirmation: No more waiting for the IRS to send out paperwork returning that your Form 720 was accepted for filing.
Benefits of E-Filing
- Convenience: There will be no need to go through piles of papers as you file your taxes as you will do it from any place at any given time online.
- Faster Processing: Also, once the forms are e-filed, they will be processed faster by the internal revenue service because of the type of submissions.
- Enhanced Security: We use high-level encryption in our platform to safeguard your information.
Why E-File with Us?
- Convenient and Effective E-Filing System: The features of our e-filing system are user-centred, taking you through the entire process of filing.
- An On-Demand Support System: Avail the necessary help whenever needed for an accurate and timely filing.
- Helpful Alerts: Get messages that are useful in filing any necessary paperwork in a timely manner.