In general, an excise tax is a tax is imposed on the sale of specific goods or services, or on certain uses. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.
Businesses that are subject to excise tax generally must file a Form 720, Quarterly Federal Excise Tax Return to report the tax to the IRS. Excise taxes are imposed on a wide variety of goods, services and activities. The tax may be imposed at the time of
Import
Sale by the manufacturer
Sale by the retailer
Use by the manufacturer or consumer
Many excise taxes go into trust funds for projects related to the taxed product or service, such as highway and airport improvements. Excise taxes are independent of income taxes. Often, the retailer, manufacturer or importer must pay the excise tax to the IRS and file the Form 720. They may pass the cost of the excise tax on to the buyer.
Unlike many other tax return deadlines, the deadline on the Heavy Vehicle Use Tax Form 2290 has not been extended. Every truck driver who travels in and around America will need to file new returns before the actual due date of August 31st. During recent months due to the sudden surge of filings taking place, the IRS has also issued certain guidelines to make this process less cumbersome.
The following are a few key points issued by the IRS for Form 2290.
In an era when smartphones
and tablets have taken over, filing tax returns through paper is slowly going
extinct and completing tax returns online is the need of the hour as it is
easier, precise and efficient. The less complicated your tax return is, the
more rudimentary is the preparation for it.
The slight panicky feeling that happens when deadlines approach and start to accumulate is every tax payer’s worst nightmare. These tax deadlines happen once every year or every quarter and failure to address them results in penalties and interest from Uncle Sam.
It’s time now to put on your
thinking hat and have these tax returns completed in order to stay compliant
with the IRS. A Few Tax forms that are Due this month would namely be:-
Form 2290: The Federal
Excise Tax Form 2290 also known as Heavy Vehicle Use Tax (HVUT) is due for renewal
for the current 2020 tax year. And the deadline to report any new Vehicles first
used in the month of June is due by July31st.
IFTA: International Fuel Tax Agreement is due by July 31st for the second quarter of 2020.
At www.TaxExcise.com we know that truckers are the mainstay of America, they transport almost all basic necessities such as food, clothes to medicine and electronics. If you’ve got it, then a trucker brought it!
Trucking is a major source of employment with over 8 million people working in trucking related jobs to over 3.5 million truck drivers, the total revenue brought in keeps increasing at a phenomenal rate with over 800 billion a year. As this figure keeps increasing it also does bring about new rules and limitations on certain regulations.
Hundreds of
years ago, people dressed up as saints and Ghost and went door to door to trick
or treat , which is the origin of Halloween costumes and trick-or-treating, no
matter how old you are or how many times you’ve been around the block, the
holiday simply never gets old. The kids get the chance to dress up and enjoy
the horror and fun of the event and the adults have an excuse to sip on a
boo-zy Halloween cocktail.
On Halloween, it is believed that ghosts
come back to the earthly world, and out of the fear that people would encounter
ghosts if they leave their homes people would
wear masks when they leave their homes to avoid being recognized by these
ghosts after dark so that the ghosts would mistake them for fellow spirits.
Interestingly, this holiday has come to
stay but with some modification and civilization, now Halloween is more of a
social event that brings family together while trying to replicate a scenario
where they hilariously dress up and scare each other, attend Halloween cocktail
party and find the beauty even in the scary and haunted activities of the holiday.
But you know what else is scary? Missing
the IRS deadline to file your Excise tax return. Halloween is celebrated on
31st of October every year and so is the deadline fixed by the IRS to file your
excise tax return Form 720, IFTA and
the Heavy Highway Vehicle Used Tax
return Form 2290 for any truck that is put into service in September 2019.
Quarterly
Federal Excise Tax Form 720: to report for the 3rd
Quarter of 2019
HVUT Form 2290: due ONLY for
vehicles First Used in the Month of September 2019, and
International
Fuel Tax Agreement (IFTA): to report for the 3rd
Quarter of 2019.
Now while we celebrate Halloween, with
all the dress Costume, Trick and Treating, the Lamp and the Ghost including the
candies and all the sugar rush that is involved, we should remember to get our
excise returns filed on time to avoid the horror of dealing with the IRS
penalty and Interest for late filing and payment.
In the spirit of Halloween, we at www.TaxExcise.com would like to remind you that we are dedicated to make your Halloween celebration this year a little less scary, with our online application giving you the opportunity to file your return easily at the comfort of your home or office, giving you one less thing to worry about during this Halloween season, and with our Tax Expert always at your disposal you are guaranteed of a smooth and hassle-free experience with us.
Feel free to reach our Tax Experts @ 1-866-245-3918 or write to them @ support@taxexcise.com or ping using the
Live Chat Option on the website.
