Category Archives: Truckers Need

Excise Tax Form 720 – Quarterly Federal Excise Tax reporting.

In the United States, it is mandatory that Individuals and companies doing business need to file taxes with the Federal Government. Based on the circumstance of the company or taxpayer there are a multiplicity of forms available for filing tax. Another way Form 720 is Quarterly Federal Excise Tax Return.

What is the purpose for filing IRS Form 720?

 

IRS form 720 is utilized to file and disburse excise taxes due on a quarterly basis in order to keep liabilities well under control. Depending on their business model, select companies are requisite to pay excise tax to the federal government. Businesses involving trade of gasoline or tobacco or in services including indoor tanning are required by law to file an excise tax return. Continue reading →

Tax Package Mailing for Individuals to End Following Growth of e-File

Individual and business taxpayers will no longer receive  paper income tax packages in the mail from the IRS. These tax packages contained the forms, schedules and instructions for filing a paper income tax return.

The IRS is taking this step because of the continued growth in electronic filing and the availability of free options to taxpayers, as well as to help reduce costs. In early October, the IRS will send a postcard to individuals who filed paper returns last year and did not use a tax preparer or tax software. The information will explain how to get the tax forms and instructions they need for filing their tax year 2010 return. The forms and instructions will be available in early January 2011.

To efile an automatic extension of Time to file an Individual and Business Income Tax returns or Exempt Business Income Tax returns please visit www.ExtensionTax.com

To efile Excise Tax Forms [2290, 8849 & 720] please visit www.TaxExcise.com

For any further in formation or Help please reach our Customer Support Line 1-866-245-3918 or write to us support@TaxExcise.com

Happy Thanksgiving from TaxExcise.com

Special Thanksgiving Wishes from ThinkTrade, Inc. you have a wonderful Thanksgiving with your family!! and friends!!!

Ah! On Thanksgiving day… We would like to sincerely thank our Customers, Truckers and everyone we serve for all of your support this year. The year 2010 has been a wonderful year and we could not have done it without all your support.

You have a wonderful Thanksgiving with your family!! and friends!!! Happy Holidays!!!

Treat yourself this Holiday! efile your Excise Tax forms [Form 2290, Form 8849 and Form 720] and win iPod Touch.  read more @ http://www.TaxExcise.com/holiday2010/

IRS Form 2290 [HVUT] is due November 30th, 2010 if your vehicle first used in October since July 2010.

Failing to file returns or pay taxes when due?

Penalties and Interest:

The law provides penalties for failing to file returns or pay taxes when due. There are also penalties for filing false or fraudulent returns. These penalties are in addition to the interest charge on late payments. The penalty for filing a return late or paying the tax late will not be imposed if you can show reasonable cause for not filing (or paying) on time. If you file after the due date (including extensions), attach an explanation to the return to show reasonable cause.

The penalty for failing to file IRS Form 2290 by August 31st is equal to 4.5 percent of total tax due, assessed on a monthly basis up to five months. Late filers not making an HVUT payment also face an additional monthly penalty equal to 0.5 percent of total tax due. Additional interest charges of 0.54 percent per month accrue as well. An HVUT liability that was originally $550 would climb to over $700 by the end of the five-month period of delinquency. In addition to these federal penalties, many states suspend the registrations of vehicles for which proof of HVUT payment has not been provided.

The Secretary of Transportation has the authority to withhold up to 25 percent of the state’s Interstate Maintenance funds [23 U.S.C. 104(b)(5)] if it fails one of its periodic compliance reviews.

Any information regarding filing Form 2290 – HVUT please call our Help Desk 1-866-245-3918 or simply write to us your queries support@taxexcise.com.

Top Six reasons to use TaxExcise.com

With Taxexcise.com you can e-file the following excise taxes:

  • Form 2290 which is used to file tax for Heavy Highway Vehicles.
  • Form 720 which is used to file Excise Taxes like Environmental tax, Communication tax, Air transportation tax, Fuel tax, Retail tax, Ship passenger tax, Manufacturers tax, Foreign insurance tax and Floor stocks tax.
  • Form 8849 which is used for the claim for refund of excise taxes.

Taxexcise.com, an efficient tax e-filing provider provides facility for filing variety of excise tax requirements. Continue reading →