Get the free Federal GAS Excise Tax Exemption Certificate 2016docx

It is that time of year again. Please fill out, sign and return. Thank you! PO Box 1308, Lewiston, ID 83501 * Phone: (208) 7992000 * Toll Free: (888) 7992000 * Fax: (208) 7992008 * www.colemanoil.com

How to fill out federal gas excise tax

How to fill out federal gas excise tax:

1. Gather all necessary information and documents, such as receipts or records of fuel purchases.
2. Determine the amount of fuel consumed for taxable purposes, excluding fuel used for non-taxable activities.
3. Calculate the excise tax owed by multiplying the taxable fuel consumed by the current excise tax rate.
4. Complete Form 720, the Quarterly Federal Excise Tax Return, specifically Schedule C, which is used for reporting the federal gas excise tax.
5. Enter all required information on Schedule C, including the total gallons of taxable fuel, the gallons used for non-highway purposes, and the taxable amount.
6. Calculate the total excise tax due by multiplying the taxable amount by the excise tax rate.
7. Fill in any additional sections or schedules required for reporting other related taxes or reporting requirements.
8. Double-check all information entered on Form 720 for accuracy and completeness.
9. Sign and date the form.
10. Submit the completed form to the Internal Revenue Service (IRS) by the specified deadline, along with any required payment.

Who needs federal gas excise tax:

1. Individuals or businesses engaged in activities that involve the use of taxable fuel, such as gasoline or diesel, for vehicles or equipment on public highways.
2. Trucking companies, bus companies, airlines, and other transportation businesses that operate vehicles subject to the federal excise tax on fuel.
3. Sellers or distributors of taxable fuel who are responsible for collecting the excise tax from their customers and remitting it to the IRS.

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What is federal gas excise tax?

Federal gas excise tax is a tax imposed on the sale of gasoline, diesel fuel, and other motor fuels by the federal government.

Who is required to file federal gas excise tax?

Businesses that sell gasoline, diesel fuel, or other motor fuels are required to file federal gas excise tax.

How to fill out federal gas excise tax?

To fill out federal gas excise tax, businesses must use Form 720, Quarterly Federal Excise Tax Return, and report the total gallons of fuel sold.

What is the purpose of federal gas excise tax?

The purpose of federal gas excise tax is to fund highway construction and maintenance projects.

What information must be reported on federal gas excise tax?

Businesses must report the total gallons of fuel sold and the total amount of tax owed.