Get the free IRS Form 720. Quaterly Federal Excise Tax Return

This form is referenced in an end note at the Bradford Tax Institute. CLICK HERE to go to the home page. 720 Quarterly Federal Excise Tax Return Form (Rev. January 2016) Department of the Treasury

How to fill out irs form 720 quaterly

How to fill out IRS Form 720 quarterly:

1. Gather all the necessary information and documents: Before filling out the form, make sure you have all the required information and documents handy. This may include details about any taxable goods or services you have provided or received, such as air transportation, communication services, or fuel.
2. Begin by providing your basic information: Include your name, address, and employer identification number (if applicable) on the top of the form. If you are an individual taxpayer, you can use your social security number instead.
3. Report the taxable activities: In the "Part I" section of the form, you will find various lines to report different types of taxable activities. Depending on your situation, you may need to report activities such as the sales of taxable goods or services, telephone communications, indoor tanning services, or the use of specific equipment or facilities.
4. Calculate the tax owed: For each taxable activity, determine the corresponding tax owed by multiplying the applicable tax rate by the total amount subject to tax. Enter the calculated tax amounts in the appropriate spaces provided on the form.
5. Summarize the total tax liability: Add up all the calculated tax amounts and enter the final total on line 10. This represents your total tax liability for the quarter.
6. Make the payment: If you owe any taxes based on your completed Form 720, you must make the payment along with the form. There are various payment methods available, such as electronic funds withdrawal, credit card, or check. Ensure that you follow the instructions provided by the IRS for making the payment.

Who needs IRS Form 720 quarterly:

1. Businesses or individuals engaging in taxable activities: IRS Form 720 is typically required for businesses or individuals who engage in specific taxable activities. These activities may include the sales of taxable goods and services, such as air transportation, indoor tanning, communication services, or the use of certain facilities or equipment.
2. Excise tax filers: IRS Form 720 is primarily used to report and pay excise taxes. Excise taxes are imposed on certain goods, services, or activities that are considered to be non-essential or potentially harmful, such as gasoline, tobacco, firearms, or airline tickets.
3. Quarterly filers: The IRS requires individuals or businesses with excise tax liabilities to file Form 720 on a quarterly basis. This means that if you engage in taxable activities subject to excise taxes, you need to file the form every quarter, even if you owe no tax or have no taxable activities during a particular quarter.

It is important to note that while this content provides a general overview of how to fill out IRS Form 720 quarterly and who needs to file it, it is always advisable to consult with a tax professional or refer to the IRS website for specific instructions and requirements based on your unique circumstances.

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What is irs form 720 quaterly?

IRS Form 720 is a quarterly federal excise tax return that certain businesses must file.

Who is required to file irs form 720 quaterly?

Businesses that are engaged in specific activities subject to federal excise tax are required to file IRS Form 720 quarterly.

How to fill out irs form 720 quaterly?

To fill out IRS Form 720 quarterly, businesses need to provide information about the excise taxes owed, such as the type of tax, the amount owed, and any credits or refunds.

What is the purpose of irs form 720 quaterly?

The purpose of IRS Form 720 quarterly is to report and pay excise taxes on specific goods, services, and activities, as required by the federal government.

What information must be reported on irs form 720 quaterly?

Businesses must report information related to excise taxes, such as the type of tax, amount owed, and any adjustments or credits.