2nd Quarter Federal Excise Tax returns are due this July 31.

The federal excise tax reporting for the 2nd quarter of 2018 is due now and July 31 is the last day. You’re just left with a day to complete it, choose efile it is the convenient, fast and accurate way of reporting it with the IRS. TaxExcise.com the top rated website is available to help you through your filing process and reach out to us, at 866 – 245 – 3918 or write to support@taxexcise.com.

Quarterly Federal Excise Tax Reporting

2nd Quarter Federal Excise Tax Form 720:

The PCORI Fee for 2018, the annual fee to fund the federal Patient-Centered Outcomes Research Institute (PCORI), paid by employers that sponsor self-insured health plans and by commercial group health insurance providers, will go up by about 10 cents per employee or dependent enrolled in the health plan, the IRS announced in October.

The fees are due by July 31. The chart below shows the fees to be paid in 2018, which rose slightly from the fees owed in 2017.

Indoor Tanning Service has a Excise Tax that you collect from your users for the 2nd Quarter – April to June is also suppose to be reported using IRS Tax Form 720 along with the 2nd Quarter Return.

Other Federal Excise Taxes for 2nd Quarter, like….

  •  Environmental Tax:
    Dealers and sellers of; crude oil, imported petroleum products, and ODC’s are subjected to file this excise tax return.
  •  Communication Tax:
    If you’re using local telephone services and teletypewriter exchange service, you’re liable to file this Quarterly Federal Communication Tax.
  •  Air Transportation Tax:
    Air transportation Tax needs to be filed by the Airline Company, providing a consolidated report about the passengers and the property handled through flights. Also, the usage of transportation facilities should be reported in this excise tax form.
  • Fuel Tax:
    This involves the use and sell of diesel, kerosene, gasoline and LNG.
  •  Retail Tax:
    All manufacturers and sellers of highway vehicles such as bus, heavy trucks and truck tractors should file under this category.
  • Ship Passenger Tax
    The IRS imposes tax on certain ship voyages. This tax is applied annually on the person organizing the voyage.
  •  Foreign Insurance Tax:
    Foreign issuers issuing policies such as indemnity bonds and casualty insurance are implied.
  • Manufacturer Tax:
    This IRS excise tax applies to the seller and manufacturers of coal. This tax also involves one-time gas guzzler tax imposed on imported vehicles and vehicles driven by gasoline or diesel fuel with a minimum gross weight of 6,000 lbs.

Schedule A, T and C in Form 720

Schedule A:

Schedule A in IRS form 720 helps you list the deductions, which includes various categories of expenses such as medical and dental, charity gifts, theft losses, and taxes. For easy and hassle-free, filing of Schedule A you should file it through taxexcise.com and preserve the documents of the expenses made during the year in your registered account.

Schedule T:

Also known as the two-party exchange information reporting is imposed on diesel fuel used in terminal, or delivered within a terminal. The same rule applies for the usage of Kerosene, Gasoline, and Aviation Gasoline too.

Schedule C:

To report loss or profit of the business you own or the profession you handle, you need to file form 1040 in Schedule C. Here, you can explain your wages, expenses along with income and deductions too.

Are you new to Efiling? Like there are instructors for driving, we have deployed Tax Experts for your assistance. Do not hesitate to call them before July 31st, don’t end up paying penalties. They are readily available to answer your calls @ 1-866-245-3918 or ping them using the LIVE CHAT available on the website or you may even write to them @ support@taxexcise.com .