The federal government raises money through taxes. Excise taxes are one such taxes levied on the purchase of particular items such as automobiles, fuels and certain services, mainly on items that considered vices or luxury goods. You may pay excise taxes on certain activities, such as highway usage (Fuel Tax), telephone service (Communication Tax), transportation service (Air Transportation Taxes or Ship Passenger Tax), insurance and bonds (Foreign Insurance Tax), on producers or manufacturers of vaccines, Mining Coal, tires etc. (Manufacturers Taxes), tanning services (Indoor Tanning Tax) and Patient‐Centered Outcomes Research Fee (PCORI fee).
Federal government levies these taxes under Quarterly Federal Excise Tax, reported using IRS Tax Form 720. There are other excise taxes that the state government imposes.
Some of the money from excise taxes goes into the government’s general fund, while other excise tax money such as funds collected via the excise tax on gasoline go into special funds dedicated to specific purposes. The federal excise tax on gasoline goes to fund roads.
Easiest Way of Federal Excise Tax Filing & Economic Service
Efiling or electronic filing is submitting your federal excise tax returns online to the IRS directly from TaxExcise.com website. There are two ways to filing your federal excise tax returns. The traditional way is the offline way, where you manually fill in directly or through a tax preparer you file your returns. The other way is when you e-file through the internet. E-filing has become popular because it is easier, doesn’t require prints of documents, and can be done in less time!
New to TaxExcise: Create your free user account by completing the simple form by telling us your name, email and phone…
Returning User: Just login to the access your account dashboard.
Complete Your Business Information: Add your complete physical address of your business, Employer Identification Number (EIN) and the tax related information
Review Your Return: Choose the tax form, filing period and the filing quarter. Start entering your tax information, review the information in consolidated summary.
Submit Your Return: Choose e-file, pay the processing fee with your credit/debit card and submit your Quarterly Federal Excise Tax return for processing.
Acknowledgement in Inbox: IRS acknowledgement would be sent to your registered email inbox. If you have subscribed for Text Alert, message will be shared to the cell number. You may print a copy of your Form 720 PDF any time by accessing your user account.