When it’s time to file a federal excise tax return for your business, there are various ways you can do it, depending on whether you want to do it online or manually. However this Quarterly Federal Excise tax has to be reported and paid on time, now it is due for 3rd Quarter of 2019 and October 31 is the last date.
Excise taxes are narrowly based taxes on consumption, levied on specific goods, services, and activities. They can be either a per unit tax (such as the per gallon tax on gasoline) or a percentage of price (such as the airline ticket tax). Generally, excise taxes are collected from producers or wholesalers, and are embedded in the price paid by final consumers. The excise taxes on the service or products will be collected from the buyers and paid to the IRS.Continue reading