Every business that deals with services or goods that has excise taxes included on it have to complete the IRS Tax Form 720 to pay the Quarterly Federal Excise Tax returns. As the name refers this Excise Taxes are reported quarterly and the taxes are collected mostly from the buys by the businesses and paid to the IRS.
Excise taxes are taxes that are imposed on various goods, services and activities. Such taxes may be imposed on the manufacturer, retailer or consumer, depending on the specific tax. Form 720, Quarterly Federal Excise Tax Return, is available for optional electronic filing. Make your move and join millions of taxpayers enjoying the convenience and ease of online filing, immediate acknowledgement of receipt and faster service. TaxExcise.com is the first of its kind product that support electronic filing for all the Federal Excise Taxes at one place.
Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS.
Good records help:
Identify sources of income. Taxpayers may receive money or property from a variety of sources. The records can identify the sources of income and help separate business from nonbusiness income and taxable from nontaxable income.
Although the Women In Trucking (WIT) Association was formed over fourteen years ago, there are still many people who don’t understand our mission and who we represent. This article will answer the top frequently asked questions we receive.
First, let me remind you of our mission. The Women In Trucking Association is a nonprofit organization that was formed to encourage the employment of women in the trucking industry, promote their accomplishments, and minimize obstacles faced by women working in the trucking industry.
March is Women’s History Month and the Women In Trucking Association was formed in March of 2007. Now, fourteen years later, how have we advanced our mission to “encourage the employment of women in the trucking industry, address obstacles, and promote accomplishments?”
The first question we are usually asked by the media or potential members is in regard to the percentage of women employed in the trucking industry. After all, according to W. Edwards Deming, a statistician and quality control expert, You can’t manage what you can’t measure.”
With filing season opening on Feb. 12, the Internal Revenue Service urged taxpayers to take some simple steps to help ensure they file accurate tax returns and speed their tax refunds to avoid a variety of pandemic-related issues.
Although every year the IRS encourages taxpayers to e-file their returns and use direct deposit to receive refunds, to those taxpayers who have previously not used e-file, the IRS emphasizes using it this year to avoid paper-related processing delays.
In the late eighties American Express trademarked the slogan, “membership has its privileges.” In those days you had to pay a fee to carry their card, so they wanted you to feel as if you were a part of a preferred group. This adage applies to trade and professional organizations as well, as the focus is on acquiring and keeping members.
People often ask us how we “make money” as a nonprofit association. We are supported by our members who pay dues and in exchange, they expect something of value in return. What they value might vary from one person or company to the next.
As taxpayers get ready to file their federal tax returns, most will also be thinking about preparing their state taxes. There’s some good news for filers wanting to save money. Eligible taxpayers can file their federal and, in many cases, their state taxes at no cost.
Taxpayers whose adjusted gross income was $72,000 or less in 2019 can file their 2020 federal taxes for free using IRS Free File. Many of them can also do their state taxes at no charge. They do so through Free File offered by the IRS.
“Don’t reinvent the wheel, just realign it.” Anthony J. D’Angelo, author
We’ve all heard the adage about reinventing the wheel. Why spend a great deal of time and effort on working through something that someone has already explored? When Women In Trucking Association was formed, we looked at other trade and professional organizations and determined what parts worked for us and what didn’t.
In fact, we took a lot of ideas from an organization called Women In Aviation International (WAI). At the time, I was working on my private pilot’s license and joined the WAI because I wanted to meet other women who fly. The airline industry isn’t all that different from the trucking industry, and both have a very small percentage of women behind in the cab or the cockpit. Many of our challenges are similar, so why not cooperate on our efforts?
Have you ever questioned how some terms or phrases are either outdated or don’t even make any sense? For example, when was the last time you actually “dialed” the phone? Except for your great aunt Edna, rotary dial phones are no longer in existence. We don’t dial anything; we just tap it or touch it.
What about taping a video? We don’t use tape anymore. We’re not using VCRs to record anything, we record it with bytes, not footage. Footage implies the film is measured in feet, but there aren’t any length measurements when it comes to recording a video.
I never thought I could be friends with a piece of technology that is exceptionally nosey. I’m a pretty private person, and the thought of sharing my physical data makes me pretty uncomfortable.
Sharing my sleeping patterns, my eating habits, and how often my heart rate was elevated isn’t my idea of privacy. However, we recently partnered with Rolling Strong to do a wellness competition, and I donned a Fitbit Versa for the challenge.