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Form 720 Texas: What You Should Know
Payments are due semimonthly. IRS Form 720, Quarterly Federal Excise Tax Return, or Form 720, Federal Excise Tax Return, is a Form 1099-MISC (or Form 1099-MISC-EZ). This form is used for reporting federal excise tax to the IRS. It is similar to IRS Form 4668. The tax applies to all persons with gross income from any source. If you have a net taxable income (including any nontaxable gifts, transfers, and estates or trusts for you or your family) below certain limits (see the tables on IRS form 7465), you may have to report income and payments. It is important to use Form 720 to report any tax or payment that goes unpaid. (7/16) Check your Income Taxes Due on September 30. Payment of the federal excise tax is due on or before the due date. Make your payment by electronic funds transfer (EFT), cash or certified check, or money order. If a check and/or money order can be made out to the person, you don't need to have them written on your behalf. Just write your name and address on the back of the check or money order. For example, if you are a business, you must write your name, address, business number, and business street name on the back of the check or money order. What Federal Excise Tax is Due There is a 10% tax imposed on the retail sale of firearms and shotguns, ammunition and their components that are over the age of twenty-one. The tax due is at a rate of 100.00 for each firearm, shotgun, or rifle and 50.00 for each ammunition item. How to Report a Payment of the Federal Excise Tax Due Frequent Payments of Federal Excise Tax Federal excise tax is due on a monthly basis and is due on the 15th day of each month. This includes the due date listed on your return. This information is on page # 2 of the IRS 8500 form in PDF form available online. What Are the Requirements for a Payment Due? To file Form 720, you should be aware of the following when you pay the taxes you owe on the 15th day of each month.
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