A Manufacturer Excise Tax is an indirect tax applied to specific goods that are produced, imported, or sold within a country. This tax is typically imposed on manufacturers, producers, or importers, but it is often passed on to consumers as part of the product's final price.
Filing the Manufacturer Excise Tax online is quick and efficient when using an IRS-approved 720 online portal. Follow our step-by-step guide to seamlessly file your excise tax with Simple 720.
STEP 1 - Create an Account: If you’re a new user, sign up for a free Simple720 account. Existing users can log in with their credentials.
STEP 2 - Provide Business Details: For new users, the next step is to enter your business details. Click on “Add New Filings” and click on “Add New Business” and complete the required fields, including:
Business Name
Employer Identification Number (EIN)
Business Type (select from the drop-down options)
Business Contact Information
If you’re an existing user, simply select the stored business name from the database.
STEP 3 - Choose Form Type: Select “Form 720 (Quarterly Federal Excise Tax)” as the form type. Accurately provide the tax year and quarter you are filing for, then click “Proceed.”
STEP 4 – Select the Correct category: From the left-hand menu, navigate to the Manufacturers Taxes dropdown and select the precise IRS number category that applies to your filing.
STEP 5 - Enter Tax Category Details: Provide the necessary information based on the selected tax category:
For Coal – Number of tons or total sales price
For Tires – Load capacity of the tire
For Gas Guzzler Tax – Model name, model year, make, fuel economy (MPG), and the number of automobiles
For Vaccines – Number of doses
The portal will automatically compute the tax amount based on the entered information and display the calculated total on the dashboard.
STEP 6 - Choose a Payment Method: Review your information and choose one of the IRS payment methods:
Electronic Funds Withdrawal (Direct Debit)
EFTPS - Electronic Federal Tax Payment System
STEP 7 - Complete Your Filing: Once the payment is completed, your Manufacturing Excise Tax filing will be submitted within minutes.
If you are new to filing, we recommend reading our blog on common mistakes to avoid during Manufacturer Excise Tax filing. This will help you prevent common errors and ensure an accurate, error-free filing.
WRAP:
By following the outlined steps accurately, you can ensure a smooth, error-free filing in just a few minutes. Request a demo to discover how this works!