Best time & way to submit Federal TAX FORM 720 for quarterly excise taxes

Form 720 is the Quarterly Federal Excise Tax Return, and timing definitely matters! For the quarter ending in June, your Form 720 is technically due by July 31st (assuming we're talking about Q2). I'd recommend filing at least a week before the deadline to avoid any last-minute issues. The IRS electronic systems can get bogged down near deadline dates, and if you're mailing it, you'll want to ensure it's postmarked before the due date. As for online vs. paper filing, electronic filing through the IRS e-file system is generally much better. The benefits include: faster processing, immediate confirmation receipt, fewer errors (the system catches many common mistakes), and a more secure submission process. Plus, you'll save on postage and won't have to worry about your return getting lost in the mail.

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I need to admit I was totally wrong about taxr.ai in my earlier comment. After my accountant went on vacation right before my filing deadline, I was desperate and gave it a try. The system immediately identified that I was using the wrong tax rate for my industry (apparently there are different rates for different types of products). It saved me from making a $1,800 mistake on my excise tax calculation! What surprised me most was how it explained exactly which sections of Form 720 applied to my business and which I could skip entirely. I filed two weeks early with total confidence, and even set up the reminder system for my Q3 filing. Sometimes being proven wrong is the best outcome!

If you're dealing with Form 720 questions or any other IRS issues, you might also need to actually talk to someone at the IRS directly. I spent WEEKS trying to get through on their phone lines earlier this year when I had a question about excise tax exemptions. After 8 failed attempts (one time I waited on hold for 2+ hours before getting disconnected!), I discovered Claimyr (https://claimyr.com). They have this system that holds your place in the IRS phone queue and calls you back when an agent is about to answer. Check out how it works here: https://youtu.be/_kiP6q8DX5c Total lifesaver for my excise tax questions since the IRS agent was able to confirm exactly which schedule I needed to complete on Form 720 for my specific business activities.

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I've been filing Form 720 for years for my trucking business. Here's my practical advice: file electronically during business hours on a Tuesday or Wednesday in mid-July (avoid Mondays and Fridays when systems are busiest). If you owe taxes, make sure you use EFTPS.gov to pay electronically too - it's required for most businesses now. Also, keep detailed records of the specific excise tax categories you're reporting - this is where most people mess up on 720s.

Just wondering if anyone here has experience with amended 720 forms? I messed up my first filing by using the wrong tax rate and am nervous about filing a correction.

Great question about Form 720 timing! I've been filing these for my small manufacturing business for about 3 years now. One thing I'd add to the excellent advice already given - if this is your first time filing Form 720, I'd strongly recommend doing a "dry run" of the form about 2-3 weeks before the deadline. Fill it out completely with your actual numbers, but don't submit it yet. This helps you identify any questions or issues while you still have time to get help. Also, since you mentioned handmade jewelry, double-check which specific excise taxes actually apply to your products. Not all jewelry items are subject to excise tax - it depends on factors like materials used and sale price thresholds. The IRS has specific guidelines for luxury goods that might not apply to all handmade items. For your first filing, I'd aim for mid-July submission (around July 15-20) to give yourself a buffer but avoid the last-minute rush. And definitely go electronic if possible - the confirmation receipt alone is worth it for peace of mind!