Preparing Your Tax Return(s) and Information Returns
What are Business Taxes
Excise Taxes
This section explains the excise taxes you
may have to pay and the forms you have to file if you:
- Manufacture or sell certain products,
- Operate certain kinds of businesses, or
- Use various kinds of equipment, facilities,
or products.
For more information on excise taxes, see
Publication
510.
Form
720.
The federal excise taxes reported on Form 720, Quarterly Federal
Excise Tax Return, consist of several broad categories including:
- Environmental taxes,
- Communications taxes,
- Fuel taxes,
- Tax on the first retail sale of heavy trucks
and trailers,
- Luxury tax on passenger cars, and
- Manufacturers' taxes on the sale or use
of a variety of different products.
Form
2290. There is a federal
excise tax on trucks, truck tractors, and buses used on public
highways. The tax applies to vehicles having a taxable gross weight
of 55,000 pounds or more. Report the tax on Form 2290, Heavy Vehicle
Use Tax Return. For more information, see the Instructions for
Form 2290.
Form
730. If you are in the
business of accepting bets or running a betting pool or lottery,
you may be liable for federal excise taxes on wagering. Use Form
730, Tax on Wagering, to figure the tax on the bets you receive.
Form
11-C. Use Form 11-C, Occupational
Tax and Registration Return for Wagering, to register any wagering
activity and to pay the occupational tax on wagering.
ATF
forms. If you produce,
sell, or import guns, tobacco, or alcohol products, or if you
manufacture equipment for their production, you may be liable
for one or more excise taxes. Report these taxes on forms filed
with the
Important References
Publication
510
Excise Taxes
Publication
583
Starting a Business and Keeping Records
Form
1040 Schedule C Profit or Loss from Business
Form
720
Quarterly
Federal Excise Tax Return
Form
2290
Heavy Vehicle
Use Tax Return
Form
730
Tax on Wagering
Form
11-C
Occupational
Tax and Registration Return for Wagering
Web Link
ATF
Forms