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Excise tax or 10% tax
Posted by:
Fred Zimmermann
(---.raintreegraphics.com)
Date: May 19, 2021 09:42AM
I have decided to turn my hobby into a business after building numerous surf rods for others and numerous request for more. I now have my LLC and my EIN. One thing I did not do was check the “Excise tax” box. From what I have read, I can just include IRS form 720 when I file (I am the only owner of the business) my taxes. Did I do this wrong? How do you guys/girls go about filing? Edited 1 time(s). Last edit at 05/19/2021 10:45AM by Fred Zimmermann. Re: Excise tax or 10% tax
Posted by:
Tom Kirkman
(Moderator)
Date: May 19, 2021 12:00PM
Unless the filing frequency has been changed, it's filed quarterly per the 720 form. It also due on any rod, either via a business or even just between friends.
............. Re: Excise tax or 10% tax
Posted by:
Fred Zimmermann
(---.raintreegraphics.com)
Date: May 21, 2021 11:29AM
Thanks for the heads up. Sorry, only registered users may post in this forum.
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