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2006 tax refund use this on your Tax form this year

05-Feb-07 08:00:58 Bookmark and Share

2006 tax refund use this on your Tax form this year
2006 tax refund


TAX REFUND. PLEASE COPY FOR FAMILY AND FRIENDS!

Tax refund on your phone bill. Print this out and put in your 2006 tax return folder. It is an easy $30 to $60.

When it comes time to prepare and file your 2006 tax return, make sure you
don't overlook the "federal excise tax refund credit." You claim the credit
on line 71 of your form 1040. A similar line will be available if you file
the short form 1040A. If you have family or friends who no longer file a
tax return AND they have their own landphone in their home and have been
paying a phone bill for years, make sure they know about this form
1040EZ-T. What is this all about? Well the federal excise tax has been
charged to you on your phone bill for years. It is an old tax that was
assessed on your toll calls based on how far the call was being made and
how much time you talked on that call. When phone companies began to offer
flat fee phone service, challenges to the excise tax ended up in federal
courts in several districts of the country. The challenges pointed out that
flat fee/rate phone service had nothing to do with the distance and the
length of the phone call. Therefore, the excise tax should/could not be
assessed.

The IRS has now conceded this argument. Phone companies have been given
notice to stop assessing the federal excise tax as of Aug 30, 2006. You >will most likely see the tax on your September cutoff statement, but it
should NOT be on your October bill. But the challengers of the old law
also demanded restitution. So the IRS has announced that a one time credit
will be available when you and I file our 2006 tax return as I explained
>above. However, the IRS also established limits on how BIG a credit you can
get. Here's how it works.

If you file your return as a single person with just you as a dependent,
you get to c laim a $30 credit on line 71 of your 1040. If you file with a >child or a parent as your dependent, you claim $40.
If you file your return as a married couple with no children, you claim
$40.
If you file as married with children, you claim $50 if one child, $60 if
two children.

In all cases, the most you get to claim is $60 - UNLESS you have all your
phone bills starting AFTER Feb 28, 2003 through July 31, 2006 (do not use
any bills starting Aug 1, 2006.), then you can add up the ACTUAL TAX AS IT
APPEARS ON YOUR BILLS AND CLAIM THAT FOR A CREDIT. Now if you have your
actual phone bills and come up with an ACTUAL TAX AMOUNT, you cannot use >line 71 on your tax return. You have to complete a special form number 8913
and attach it to your tax return. Individuals using the special from
1040EZ-T will have to attach this form 8913 also.

One final point- this credit is a refundable credit. That means you get >this money, no matt er how your tax return works out. If you would end up
owing the IRS a balance, the refund will reduce that balance you owe. If
you end up getting a refund, the credit will be added and you get a bigger
refund by that $30 to $60, depending on how many dependents are on your
return.

Feel free to pass this on or make copies for family and friends who don't
have computers.



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