Comments on: Don’t Miss These Tax Deductions http://www.fivecentnickel.com/2007/01/17/dont-miss-these-tax-deductions/ personal finance tips, tricks, and commentary Sun, 22 Nov 2009 02:21:27 -0500 http://wordpress.org/?v=abc hourly 1 By: Greg Hampton http://www.fivecentnickel.com/2007/01/17/dont-miss-these-tax-deductions/comment-page-1/#comment-65004 Greg Hampton Sat, 03 Feb 2007 13:08:44 +0000 http://www.fivecentnickel.com/2007/01/17/dont-miss-these-tax-deductions/#comment-65004 This year the IRS is providing the most wide-reaching tax refund in U.S. history with the Telephone Excise Tax Refund. The IRS predicts that more than 159 million filers may request this refund; Department of Treasury economists estimate that the total amount refunded to individuals will be about $10 billion. Households may receive up to a $60 refund. Businesses and non-profits are also eligible for a refund. Since many households do not keep their old phone bills, or do not want to go through the trouble of adding up how much they actually paid for the excise tax during the 41 month period (after Feb. 28, 2003 and before Aug. 1, 2006), the IRS has provided the following standard refund amounts: * One exemption receives a $30 refund * Two exemptions receive a $40 refund * Three exemptions receive a $50 refund * Four exemptions receive a $60 refund If you are taking the standard refund, just claim the credit on line 71 of your 1040 form. If you add up the tax from your phone bills, fill out form 8913 and attach it to your tax return. If you do not file a tax return, you can submit the new 1040 EX-T form (you can submit this electronically). Business and non-profits will not receive the standard amount. They must base their refund requests on the tax amount they paid. They can review their phone bills for the 41-month period for an actual amount, or they can review their bills from two months and estimate their return with a formula provided by the IRS. They must use form 8913 and attach it to their returns. This year the IRS is providing the most wide-reaching tax refund in U.S. history with the Telephone Excise Tax Refund. The IRS predicts that more than 159 million filers may request this refund; Department of Treasury economists estimate that the total amount refunded to individuals will be about $10 billion. Households may receive up to a $60 refund. Businesses and non-profits are also eligible for a refund.

Since many households do not keep their old phone bills, or do not want to go through the trouble of adding up how much they actually paid for the excise tax during the 41 month period (after Feb. 28, 2003 and before Aug. 1, 2006), the IRS has provided the following standard refund amounts:

* One exemption receives a $30 refund
* Two exemptions receive a $40 refund
* Three exemptions receive a $50 refund
* Four exemptions receive a $60 refund

If you are taking the standard refund, just claim the credit on line 71 of your 1040 form. If you add up the tax from your phone bills, fill out form 8913 and attach it to your tax return. If you do not file a tax return, you can submit the new 1040 EX-T form (you can submit this electronically).

Business and non-profits will not receive the standard amount. They must base their refund requests on the tax amount they paid. They can review their phone bills for the 41-month period for an actual amount, or they can review their bills from two months and estimate their return with a formula provided by the IRS. They must use form 8913 and attach it to their returns.

]]> By: Smarty http://www.fivecentnickel.com/2007/01/17/dont-miss-these-tax-deductions/comment-page-1/#comment-58529 Smarty Thu, 18 Jan 2007 07:02:01 +0000 http://www.fivecentnickel.com/2007/01/17/dont-miss-these-tax-deductions/#comment-58529 Nice article. And don't forget the cell phone tax deduction. I've updated my blog and moved to my own domain. Could you please add me to your links. Smarty http://www.growingmoneyblog.com Nice article. And don’t forget the cell phone tax deduction.

I’ve updated my blog and moved to my own domain. Could you please add me to your links.

Smarty
http://www.growingmoneyblog.com

]]> By: Smarty http://www.fivecentnickel.com/2007/01/17/dont-miss-these-tax-deductions/comment-page-1/#comment-58527 Smarty Thu, 18 Jan 2007 06:58:03 +0000 http://www.fivecentnickel.com/2007/01/17/dont-miss-these-tax-deductions/#comment-58527 Nice article. And don't forget the cell phone tax deduction. I've updated my blog and moved to my own domain. Could you please add me to your links. Smarty Nice article. And don’t forget the cell phone tax deduction.

I’ve updated my blog and moved to my own domain. Could you please add me to your links.

Smarty

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