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IcerocketLine 71 of the federal tax Form 1040 allows a credit of approximately $40.00 for federal telephone excise taxes paid. It's my understanding that telephone companies were not required to collect this tax but could have been asked by the federal government to pass these taxes on to the Treasury. I understand most, if not all, just collected the tax and used it. Regardless it just seems taxpayers have just been given a tax bill for the amount that is heing refunded. In other words we're not actually given this credit but the money is just taken out of one of our pockets and placed in another as long as we request this credit. True or not?
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