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Don't forget to claim your federal excise telephone tax deduction with the IRS
Get $30-$60 (or more) in FREE MONEY from the IRS, even if you have already filed, and even if you don't have a phone.
The infamous tax of a penny per phone call made on a landline telephones to fund the Spanish-American War was repealed last year.
The courts have ordered the government to refund the taxes you paid between March, 2003, and July, 2006.
If you didn't save your phone bills, the IRS allows a standard audit-free deduction ranging from $30 to $60 dollars. If, however, you have your old bills, you may be in line for a much larger refund. See the example below.
From the IRS:
Simplified Example B: If a single taxpayer, who is a sole proprietor with less than $25,000 in gross receipts, had $20 in local service, $50 per month personal long distance plan and $150 in bundled service cellular phone charges for each month over the 41 month period, the telephone tax refund based on actual tax paid would be $200/month (50 +150) X 0.03 X 41 months = $246.00 plus interest, in comparison to the standard refund amount of $30 (which would cover both personal and business expenses).
Remember, your bundled service cell phone charges are part of the deduction, which could lead to refunds much higher than $60 dollars if the actual charges are calculated.
Surprisingly, very few consumers are claiming the tax as a deduction. In fact, according to the IRS, more than half of the returns filed by tax professionals missed the deduction.
If you or your preparer missed this deduction you can still file an amended return by following these instructions. Or, if you paid someone to prepare your taxes, they should file your amended return (it's only fair).
Download the forms:
You can receive the standard refund amount of $30-$60 even if you do not file a return by filling out Form 1040EZ-T.
Use Form 8913 if you would like to file for the actual amount (you will have to go back through your old phone bills).
Try using a free e-filing service.
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One of the most informative
One of the most informative post....Just what i was looking for!!!!
List of tax deductions
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