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 land phone 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 tha t
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.
A Geek in Beantown:
Special One Time Tax Credit on 2006 Tax Return for Excise
Not only will I have to remember this for April 15th, but I'll
also need to check my cell phone bill—I seem to recall some rather
suspicious looking taxes on that.
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