The Internal Revenue Service has announced the standard amounts that most long-distance customers can use to calculate their telephone tax refund. These amounts, which range from $30 to $60, will enable taxpayers to... |
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2006 Telephone Excise Tax RefundThe tax on long distance charges was first imposed to fund the Spanish-American war. Like most taxes and a bad case of malaria, it never went away. The tax was based on how long you talked and how far away the the other person was. In recent years, telephone companies have been basing charges on minutes alone rather than using distance. Opponents of the tax said this makes the law obsolete. The court agreed and declared the tax invalid. Bully! as Teddy Roosevelt might have said. So what's in it for you? The Internal Revenue Service has announced the standard amounts that most long-distance customers can use to calculate their telephone tax refund. These amounts, which range from $30 to $60, will enable taxpayers to request the telephone tax credit without having to review old phone bills. In general, taxpayers who paid the long-distance telephone tax will get the credit on their 2006 federal income tax return. This includes individuals, businesses and nonprofit organizations. For individual taxpayers the standard amounts are based on the total number of exemptions claimed on the 2006 federal income tax return. The standard amounts are:
In order to receive the standard amount, eligible taxpayers only need to fill out one additional line on their regular 2006 return. The IRS is creating a special Form 1040EZ-T for those individuals who are not required to file a regular return. In addition the IRS has issued Form 8913 Telephone Excise Tax Credit. The standard amounts are based on actual telephone usage data, and the standard amount applicable to a family or other household reflects the long-distance phone tax paid by similarly sized families or households. Those who paid
the long-distance tax or service billed after February 28, 2003
and before August 1, 2006 are eligible for a refund. Regards, The Tiger,
Elizabeth Marasco, MBA, Mike Bronstein CPA Thank you for your interest, and please remember we offer a free Outsourcing Report to business owners in Long Island and New York. Elizabeth Marasco,
MBA |
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Outsourcing Report Subscribe to this free report on the benefits of outsourcing back office functions and you'll learn how to lower risks while concentrating more on those activities that produce profit! |
Comparing outsourcing with in-house solutions What do you stand to GAIN by outsourcing select back office activities... and how do you know which ones to outsource and which not? This interesting article explains the pros and cons of outsourcing and offers a make-sense tool for finding the activities whose outsourcing brings the biggest profits and benefits. Read which activities benefit from outsourcing and what to look out for in outsourced solutions. |
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Outsourced bookkeeping Want more accurate bookkeeping with timely delivery and without any problems brought to you about it? If so, read this article about outsourcing your bookkeeping and what that can bring you in terms of benefits... |
Give Bookkeepers Plus a challenge! An easy way for business owners to get first-hand experience on our services. Give us a challenge and we'll tell you how we would solve it... free! Give us a challenge involving outsourcing of accounting services... |
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QuickBooks help, training & support Learn how easily one can make mistake in the setup of QuickBooks and how simple it is to fix these in your accounting software! Use an expert's help in training & support for your QuickBooks accounting software and procedures. |
Different functions of bookkeeping read to see what you can benefit: | ||
Billing & Accounts Receivable Explained in understandable form what is included in accounts receivable and what you need to look out for in this area. |
Accounts Payable & Cashflow / credit What functions are included and how do these influence your finances and credit rating and how do you speed up the cashflow? Learn the importance of accuracy in accounts payable for your activity! |
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Cash Management How would you like to be free from constant worry and checking of your cashflow and receive some control and prediction to finances? How cash management can increase your financial control and prediction. |
Payroll outsourcing Calculating salaries is the most time-consuming of all activities. Outsourcing your payroll you gain accuracy at lower cost than handling it in-house. |
Financial Management Reporting The absolute jewel of services, ensuring that you gradually gain full control over financial planning in your company. Management Reporting teaches you to plan finances hands-on with accuracy and profits! |
Project Accounting An essential service if you have larger jobs or projects coming up which you want to keep under tight financial control. Quality service giving greater financial control. Project Accounting - how to keep the budget and finances of any larger job or project under control! |
Taxes and preparing books for your CPA Why not save some 50% off this part of your accounting by letting our bookkeepers prepare taxes and books for your accountant / CPA? Save money and headaches by... ...outsourcing tax work and preparation of books for accountant's review. |
Useful articles for LI business owners This page contains articles by Elizabeth Marasco on various subjects relating to taxation, finance, accounting, bookkeeping and other important issues. Read Elizabeth Marasco's articles on taxation and accounting in Long Island and New York |
Bookkeepers Plus Virtual Assistant Don't need a full-time secretary or can't afford one? Then the solution is the Bookkeepers Plus Virtual Assistant - you pay only for the work we performed at the quality requested! Bookkeepers Plus Virtual Assistant - secretarial work without the cost. |
Human Resources Outsource the tasks involved in Human Resources: Workers Comp, insurance, retirement plans, leave maintenance, recruitment, personnel policies, resolving disputes, etc. and save money and time! Human Resources support services: Workers Comp, Retirement Plans, Recruitment, disputes... |
Other Credits and Collections actions These tasks are not very spectacular if done accurately and correct. But if you forget then many unnecessary problems can arise from... ...Petty Cash , Employee Reimbursements, Business Expenses, and Vehicle Mileage tracking |
Bookkeepers Plus Office Software Application Training Read how businesses throw away thousands of dollars monthly... and how you can make sure you don't... and secure it for free! Bookkeepers Plus Office Software Application Training & Consulting |
Sales Tax Keeping accurate record on your sales tax and filing in time is not exciting and thus it suits outsourcing well. Save money while avoiding all problems due to delays or mistakes... See the savings and benefits available from outsourcing your sales tax routines! |
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