By: Revanche

Don’t forget your federal excise tax refund!

February 21, 2007

According to this MSN article, it appears that many people are making mistakes in filing their tax returns by not claiming their long-distance telephone tax refund, claiming excessive amounts or just misclaiming the refund.

The easy way to claim it is to just base it on the personal number of exemptions you’d taken:
If you claim one exemption, you can claim a $30 refund; two exemptions, $40; three exemptions, $50; and four exemptions, $60. On Form 1040, you claim the refund on Line 71.

The more complicated way is to base it on the actual amounts of taxes you’d paid since March 2003. (The tax was 3% of the long distance bill.)

I think I may go ahead and do it the more complicated way because I have all my cell phone records dating back to ’05, but that involves digging up all the Padres’s cell phone records and the home phone records as well.

Don’t forget to take this refund if you paid for long distance service between March 2003 through July 2006.

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