Tax Refunds - Online Income Tax Return Filing, Fast Tax Refund.
Telephone Excise Tax RefundTelephone tax refund is the one time tax credit that you can claim to IRS for your 2008 income tax return. It will represents an amount ot tax refund of excise taxes paid on long distance talephone services. This year IRS expects to refund near about $10 billion in telephone excise taxes. You can choose between the standard amounts set by the IRS or the actual amount of excise taxes you paid.
Claim for the standard amount is the easiest method, but the actual amount may be higher. You have to claim by those method in which you get the large tax refund for your telephone excise tax. Eligibility Criteria: If you are paying these taxes for such services in between February 28, and August 1, 2008, then you are eligible for the excise tax refund. How to Claim Telephone Excise Tax Refund; You can claim your tax refund directly through your tax return online. Standard Refund Amounts You can claim a standard amount of tax refund of the telephone excise tax. The standard amounts are based on the number of personal exemptions you claim on your tax return. Taxpayers have choices :A standard amount of tax refund between $30 to $60, based on the total number of exemptions claimed on their 2008 income tax return. to eliminate the need to locate old phone bills; or they can locate those bills and use the actual amoun Tax Refunds of Actual Amounts Paid To get this amout you will need to to dig your telephone bills from March 2003 to July 2008, and have to report the actual amount you paid as excise tax using Form 8913 and Attach this form to your tax return. Refunds for Self-Employed Individuals If you file a Schedule C (business income), Schedule E (rental income), or Schedule F (farm income) and you have more than more than $25,000 in gross receipts, then you will be eligible to use a simplified method for calculating your actual expeneses. Businesses and Nonprofit Organizations Business taxpayers can either tally up their actual expenses using their phone bills, or can use a simplified method for calculating their telephone tax refund. Businesses attach Form 8913 to their business tax return. Nonprofits attach Form 8913 to Form 990-T. Simplified Method Here's the IRS Instructions for calculating the telephone tax refund using the simplified method. 1. Take the April 2008 phone bill (this is the bill with an April 2008 statement date) and divide the total federal telephone excise tax by the total phone bill (including federal telephone excise taxes) to arrive at the percentage of the bill attributable to federal telephone excise tax. If you have more than one type of service or service provider (land line, fax, cell, local, long distance, bundled, etc.), combine all bills dated in April before making this computation. For this purpose, there is no need to separate the taxes paid on long-distance service from those paid on local service. April is a representative month during which the government was still collecting the excise tax on long-distance service. 2. Take the September 2008 phone bill and divide the total federal excise tax by the total phone bill to arrive at the percentage of that bill attributable to federal telephone excise tax. The percentage should be lower because the government was only collecting the federal excise tax on local telephone service. 3. Subtract the September percentage from the April percentage to arrive at the percentage that represents the federal long-distance tax. This is the percentage businesses and tax-exempt organizations will use to figure their refunds (capped as discussed below). 4. Multiply the long-distance tax percentage by the total phone expenses shown on telephone bills dated after Feb. 28, 2003, and before Aug. 1, 2008. The refund is capped at 2 percent of phone expenses for small businesses (those with 250 or fewer employees) and one percent for large businesses (those with more than 250 employees). Labels Telephone Tax Refund |
|
| Federal Tax | Federal Income Tax | 24 Hour Tax Refund | Online Tax Form |
| File Tax Online | Free Online Tax | Online Tax Preparation |