IRS Announces Standard Amounts for Telephone Tax Refunds

Real Estate Agent with RE/MAX Preferred

The IRS recently announced (IR-2006-137) that they have established standard amounts, ranging from $30 to $60, that most people can use to figure out their refunds of prevsiously paid long-distance telephone taxes (that were wrongly collected by the telephone companies) for their 2006 Federal income tax returns (which are filed in 2007).  This allows calculations without having to locate and sift through old phone bills.

In general, anyone who paid the long-distance telephone tax on service billed after Feb. 28, 2003 and before Aug. 1, 2006 are eligible for a refund on their 2006 federal income tax return. This includes individuals, businesses and nonprofit organizations.  However, only individuals will have the option to use the standard amounts. 
Click here for details.

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Lawrence Yerkes

Broker Associate, Southern New Jersey Real Estate Services
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