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Posted by mac on February 3, 2007, 2:52 am
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Missy wrote:
>> The IRS refers to "Federal Excise Tax". Will this be called
>> out specifically this name on my bills, or does the "Federal
>> Tax" appearing on my phone bills fall into this category?
> The federal tax is still on the bills. The federal excise
> tax stopped in July. You may go back 41 months. Or you may
> take the standard deduction. $30 = 1 person, $40 = 2, $50=
> 3 $60 = 4 people.
Can you you explain the difference between "Federal excise
tax" and "Federal tax"? Also, I don't have my old bills and
I don't remember whether or not the Provider gave me a
credit or not. Can I rely on the providers word or will I
need something in writing?
Mac
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Posted by rick++ on February 2, 2007, 2:10 am
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When you do the arithmetic, the tradeoff is if the refund
amount $30 - $60 is less than your average monthly long
distance bill. That is because the 3% tax over the 36 month
lookback works out to 108% of an average monthly bill. The
tax is closer to 2.5% in my observation because the tax
doesnt apply to fees. So if you are married and spend more
than $50 a month long distance you might save a couple bucks
itemizing.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Paul Thomas, CPA on February 2, 2007, 8:15 pm
Please log in for more thread options > When you do the arithmetic, the tradeoff is if the refund
> amount $30 - $60 is less than your average monthly long
> distance bill. That is because the 3% tax over the 36 month
> lookback works out to 108% of an average monthly bill. The
> tax is closer to 2.5% in my observation because the tax
> doesnt apply to fees. So if you are married and spend more
> than $50 a month long distance you might save a couple bucks
> itemizing.
Let's be careful with terminology so as not to confuse.
They can take the standard credit, or, compute their actual
long distance tax credit. This regardless of if they
itemize other deductions.
--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Missy on February 4, 2007, 2:25 am
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> Missy wrote:
>>> The IRS refers to "Federal Excise Tax". Will this be called
>>> out specifically this name on my bills, or does the "Federal
>>> Tax" appearing on my phone bills fall into this category?
>> The federal tax is still on the bills. The federal excise
>> tax stopped in July. You may go back 41 months. Or you may
>> take the standard deduction.
> standand CREDIT; not deduction.
>> $30 = 1 person;, $40 = 2; $50 = 3; $60 = 4 people.
> gotcha, Missy!
>
> ChEAr$,
> Harlan Lunsford, EA n LA
Second mistake in 44 years.... <VBG> It must have been
late and I was tired....
Thanks, Harlan.
PS where is Helen??
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Harlan Lunsford on February 5, 2007, 1:51 am
Please log in for more thread options Missy wrote:
> PS where is Helen??
She seems to be busy over on the AOL tax board, where she's
been a fixture there for many, many years. And of course
she's on our NAEA Webboard when time permits "this time of
year".
As for all of us.
ChEAr$,
Harlan Lunsford, EA n LA
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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