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Wednesday, March 7, 2007

Tax Break

I had forgotten about the phone company owing US taxpayers a tax break until I read about it in the paper. The government decided that the phone company was in error for charging an excise tax on our phone bill for years. We are able to get that money back. A onetime credit will be available when you file your 2006 tax return. The way you file depends on your filing status. In our case, we file as married with children so we can claim $50 because we claim one child. If we claimed both our children we could claim $60. If you have your actual bills from March 2003 through July 2006 you can add up the actual fee charged and claim it. If you don't have your bills, the most you can claim is $60.

Be sure to note: this credit is a refundable credit. That means, as a US taxpayer, you get this money, no matter how your tax return works out.