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Telephone Tax Credit
The IRS says taxpayers collected only half of the $8B available for the refund of phone taxes.
The form to claim this refund is very intimidating, with all of its lines and the need to have phone bill info going back into 2003. I have found that this has been another big benefit of having everything on QuickBooks and keeping multiple years running in the same file. When preparing tax returns, clients who didn't use QuickBooks have had to settle for the tiny standard amounts of $30 to $60. For those with their data in QB, going back at least into 2003, I have been able to fill in all of the necessary data in Lacerte in about 12 minutes and the credits have been averaging several hundred dollars.
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 10/16/2007 12:32:00 PM Send this post:
