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Article Date:
April 2007

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IRS Simplifies Phone Tax Refund for Businesses

You are entitled to tax refunds for the excise tax you paid on your business long-distance phone services from March 2003 through July 2006 (41 months total). To calculate your business tax credit, you have two choices:



Use the newly released simplified formula.


Use the actual excise tax from the 41 months of phone bills.


Under the simplified formula, you follow these four steps:



Take all April 2006 phone bills, including land line, fax, cell, local, and long distance, and divide total federal excise ... Log in to view full article.

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