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Article Date:
April 2007


Word Count:
429

 

 

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:

 

1.

Use the newly released simplified formula.

2.

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

 

Under the simplified formula, you follow these four steps:

 

1.

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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