Thursday, December 07, 2006

Really, It's Not A Scam - by Brad

I just read an article about how almost anyone who paid for long distance service can get an easy extra $30 - $60 from the IRS on your 2006 return... legally! I know this might sound like one of those weird scam e-mails you get saying that you are so special that the government wants to pay you for being you... but this comes straight from the IRS and it is definitely worth checking out.

Anyway, there has been a federal excise tax on your long distance phone bill that was ruled illegal. It has something to do with a tax initiated to fund the Spanish-American war, and for some reason it has changed forms to a phone excise tax. Through the courts, it was apparently ruled illegal, so the IRS is now giving refunds for this (wow, this really does sound like a scam).

I am not going to give any real tax advice here just in case you don't qualify for this and you end up getting in trouble (yup, sounds like a scam). However if you file form 1040 make sure you don't miss line 71. If you file form 1040A make sure you don't miss line 42. If you file form 1040EZ make sure you don't miss line 9. And as always, if you prepare your own forms, make sure you read the instructions.

I doubt that the IRS will highlight this credit or make it really easy to understand. Hopefully TurboTax will. Rest assured, this is not a scam, and I bet you will hear more about this as tax season starts.

[What a dorky blog... taxes?... come on P-jak, how 'bout something interesting]

3 comments:

Brazenlilly said...

Wow. You must be really good at your job. CPA's rock. (That's what you are, right?)

P-Jak said...

Um... for a CPA I know very little about tax, but for some strange reason I find it interesting. My job is more like the accounting department on The Office.

Actually, personality-wise I am probably a lot like the accounting department on The Office.

Brazenlilly said...

Is that the department with the uptight religious blonde, the gay hispanic and the deadpan African American? If so, you're right. That's totally you.