As we enter December this is typically a time of year-end planning to see if there are any last minute tax moves we still can take advantage of.
Well, all of you in the U.S., listen up. I’ve got a tip for you.
When you file your Federal income tax return next year for the 2006 tax year, make sure you take advantage of the Federal excise tax refund credit.
This is a tax credit that most American consumers and businesses will be entitled to take. It’s a refund in the form of a tax credit, to compensate us all for years of paying a Federal tax on long-distance phone bills — a tax we should not have had to pay in the first place. There is no need to do anything right now, other than perhaps assemble your telephone bills and make a mental note about the credit.