February 2007
Good news for taxpayers
One more day to prepare: Tuesday April 17 is the deadline this tax season to file federal income-tax returns, the IRS recently announced. The tax
agency gave all Americans an extra day to file their returns in deference to Emancipation Day, which is a holiday in the District
of Columbia. The deadline applies whether you mail or e-file your returns. The new deadline also means taxpayers have until
April 17 to:
The refund relates to a telephone excise tax, which had been part of phone bills for more than 100 years and was rescinded last year after a number of court decisions. The refund for individuals runs from $30 per household for one exemption to $60 for four or more exemptions. You'll find the tax listed on line 71 of Form 1040 and line 9 of Form 1040EZ.
If you don't need to file a federal income tax form, you can still request the refund by using Form 1040EZ-T, Request for Refund of Federal Telephone Excise Tax. For more information and a download of the form, visit the IRS Web site.
Individuals have the choice of taking the standard amounts listed above without supporting documentation, or using Form 8913 to request a potentially larger refund based on their actual excise tax. If you're using the second method, aim for accuracy. The IRS recently warned that taxpayers whose excise-tax claims appeared to be large and "improper" could have their refunds frozen and their returns audited. They could also face criminal prosecution.
- File for an automatic six-month extension, using Form 4868.
- Fund Roth or traditional IRA accounts for tax-year 2006.
- Make individual estimated tax payments for the first quarter of 2007.
- Make individual refund claims for tax-year 2003, where the regular three-year statute of limitations is expiring.
The refund relates to a telephone excise tax, which had been part of phone bills for more than 100 years and was rescinded last year after a number of court decisions. The refund for individuals runs from $30 per household for one exemption to $60 for four or more exemptions. You'll find the tax listed on line 71 of Form 1040 and line 9 of Form 1040EZ.
If you don't need to file a federal income tax form, you can still request the refund by using Form 1040EZ-T, Request for Refund of Federal Telephone Excise Tax. For more information and a download of the form, visit the IRS Web site.
Individuals have the choice of taking the standard amounts listed above without supporting documentation, or using Form 8913 to request a potentially larger refund based on their actual excise tax. If you're using the second method, aim for accuracy. The IRS recently warned that taxpayers whose excise-tax claims appeared to be large and "improper" could have their refunds frozen and their returns audited. They could also face criminal prosecution.
