2007-03-09 12:06:08 · 5 answers · asked by Tim C 1 in Business & Finance ➔ Taxes ➔ United States
many people don’t want to dig through up to 41 months of old phone bills or lack the records they need to figure the actual amount of tax paid. For that reason, the government created a standard amount, ranging from $30 to $60 that individuals can use to request their refund.
2007-03-09 12:24:05 · answer #1 · answered by stuart 3 · 2⤊ 1⤋
If there is 1 exemption on your return, you get a $30 credit. 2 exemptions, $40; 3 exemptions, $50; 4 exemptions, $60. That is the maximum, $60, even if there are 10 exemptions on your return.
No, it is not worth it to pull out the old bills, as generally, the tax for the years involved will only total around $9 or $10. The credit is much better.
2007-03-09 14:43:58 · answer #2 · answered by Anonymous · 1⤊ 2⤋
For an individual it is usually better to stick with the standard credit amount. My phone bills are pretty high but when I did a quick computation I concluded it wasn't worth digging out the old bills. My time is worth more than that to me.
There are different rules for businesses and some of our clients don't even want us to bother running the calculation.
2007-03-09 14:20:22 · answer #3 · answered by skip 6 · 1⤊ 3⤋
Not unless your phone bill is about 1 million dollars per year. The excise tax refund (highest) is only about 30.00 per year and is an automatic deduction.
2007-03-09 12:11:04 · answer #4 · answered by bajllc 2 · 0⤊ 4⤋
The phone tax refund is between 30.00 and 80.00 dollars, and I saw on tv that if you ask for this tax (line 11) you may not need receipts because everyone is entitled to it, and just don't know it. Go for it, I am.60bucks or even 30 is as good in my pocket as it is in Uncle Sam,
2007-03-09 12:16:13 · answer #5 · answered by happyfingers1@verizon.net 2 · 0⤊ 5⤋