Friday, September 01, 2006

Save A Lunch (or several) Worth of Taxes

The IRS announced that long-distance tax refunds, from the outdated (Spanish-American War) telephone tax; will save customers $30 to $60. The savings will be based on exemptions: $30 for one exemption (singles) with $10 increments per exemption to $60 if the return shows four or more exemptions. IRS Commissioner Mark Everson claims that this approach will save taxpayers from looking up years worth of telephone bills.
For 1040 and 1040A taxpayers, an extra line will be added to those returns while 1040-EZ taxpayers will get a one-time special form (Form 1040EZ-T). At the moment, business and nonprofits wanting refunds must calculate their rebate based on actual bills.

The IRS decision appears to be primarily (and reasonably) based on administrative convenience. Regardless of the small size, the tax refund will be a welcome return of the taxpayer's rightful monies.


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