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Saturday, March 17, 2007

Three Tax Issues You Should be Aware of Before You File

Telephone Excise Tax Refund

This is a one-time payment available for your 2006 federal income tax return, and is designed to refund previously collected long distance telephone taxes. Individuals, businesses and tax-exempt organizations are eligible. You have a choice of a standard refund amount between $30 and $60, based on your total number of exemptions or you can use the actual amount paid over the last three years.

Two Extra Days to File and Pay

Taxpayers will have extra time to file and pay because April 15 falls on a Sunday in 2007, and the following day, Monday, April 16, is Emancipation Day, a legal holiday in the District of Columbia. Holidays observed in the District of Columbia have an impact nationwide.

Unclaimed Refunds

The IRS has unclaimed refunds totaling approximately $2.2 billion for about 1.8 million people who failed to file a federal income tax return for 2003. In order to collect the money, a return for 2003 must be filed with an IRS office no later than Tuesday, April 17, 2007.

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