Free Money! (The Repealed Federal Excise Tax is Retro-active)

After a long-running legal dispute, the Treasury Department announced in May that it would no longer collect the outmoded tax, which was originally established as a luxury tax on those wealthy enough to own a telephone.

The IRS agreed to offer taxpayers refunds, which are estimated to total $15 billion.

The Dallas Morning News did an interesting article.

You can look up your phone bills and find the actual amount or request a standard credit depending on the number of exemptions you claim on your W4.

•$30 for one exemption.
•$40 for two.
•$50 for three.
•$60 for those claiming four or more exemptions.

This is a credit, not a deduction, so you don't have to itemize your taxes in order to take advantage of it. The IRS will soon be releasing a form on http://www.irs.gov/.

An additional website is also setup to help get the word out.

http://www.refundphonetax.com