Long Distance Tax Safe Harbor Amount
Back in May I wrote about how the IRS was ending their 3% tax on long distance telephone excise tax and that the IRS would be releasing a “safe harbor” amount. If you don’t use the safe harbor amount, you have to show documentation to receive your claim against the tax. However, you can use the safe harbor amount and show no documentation… as long as you accept the safe harbor amount. Three months later, the IRS has announced:
The standard amounts are $30 for a person filing a return with one exemption, $40 for two exemptions, $50 for three exemptions and $60 for four or more exemptions.
Should you use the safe harbor amount or pull out your receipts? First, consider how long it would take for you to collect all those receipts… then think about whether you paid for than $1000 in the last 41 months on your telephone bill. I’m going to take the thirty bucks.
Information on how to claim this credit can be found on IRS.gov.
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