Easy $30 to $60 on 2006 Tax Return - Homesteading Today
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  #1  
Old 12/01/06, 06:29 AM
Jennifer L.'s Avatar  
Join Date: May 2002
Location: New York bordering Ontario
Posts: 4,786
Easy $30 to $60 on 2006 Tax Return

http://www.snopes.com/business/taxes/excise.asp

Everyone make sure they collect this refund on their taxes this year. It's a one time only deal.

Jennifer
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  #2  
Old 12/01/06, 06:41 AM
 
Join Date: Aug 2005
Posts: 8,841
Thanks for the info!
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  #3  
Old 12/01/06, 07:28 AM
ginnie5's Avatar
wife,mom,taxi driver,cook
 
Join Date: Jul 2003
Location: Near Charlotte NC
Posts: 6,677
i emailed this to dh the other day.
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  #4  
Old 12/01/06, 03:29 PM
ldc ldc is offline
 
Join Date: Oct 2006
Location: S. Louisiana
Posts: 2,279
Thanks so much for thinking of us on HT!!!Will tell all my broke friends!! ldc
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  #5  
Old 12/01/06, 03:53 PM
donsgal's Avatar
Nohoa Homestead
 
Join Date: May 2005
Location: SW Missouri near Branson (Cape Fair)
Posts: 5,398
Quote:
Originally Posted by Jennifer L.
http://www.snopes.com/business/taxes/excise.asp

Everyone make sure they collect this refund on their taxes this year. It's a one time only deal.

Jennifer
This is not a refund. It is a tax credit. My dh and I are both self employed and usually end up paying no tax at the end of the year (ah the joys of poverty). We also do not get a refund. Therefore, the tax credit is useless to me. Now if they would apply it to self employment tax, that would be a different matter.

I can't quite figure out how having children makes any different on your tax credit, especially for something that might have happened years before the kids were even born.

Yet another incidence of discrimination against the childfree. *sigh*

donsgal
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  #6  
Old 12/01/06, 05:59 PM
 
Join Date: Nov 2005
Location: Central Ohio
Posts: 514
Now if they would apply it to self employment tax

Oh, crud. I had my hopes up so high...

That doesn't quite seem fair that yu can't collect if you indeed overpaid phont tax...shouldn't matter that the year you claim the refund, you don have any income tax. Geez.
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  #7  
Old 12/01/06, 06:01 PM
 
Join Date: Nov 2005
Location: Central Ohio
Posts: 514
Oh - wait a minute.....I just read through that whole page in the link.

donsgal - look at the second-to-last paragraph - it IS a refundable credit! We WILL be able to get it no matter how our taxes work out!!!
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  #8  
Old 12/01/06, 06:04 PM
 
Join Date: Nov 2005
Location: Central Ohio
Posts: 514
From that link:

One final point - this credit is a refundable credit. That means you get this money, no matter how your tax return works out.
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  #9  
Old 12/01/06, 09:06 PM
ET1 SS's Avatar
zone 5 - riverfrontage
 
Join Date: Oct 2005
Location: Forests of maine
Posts: 5,872
Cool

We do not pay income taxes, and we never end up owing at the end of the year. We do often get a 'refund' however. Plus the EIC thing.

This will make a nice addition to all that.

Our tax 'exempt' status is not due to low income rather we itemize every year, and have itemized since 1983.

I really recommend that everyone learn to itemize their taxes, and stop paying into the IRS.

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  #10  
Old 12/01/06, 09:08 PM
Lizza's Avatar  
Join Date: Nov 2005
Location: Oregon
Posts: 4,783
Very Cool! Thank you so much for telling us this. I've already emailed it out to my family/friends.
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  #11  
Old 12/02/06, 02:19 AM
 
Join Date: Feb 2006
Posts: 1,196
Thanks, I like to save money everywhere I can!
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  #12  
Old 12/02/06, 11:12 AM
 
Join Date: Aug 2005
Location: East central WI
Posts: 1,002
Naturally I don't qualify, having ditched the landline four or five years ago!
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  #13  
Old 12/02/06, 12:11 PM
ET1 SS's Avatar
zone 5 - riverfrontage
 
Join Date: Oct 2005
Location: Forests of maine
Posts: 5,872
The IRS offers courses on filing taxes every year.

Called 'VITA' and 'TCE'

In these courses you volunteer to help others to do their taxes for free. You spend a week in a classroom taught by an IRS auditor or sometimes a team of auditors.

It also gives you a wonderful look at the internal workings of the IRS. Auditors are divided into sub-specialties, and commonly do not know anything about the other sub-specialties. So even during the class, when fielding questions they are often calling the 1-800- help desk to get referred to the right sub-specialty desk.

My wife and I have each attended VITA courses for eight different years [volunteering to help others file their taxes each time].

These courses go over each form and it's effects on your over-all tax stance. They show examples of ways that H&R Block commonly messes up folks taxes. and I have seen 'professional' tax assistants attending VITA classes, saying that they learn far more about taxes directly from the IRS in a VITA class, then they could ever learn from the courses that private companies offer.

This practical knowledge has allowed us to itemize our taxes; and maintain a zero AGI or often a negative AGI many years.

If anyone is not itemizing their taxes, I do recommend that you consider attending a VITA course near you.



We would find paying taxes would be a huge chunk out of our income, if we actually had to pay such.

Last edited by ET1 SS; 12/02/06 at 01:52 PM. Reason: spelling
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  #14  
Old 12/02/06, 08:15 PM
 
Join Date: Aug 2005
Location: East central WI
Posts: 1,002
Ooooh! I missed the cell part!!
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  #15  
Old 12/02/06, 10:39 PM
Lizza's Avatar  
Join Date: Nov 2005
Location: Oregon
Posts: 4,783
I was worried too before I read that! I haven't had a land line in 3 years but I've had a cell phone, so I think we still qualify.

Quote:
Originally Posted by dcross
Ooooh! I missed the cell part!!
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  #16  
Old 12/03/06, 07:25 AM
Danaus29's Avatar  
Join Date: Sep 2005
Location: Ohio
Posts: 19,350
I just may have to kiss dh for saving all those old phone bills, we'll have to see if the fed ex tax is more than $50. I'm pretty sure the fed excise was on my NOVEMBER bill which I just paid.

http://www.irs.gov/newsroom/article/...161506,00.html

Only good for long distance, bummer, local federal excise was just as much.

Last edited by Danaus29; 12/03/06 at 08:37 AM. Reason: addition
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