2006 Tax Tips

By: Jummy Olabanji Email
By: Jummy Olabanji Email

December 28, 2006

The end of the year can also be the most dreaded time of the year for some: tax time.

“We've got changes in the federal government has stopped taking the federal tax on telephones. so this year everybody will be getting a credit back for their telephone taxes that they paid for the past several years,” said Libby Edwards-Allbaugh, owner of Liberty Tax Service.

But there are limitations.

This one time telephone credit only applies to long distance calls made on a land line, not a cell phone, and it requires you fill out a 1040-T.

“In the past you've been able to take your charitable contribution for $250 without having had documentation.

The IRS has changed the rules and now, every single charitable donation has to be documented, whether with a receipt or canceled check.

“If you can have that baby before December 31st, that's the best thing in the world, because that's your tax deduction for the entire year,” said Edwards-Allbaugh.

For all tax information and forms, please visit the IRS website at www.irs.gov

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