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New Tax information provided by the IRS

The Telephone Excise Tax Refund (TETR) is a one-time payment available on your 2006 federal income tax return. It is designed to refund previously collected long distance telephone taxes. Individuals, businesses and tax-exempt organizations are eligible to request it. The Earned Income Tax Credit (EITC) sometimes called the Earned Income Credit (EIC), is a refundable federal income tax credit for low-income working individuals and families. To qualify, taxpayers must meet certain requirements and file a tax return, even if they did not earn enough money to be obligated to file a tax return.


New Tax Update

Tougher Kiddle Tax Rules, New Telephone Excise Tax Refund, New Home Energy Credits in compliance with the Energy Policy Act, Restrictions on Donations in compliance with Pension Protection Act of 2006, New College Tuition Deductions, and Educator Expense Deductions. These are short list of new changes made for tax year 2006 that can save you money. Please contact us for more information.

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Tax Audits
In 2004, the IRS revenue agents audited about 1,216,000 tax returns, according to the Internal Revenue Service Data Book 2004.

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Personal Exemption
In 2006, each personal exemptions is worth $3,300, and you may claim an exemption for yourself and for each dependent.

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