Personal Tax Tip

Today is a rainy Saturday in Ohio. At least it's not snowing. . . I'm in the middle of one of my winter time hobbies of baking bread. (100% whole wheat as always;) The whole house smells like a bakery right now. I've got and hour before I can take the bread out of the machine so I thought I'd start looking into another one of my winter time hobbies. Taxes. What can I say, It's the accountant in me.

Here's a one time only deduction, i.e. money back in your pocket from the IRS. As taxpayers, we have been paying a federal telephone tax on long-distance since 1898. (Little known fact. . . . this tax was to fund the Spanish American War). Today this tax goes into the U.S. Treasury's general fund. . . Enough history

The short story . . . .

Use the standard deduction amount on 2006's tax form for the federal telephone excise tax credit/refund.

• $30 for taxpayers filing with one exemption
• $40 for two exemptions
• $50 for three exemptions
• $60 for four or more exemptions

If you are really into paperwork, you could file form 8913 and take the actual amount of excise taxes you paid. Good luck with that.

Off to check on my bread. . . .