Yes, you read that right. A long-distance excise tax on phone bills has finally been overturned by Congress, and now the IRS is paying everyone back who paid the tax since 2003. This was a tax that was put in effect back in 1898 to help pay for the Spanish-American War, and it was largely known for increasing greatly during World War II and Vietnam. Many of you might be saying, “who keeps their long-distance phone bills from the past 4 years?”. Well, the IRS has made a standard credit that you can claim based on the number of exemptions that you have for federal taxes. However, if you think the credit might add up to more than their standard credit, you are more than welcome to pull up all of your old bills and add up the tax that you paid.
The IRS giving back money does not happen very often, so make sure you take advantage of this tax credit if it applies to you. You can visit the Kiplinger article to learn more about this tax credit availabe for this coming tax filing season.