Uncategorized
New Mileage Rate for 2007
Wednesday, January 31st, 2007 | Uncategorized | No Comments
The mileage rate for 2007 is $0.485 cents per business mile.
Treasury Announces End to Long-Distance Telephone Excise Tax
Tuesday, June 6th, 2006 | Uncategorized | No Comments
Taxpayers will be able to apply for refunds on their 2006 tax forms, to be filed in 2007.
Key Facts Regarding Tax Refunds:
- No immediate action is required by taxpayers.
- Refunds will be a part of 2006 tax returns filed in 2007.
- Refund claims will cover all excise tax paid on long-distance service over the last three years (time allowed given statute of limitations). Interest will be paid on refunds.
- The IRS is working on a simplified method for individuals to use to claim a refund on their 2006 tax returns.
- Refunds will not include tax paid on local telephone service, which was not involved in the litigation.
- Originally established in 1898 as a “luxury” tax on wealthy Americans who owned telephones, the federal excise tax on telphone calls is not compatible with today’s modern information-age society.
Mileage Rate as of January 1, 2006
Monday, February 20th, 2006 | Uncategorized | No Comments
The standard mileage rate as of January 1, 2006 is 44.5 cents per mile. Remember, the IRS requires substantiation of mileage, so pick up a mileage log at an office supply store and keep it in your car so it is convenient to use daily.
KNOX COUNTY PROPERTY TAXES
Friday, December 2nd, 2005 | Uncategorized | No Comments
Knox County and Knoxville City taxes for your personal residence are not delinquent until March 1, 2006; however, to get the deduction on your 2005 tax return, you must pay them by December 31, 2005.