You’ve Just Hit the Jackpot!!!
A credit for overcharged federal telephone excise tax is available. The credit is for the federal excise tax on long distance charges during the period March 2003 through July 2006. You can either take the standard amounts set $30 single, $40 married and $10 extra for each of the first 2 children.
If you have all your invoices you can claim your actual telephone excise taxes paid. It requires the information be filed on form 8913. The form requires the amounts paid by quarter.
The credit is available for both businesses and individuals. The credit is refundable, you will receive the refund even if you have no federal income tax.
For more info check out the IRS website Telephone excise credit
Would you be able to tell me where to enter the phone tax refund in Quickbooks for my small S-corp?
If I enter it as a refund against taxes, does it not change the amount owed?
Thanks