Weekly News via Email
   Set as homepage | Add to favorites | Customer Service | Subscribe Now | Place an Ad | Contact Us | Sitemap Saturday, 01.20.2018
News Archive
Su Mo Tu We Th Fr Sa
 1  2  3
 4  5  6  7  8  9  10
 11  12  13  14  15  16  17
 18  19  20  21  22  23  24
 25  26  27  28
Online Extras
Site Services
Around Bend
Outdoor Fun
Travel Info
Shop Local

Members Of

Poll: Today's Live Poll
Email to a friend | Print this | PDF version | Comments (0 posted) 
  Blogger |   del.icio.us |   digg |   newsvine

Feb 02,2007
Get a bigger tax refund this year
by Bend Weekly News Sources

Several changes in tax legislation took place in 2006, and consumers may not be aware of what is new for this filing season. As taxpayers receive their tax information, they should familiarize themselves with a few important provisions to make the most of their 2006 tax refund opportunities. Pennsylvania Institute of Certified Public Accountants (PICPA) outlines some of these changes below.

Recent court decisions have permitted a one-time refund of previously collected federal telephone excise taxes. Certain individuals who paid long- distance excise taxes after Feb. 28, 2003, and before Aug. 1, 2006, are eligible for a refund on their 2006 return. The maximum refund is $60.

Charitable Contributions

All cash donation deductions made after Aug. 17, 2006 must be substantiated with a dated receipt. Donations of household items or clothing will only be deductible if they are in good condition or better.

Earned Income Tax Credits

The income limit for those claiming the earned income tax credit has increased. In addition, the maximum amount of allowable investment income was increased to $2,800.

College Savings Plans

Earnings on contributions made to qualified prepaid tuition plans are now permanently exempt from federal taxes. They are also exempt from state taxes in Pennsylvania.

Direct Deposit Options

Taxpayers who choose to have their refunds directly deposited may now split their deposit into as many as three different accounts. Deposits can be made to accounts with valid routing and account numbers, including checking, savings, and IRA accounts.

These are only a few of the new or extended tax provisions that may affect 2006 tax returns. Qualifications for these and other tax credits and deductions can get complicated. Consumers should consult with a licensed, professional tax advisor, like a CPA, to help them navigate the requirements and determine how they can benefit from the new and existing tax provisions.

1911 times read

Related news
Business Owners May Recoup Phone Tax, One-time Chance for Refund Emerges by Bend Weekly News Sources posted on Dec 22,2006

Money and You: Questions still pouring in about IRAs, taxes, refunds by Lynn O'Shaughnessy posted on Mar 02,2007

Money and You: Taking some extra credit by Carrie_Schwab_Pomerantz posted on Apr 04,2008

Dial up this phone-tax credit by G. Patrick Kelley posted on Feb 23,2007

Countrywide Bank offers link to IRS Form 8888 on its web site by Bend Weekly News Sources posted on Feb 09,2007

Did you enjoy this article? Rating: 5.00Rating: 5.00Rating: 5.00Rating: 5.00Rating: 5.00 (total 9 votes)

Market Information
Breaking News
Most Popular
Most Commented
Featured Columnist
Horoscope Guide
Aquarius Aquarius Libra Libra
Aries Aries Pisces Pisces
Cancer Cancer Sagittarius Sagittarius
Capricorn Capricorn Scorpio Scorpio
Gemini Gemini Taurus Taurus
Leo Leo Virgo Virgo
Local Attractions
Bend Visitors & Convention Bureau
Bend Visitors & Convention Bureau

Mt. Bachelor Resort
Mt. Bachelor Resort

Les Schwab Ampitheater
Les Schwab Ampitheater

Deschutes County Fairgrounds
Deschutes County

Tower Theatre
Tower Theatre

The High Desert Museum


Deschutes County

  Web    BendWeekly.com
© 2006 Bend Weekly News
A .Com Endeavors, Inc. Company.
All Rights Reserved. Terms under
which this service is provided to you.
Please read our Privacy Policy. Contact us.
Bend Weekly News & Event Guide Online
   Save the Net
External sites open in new window,
not endorsed by BendWeekly.com
Subscribe in NewsGator Online
Add to Google Add to MSN Add to My AOL
What are RSS headlines?