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Tax Credit Consulting: Federal Excise Tax Credit Fremont NE

The Excise Tax has a long history. It was started in response to the Spanish American War and although it is commonly considered to have been in force since that time, the truth is that it has been repealed and reinstated several times. It has been closely associated with various wars. In other words, it is reinstated to raise revenue during time of war and then was repealed when peace returned.

Bottom Line Tax Professionals
(402) 727-7507
301 E 6th St
Fremont, NE

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Liberty Tax Service
(866) 871-1040
15805 W Maple Rd # 106
Omaha, NE

Data Provided by:
Mr. Frank C. Bogacz (RFC®), EA
(402) 551-3423
4715 S. 80th Street
Omaha, NE
Company
Bogacz Tax and Financial Services
Qualifications
Years of Experience: 22
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Long Term Care Insurance, Compensation Plans

Data Provided by:
Mr. Scott C. Taylor (RFC®), CHFC, CLU
(402) 571-1505
7216 Graceland Drive
Omaha, NE
Company
Midwest Capital
Qualifications
Education: BBA, CLU, ChFC
Years of Experience: 28
Membership
IARFC, MDRT, SFSP, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

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Jackson Hewitt
(402) 474-1041
505 N 27th Street Ste 7
Lincoln, NE

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Jackson Hewitt
(402) 727-7507
1817 N. Bell Street
Fremont, NE

Data Provided by:
Mr. Richard A. Strevey (RFC®), CFP
(402) 445-2288
14301 FNB Parkway #306
Omaha, NE
Company
Strevey Financial Services
Qualifications
Education: BS
Years of Experience: 34
Membership
IARFC, MDRT, FPA, NAIFA
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Mr. Chris E. Nelson (RFC®), CFP
(308) 632-7587
1701 First Avenue
Scottsbluff, NE
Company
Valley Financial Planning
Qualifications
Education: University of Nebraska-LincolnThe Metropolitan State College of Denver, CO
Years of Experience: 16
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Education Plan, Compensation Plans

Data Provided by:
Champion Account & Tax
(308) 436-1919
2020 20th St
Gering, NE

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H&R Block
(402) 292-1196
106 MEYER AVE BLDG 166
OFFUTT A F B, NE

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Tax Credit Consulting: Federal Excise Tax Credit

Federal Excise Tax Credit

The Federal Excise Tax Credit was the result of a long standing court case against the IRS concerning the Excise Tax on long distance telephone service.

Federal Excise Tax Credit

The Excise Tax has a long history. It was started in response to the Spanish American War and although it is commonly considered to have been in force since that time, the truth is that it has been repealed and reinstated several times. It has been closely associated with various wars. In other words, it is reinstated to raise revenue during time of war and then was repealed when peace returned.

The tax was levied in part on communication services. It was imposed in recent years on telephone bills and was based in some part on the length of a call and the distance between callers. The tax was added to a person's telephone bill and paid by the telephone company to the Government using Form 720 which was a quarterly Excise Tax return. For the most part, people were unaware of the tax. It was just another small item on their telephone bill month after month.

The objection came when telephone service providers began to change how they charged for telephone service. Distance between callers and length of the call was not always the determining factor in telephone billing. The Excise Tax was considered to no longer apply. It took several years of debate in the Courts before the IRS eventually gave in and the Excise Tax on telephone bills was stopped as of the summer of 2006. This led to a one time Federal Excise Tax Credit in 2006.

The Credit could be claimed in two ways. The easy and more common method was to just take a standard credit. This credit could be taken on line 71 of Form 1040 and a similar line was available on Form 1040A. The Credit was determined by the number of exemptions that the taxpayer was entitled to claim. A single person with no exemptions could claim $30. This went up in $10 increments. Two exemptions could claim $40. A taxpaye...

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