Business Tax Recovery Logo


Tax Credit Consulting: Federal Excise Tax Credit Stillwater OK

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War and although it is commonly considered to have been in force since that time, the truth is that it has been repealed and reinstated several times.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 In other words, it is reinstated to raise revenue during time of war and then was repealed when peace returned.

Jackson Hewitt
(405) 372-4829
126 North Main Street
Stillwater, OK

Data Provided by:
James Oplotnik
3621 Northwest 63rd St
Oklahoma City, OK
Company
Title: President
Company: Access Advisory Group LLC
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Years Experience
Years Experience: 24
Service
Asset Protection Strategies & Planning,Individual Income Tax Planning,Medicaid,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Medicare Planning,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insuranc

Data Provided by:
Mark W. Heinrich Samuel F. Arndt III
1756 S. Utica Ave. Tulsa, OK 74104
Tulsa / Langley, OK
Company
Title: Principals
Company: Arndt & Heinrich Financial Services
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
Westmister College/ BA Accounting
University of Oklahoma/ BA Finance
Years Experience
Years Experience: 20
Service
Life Insurance,Investment & Portfolio Management,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Disability Insurance,Retirement Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Annuities,Alternative

Data Provided by:
Eubanks Tax Svc
(405) 670-8121
2912 Epperly Dr
Oklahoma City, OK

Data Provided by:
South High Tax Office
(405) 606-2770
1932 S High Ave
Oklahoma City, OK

Data Provided by:
Mr. W. Kyle Brownlee (RFC®), CSA
(580) 237-0060
110 N. Indendence
Enid, OK
Company
Wymer Brownlee Tax & Financial Management
Qualifications
Years of Experience: 12
Membership
IARFC, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Long Term Care Insurance, Education Plan, Asset Protection, Compensation Plans

Data Provided by:
Ella Teders (RFC®), CFP, RHU
(580) 233-5950
PO Box 3006
Enid, OK
Company
Teders Financial Center
Qualifications
Education: B
Years of Experience: 33
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Stocks and Bonds, Mutual Funds, CommOptions, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, BuySell, Compensation Plans

Data Provided by:
Mr. John G. Gillespie (RFC®), CEP
(405) 491-0235
6632 NW 39th Exp
Bethany, OK
Company
Access Financial Group, Inc.
Qualifications
Education: Mr. Gillespie, CEP, RFC®, received his Bachelor of Science degree from Trevecca Nazarene University, in Nashville and is a Certified Estate Planner, Certified Trust Specialist and Registered Financial Consultant. AFG is guided by Mr. Gillespie’s experienc
Years of Experience: 28
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Seminars Work, Stocks and Bonds, Mutual Funds, Precious Metals, Annuities, Life Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Charitable Foundations, Asset Protection, Compensation Plans

Data Provided by:
Jackson Hewitt
(405) 912-1040
654 NW 12th Street
Moore, OK

Data Provided by:
Jackson Hewitt
(918) 461-1040
33 South 49th West Ave
Tulsa, OK

Data Provided by:
Data Provided by:

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...

Click here to read the rest of this article from BusinessTaxRecovery.com