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August Tax Tip

The internal revenue service announced that it will stop collecting the federal excise tax on long-distance telephone service.  Taxpayers will be eligible to file for refunds of all excise tax paid on long distance service billed to them after Feb. 28, 2003. Interest will be paid on these refunds. You can use the IRS average method or your actual expense paid. This can be claimed on your 2006 tax return.