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Home > Consumer Focus Archive > Tax Season
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Consumer Focus: Tax Season |
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Tax Season
 Following are just some of the highlights of changes for tax year 2006. For more specific information, consult a tax professional. For additional helpful hints and information, visit our 2002 and 2003 Foci on taxes.
Posted: January 31, 2007
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Credits for Energy
Efficiency
 Two
notable credits this year involve energy
efficiency. Homeowners who made certain energy-conscious purchases during
2006 will see some tax benefits when filling out their tax returns. These
credits will also be available for purchases in 2007, too.
Home improvements offering energy efficient items
such as insulation or storm windows that meet
specific criteria will qualify. These
items must be installed after Dec. 31, 2005 and before Jan. 1, 2008.
The following items may be eligible:
- Insulation systems that reduce heat loss/gain
- Exterior windows (including skylights)
- Exterior doors
- Metal roofs (meeting applicable
Energy Star requirements).
The other notable energy efficiency credit is for
the purchase of a hybrid vehicle. The list of vehicles that
are qualified hybrid vehicles for the Alternative Motor Vehicle Credit
continues to expand. The tax credit for hybrid vehicles applies to vehicles
purchased during the 2006 calendar year on or after January 1, 2006. It and
could be as much as $3,400 for those who purchased the most fuel-efficient
vehicles.
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 If You’re Due a Refund
Save it; don’t spend it! It’s easier to save your
refund now. A new refund option is available for taxpayers
who file using Forms 1040, 1040A, 1040EZ, 1040NR, 1040NR-EZ, 1040-PR, or
1040-SS. You will be able to elect to have your federal income tax refund
automatically deposited into two or three accounts at a bank or other
financial institution (such as a mutual fund, brokerage firm, or credit
union). Individuals electing this split refund option must file Form 8888,
Direct Deposit of Refund to More Than One Account, which will be available
by the end of 2006.
There may be a little extra in your refund, too. The
Telephone Excise Tax Refund is a one-time payment available on your 2006
federal income tax return. It is designed to refund previously collected
long distance telephone taxes. Individuals, businesses and tax-exempt
organizations are eligible to request it. Anyone who paid the long-distance
telephone tax will get the refund on their 2006 federal income tax return.
Taxpayers can choose to receive a standard refund amount (between $30 and
$60) based on the total number of exemptions claimed on their 2006 tax
return, or you can submit phone bills from March 2003 through July 2006
along with Form 8913 to claim the actual amount.
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 A Few Notes on Deductions
Individuals making contributions to charity should
keep in mind several important
tax law changes made last summer by the Pension Protection Act of 2006.
The new law offers older owners of individual retirement accounts a new way
to give to charity. It also includes rules designed to provide both taxpayers
and the government greater certainty in determining what may be deducted as
a charitable contribution.
Special tax law provisions may help taxpayers
recover financially from the impact of a disaster, especially when the
president declares their location to be a major disaster area. Depending on
the circumstances, the IRS may grant additional time to file returns and pay
taxes. Both individuals and businesses in a presidentially declared disaster
area can get a faster refund by claiming losses related to the disaster on
the tax return for the previous year, usually by filing an amended return.
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 Filing
Electronically
The IRS e-file
program offers quick, easy, and accurate alternatives to filing your
return on paper. Electronic filing and paying ensures that your tax
information arrives and that your history is safe and secure. You can file
your taxes electronically whether you do them yourself or work with a tax
professional.
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Other
Resources
This is just a brief overview. For more information,
check out these resources:
Read these publications online or
order them from FCIC.
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Publications available for ordering from our Money Page.
Websites*:
* Names of resources and organizations included in this online article
are provided as examples only, and their inclusion does not mean that they
are endorsed by the Federal Citizen Information Center or any other
Government agency. Also, if a particular resource or organization is not
mentioned, this does not mean or imply that it is unsatisfactory.
*If you click on these links, you are leaving FCIC's website.
Please bookmark us before you leave so you can return easily. FCIC is not
responsible for the content of these websites.
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For
more information on other popular consumer issues check out
FCIC's Consumer
Focus Archive.
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