Businesses and non-profits may receive tens or hundreds of thousands of dollars, depending on the size of their monthly telephone expenses and other factors. A calculator on this web site allows organizations to determine their precise refund
Woodbridge, CT (PRWEB) March 13, 2007
Refunds for Good, Inc., a young CT company created by two social entrepreneurs announced today that it has launched an interactive web portal, RefundsForGood.org. The site shows individuals and organizations how to claim a telephone excise tax refund on their 2006 tax returns and a simple way to donate their "war tax" refund dollars to three exceptional non-profits which are working to address global warming and end global conflicts.
Any U.S. citizen who has paid for phone service between February 28, 2003 and August 1, 2006 is eligible for this federal excise tax credit. Individuals who choose a standard refund may receive between $30 and $60 depending on the number of exemptions they claim on their taxes. "Businesses and non-profits may receive tens or hundreds of thousands of dollars, depending on the size of their monthly telephone expenses and other factors. A calculator on this web site allows organizations to determine their precise refund", said Refunds for Good co-founder, Jonathan Gorham.
"The IRS originally began collecting the excise tax on telephone service in 1898 in order to fund the Spanish-American War. It has come to be known as the 'War Tax,'" co-founder Michael Swartz noted. In May 2006, following several federal court decisions, the IRS decided to stop assessing the tax on most service. This tax year, the IRS must refund with interest the monies collected over a recent 41-month period. The American public is eligible to receive an estimated $20 billion through this federal excise tax credit, if taxpayers claim it. Of this, businesses and nonprofits are eligible to receive about $10 billion, while individual taxpayers may receive the other $10 billion.
"Since most individuals and businesses have not been expecting this refund", Swartz pointed out, "the refunds represent "found" money for American taxpayers. Thus, without cutting into personal budgets, American telephone customers can use the site to donate monies they will receive from the IRS to any or all of the portal's non-profit partners."
RefundsForGood.org educates visitors about three U.S. non-profits, which are working to address different parts of our global community. The Solar Electric Light Fund brings solar power and modern communications to rural villages in the developing world. Physicians for Social Responsibility works for ways to save the environment and stop nuclear war. The PeaceJam Foundation works with Nobel Peace Laureates to nurture a new generation of young leaders committed to world peace.
For more information on the federal excise tax credit and ways to save the environment, please visit RefundsForGood.org.
Begun by social entrepreneurs Jonathan Gorham and Michael Swartz, RefundsForGood.com educates and aids visitors in obtaining their war tax refund. Taxpayers can then use the secure, on-line form at RefundsForGood.org to make a redirect of that refund or a direct donation of any amount to one or more of three non-profits.