The 3 percent federal excise tax on long-distance telephone service was declared unconstitutional last year. That means taxpayers are eligible for a refundable tax credit (claimed on the 2006 return) for taxes paid between March 1, 2003, and July 31, 2006. There are different calculation methods for individuals and businesses. Here’s what you need to know…

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Home improvements are generally not deductible for income tax purposes. However, if the main purpose of such improvements is to provide medical benefits to those occupying the home, the expense may qualify as a deductible medical expense on Schedule A (itemized deductions). 

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With the demands placed on business owners and managers, it can be a struggle to find time to focus and plan for the future of the business. But, the importance of planning and developing a budget cannot be overstated. 

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