 Itemizing my taxes??? |
| I just purchased my first home last month and my morgage broker was telling me that I will have to itemize next year. I have been doing my taxes eversince I started working and have never itemized, ... |
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 Economic Stimulus Rebate Checks? |
| What if you had your IRS check rapid refunded How soon will you get you Economic Stimulus Rebate Check ... |
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 Do you uinderstand the tax forms? |
| What do you know paying taxes?... |
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 How long does it take for a tax refund? |
| we had our taxes done monday feb.19th. they were done electronically and are gonna be direct deposited into my account. the person that did them said it could take 2 weeks. but i heard from someone ... |
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 Is my employer committing Tax Fraud? |
| Im in the UK I work for a company that pay cash in hand I worked there for 3 months and all they took was national insurance then suddenly i started paying tax. Im suspicious cos I was paying tax in ... |
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 Another question about stimulus check?? |
| i went to jackson hewitt the end of january and got the rapid refund check that you get in 24 hours. i didn't give them any bank account info so that means that i am going to get a paper check, ... |
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 Tax Accident! Filed all 3 Jobs under ONE name!? |
| I really need some advice. I worked 3 jobs for the 2006 tax season and recieved all 3 W2's from my employers. I used TaxActOnline.com to do my taxes, but before that, I totaled all my jobs boxes ... |
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 For those of you who DIDN'T receive your expected tax refund on 1/25? |
do you mind telling how you filed and what you claimed, to see if there is a pattern in the delays?
Additional Details
Also, how long did it take for the IRS to accept your return?... |
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 Will our economic stimulus check be garnished? |
| My husband owes back child support. Our tax returns are usually garnished. Will the same thing happen to our economic stimulus check? If so is there a way for me to protect my portion of it?... |
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 Stimulus REBATE Check Questions... HELP!? |
Ok I was due to get my 08 Rebate Stimulus Check on 5-9-08 as my hubbys last 2 digits of his social are 51.
We filed and received our tax return way before the cut off date and it was even spent ... |
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 Is money deposited in a 401k plan tax exempt? |
My wife started making regular deposits in a 401k plan offered by her new employer in 2006.
Question: Is the money she invested in the 401k Plan tax deductible in 2006? In other words, do ... |
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shari n | The 2008 tax rebate; doesn't make sense to me. You get money now, but you have to pay it back in 2009? |
I understand that the government want us to spend, spend spend right now, but I'll be hurting when I have to pay $1500 extra when I file for 2008 right?
If that is true I think a lot of people will be hurting this time next year. I think "rebate" is a misleading word to call this. Am I missing something??? |
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Richard M
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While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income. |
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meagain56
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I have not read what the Senate just passed but this is what they were talking about doing.
The current tax law states we pay 10% on the first 6,000 of income we earn. They want to change the law for the year 2008 to be that we pay 0% on the first 6,000 of income we earn. Because they are changing the tax law for the year 2008 and our withholdings are already taking out 10% of the first 6,000 the government is going to give us back that money now instead of making us wait until we file out tax return for 2008. That is why it is 600 (10% of 6,000).
When you file your tax for 2008 they your return will be figured using 0% on the first 6,000. Your withholdings would have been figured on 10% of the first 6,000. However, because you received the rebate check of 600 you will not get that credit again. If you add the 600 back into your income and they give you the credit of 0% on your first 6,000 you break even. They are giving you a 600 credit and you are claiming the 600 they already gave you. Either way you are 600 richer
They could just wait and let everyone get the refund when the 2008 taxes are filed but the plan is to give it to everyone now early so they can spend it and help the economy. |
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Windpig
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The explanation above is what I've been hunting for. Very concise.
Thank You |
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william p
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this is bushy tax math. our government is going to borrow billions from china, give it to us as a mis-named rebate so we can buy more Chinese made goods at walmart. when the $%$^% rebate don't cover that new flat panel tv from china, the rest goes on a chinese owned credit card which many will finance for years cause in 2009, the tax from the rebate again goes on the card and carries onward. LEARN CHINESE soon. |
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Judy1
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Yes, you are missing something. The taxes on the part of your income that's in a 10% bracket in 2008 will be zero instead, so you will pay less taxes. The rebate is essentially an early payment on those tax savings. If you didn't get a rebate, your refund next year would be increased by about the amount of the rebate. The rebate is just paying that increase a year early. |
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Spock (rhp)
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no, no, no
you get money now but don't have to pay it back ever.
it is a one time tax reduction for the tax payers and a one time extra payment for the Social Security retirees. |
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jkcseymour
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Basically yes, you are right. I wouldnt really call it a "tax rebate" when it is more of a "tax advance or loan". I believe the article is on cnn.com and it clearly states that "This is an advance on the 2008 tax year and will more than likely be deducted from your return next year". So if next year you file and get $4500 well subtract the $1500 and you will only get $3000. This is just a "short term stimulus package". I think that since they are going to take it back next year, that we should have the option to decline! And dont call it a rebate, call it what it really is "AN ADVANCE"!! |
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Dan D
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I am pissed off about this. Why is the government misleading us into believing that this is a tax rebate, it is a TAX ADVANCE! If you receive $1500 in this "rebate", your 2008 returns will have $1500 deducted. I think that our economy is about to bottom out and this is a move of desperation. |
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Lisa H
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bingo..i had to pay tax on the last rebate this silly government gave us two or three years ago. I got $500 and had to report it on the following years taxes.
it is a stupid move. best bet is to put it in your savings account and try to at least make some interest on it. |
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