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  #1  
Old 05-09-2008, 04:05 PM
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Economic Stimulus Package and or Tax Rebate

WOW! We are getting money back from the Government to kick start the Economy. Now the experts are wringing their hands over what each one of us will do with this wind fall.

You do not get anything free from the government, Fed., State, County, City, etc... there is always a catch to everything they do to us.

So this morning I get an E-mail from H&R Block, and part of it was "Tax Rebate Defined".

You may be wondering if this tax rebate will affect your 2008 federal return next year.

Let us try to answer this question for you. The tax rebate is an advance credit for 2008 and will be calculated on your 2008
return. now this is important: you are recieving a portion of your 2008 credit EARLY and if you recieve it, you won`t
recieve it again when you file your 2008 return.

and, this is important too: if you`re due a higher tax rebate, you`ll get the remainder next year when you file. if you recieved
a higher rebate than you should have, you DO NOT have to payit back. So far, so good.

A tax rebate is not interest, it`s not income, it`s not a dividend. Pure and simple, and this is worth saying again, the tax
rebate payment is an ADVANCE CREDIT for tax year 2008 and will be calculated on your 2008 return when you file in
2009.

so for now, all you have to do is think about whether you will save it, pay down bills or splurge on something you`ve
always wanted.


wow isn`t this interesting, I did not know this was an advance credit on next years tax return. I did have questions if we would have declare this as income. now I have it all cleared up.
some people will be hurt by this not knowing how it was all layed out.

The retailers are jumping on the band wagon with this, for example K-Mart/Sears is offering a 10% incentive, if you use the whole amount to buy a gift card with them.

What happens if we don`t get a tax refund next year? we would then have to pay most likely, and a lot of people will be hurt.

Charlie ☺

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there were three HP ratings on the OM616...

1) Not much power
2) Even less power
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Anyone that thinks a 240D is slow drives too fast.

80 240D Naturally Exasperated, 4-Spd 388k DD 150mph spedo 3:58 Diff

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  #2  
Old 05-09-2008, 04:24 PM
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From the IRS:

Myth: I have to report the payment I receive this year as income and pay tax on it.

Fact: The payments are not taxable and will not have a negative effect on your 2008 tax return, filed in 2009.

Myth: Economic stimulus payments will reduce my refund when I file my 2008 taxes.

Fact: The payments will not reduce your refund next year. In fact, if your stimulus payment is less than the maximum amount (up to $600 for individuals or $1,200 for married couples filing jointly, plus up to $300 for each qualifying child) it is possible to receive an additional credit amount, up to the maximum, on your 2008 tax return. If your advance payment is more than the credit calculated on your 2008 tax return, you will not have to repay the difference.

Myth: Everybody is eligible for a stimulus payment.

Fact: People with incomes above the phase-out ($75,000 for individuals; $150,000 for married couples filing jointly), individuals not otherwise required to file a 2007 tax return with less than $3,000 in qualifying income, nonresident aliens, persons who do not have a valid Social Security number, individuals who can be claimed as dependents on someone else's return, and individuals who file Form 1040NR, Form 1040PR or Form 1040SS are not eligible for the stimulus payments.
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  #3  
Old 05-09-2008, 05:58 PM
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It will go into my checking account. From there it wil just blend in to pay the bills. Will that stimulate anything? Not really.
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Old 05-09-2008, 08:46 PM
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I had less than $3000 in qualifiying income last year, so I won't be playing this game with the rest of you. I think it's a silly gimmick and something a Republican president should be above. That's the shrub for you.
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  #5  
Old 05-09-2008, 09:44 PM
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Quote:
Originally Posted by Skippy View Post
I had less than $3000 in qualifiying income last year, so I won't be playing this game with the rest of you. I think it's a silly gimmick and something a Republican president should be above. That's the shrub for you.
Yes.
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Old 05-09-2008, 10:52 PM
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Are you sure the email was from H&R? I think I saw one of those in my Gmail spam folder, H&R didn't send me anything.
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Old 05-09-2008, 11:55 PM
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Quote:
Originally Posted by Skippy View Post
I had less than $3000 in qualifiying income last year, so I won't be playing this game with the rest of you. I think it's a silly gimmick and something a Republican president should be above. That's the shrub for you.
didn't congress approve it??
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  #8  
Old 05-10-2008, 12:03 AM
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I was supposed to get mine on May 2nd. I am still yet to receive it and I qualify for it. I triple checked.
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  #9  
Old 05-10-2008, 12:14 AM
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They sent me yours, too!
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  #10  
Old 05-10-2008, 01:35 AM
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Quote:
Originally Posted by Hatterasguy View Post
Are you sure the email was from H&R? I think I saw one of those in my Gmail spam folder, H&R didn't send me anything.
Yep, they sure did, saw it with my own eyes.

Charlie ☺
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there were three HP ratings on the OM616...

1) Not much power
2) Even less power
3) Not nearly enough power!! 240D w/auto

Anyone that thinks a 240D is slow drives too fast.

80 240D Naturally Exasperated, 4-Spd 388k DD 150mph spedo 3:58 Diff

We are advised to NOT judge ALL Muslims by the actions of a few lunatics, but we are encouraged to judge ALL gun owners by the actions of a few lunatics. Funny how that works
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  #11  
Old 05-10-2008, 02:07 AM
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Quote:
Originally Posted by catmandoo62 View Post
didn't congress approve it??
Yes, but who signed the legislation?

Hint: He actually signs with a Sharpie.
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  #12  
Old 05-10-2008, 10:01 AM
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Quote:
Originally Posted by MTI View Post
Yes, but who signed the legislation?

Hint: He actually signs with a Sharpie.
Weren't their 2 political bodies involved? If so, why do you put the stinky bits on only one of them?

B
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  #13  
Old 05-10-2008, 02:08 PM
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Quote:
Originally Posted by Botnst View Post
Weren't their 2 political bodies involved? If so, why do you put the stinky bits on only one of them?

B
Having studied the Constitution and US political process in my past education, I believe that laws are signed into effect by the executive branch or vetoed. The legislative branch may override a veto and effect the law or may allow the veto to stand.

With regard to the Economic Stimulus legislation, I would suggest setting your personal "Wayback Machine" to January 2008 and scan the news of that time, paying particular attention to what the current resident of the White House and Treasury Secretary Paulson were requesting from Congress.

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  #14  
Old 05-10-2008, 03:32 PM
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And Congress, ever the lackey's of this president, stumbled over themselves to meet his every demand. Right?

B

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