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Important info regarding tax rebates/stimulus package
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Important info regarding tax rebates/stimulus package
A thing to always remember about the IRS is that whatever they give is always taken back, usually at a greater cost, somewhere else.
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Posted 2/18/08 11:49 AM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Important info regarding tax rebates/stimulus package
Ok... I just read both FAQs and this is what I am coming up with.
The stimulus payment will not be considered taxable income so your refund next year should not go down because of this.
Q. Is my stimulus payment taxable?
A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. You will need to know this amount next year when you fill out your 2008 return.
As far as it being an advancement on your 2008 taxes and people thinking this whole thing is really bogus, I really don't care. Give me my money now.
Want to know why? Because things can change in the future. While we are "supposed" to get a tax break in 2008 that doesn't mean its guaranteed. Things can change and our supposed "tax break" in 2008 we were supposed to get can be taken away.
Give me my tax break now, so I know I am definitely getting it. Thats the way I look at it.
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| Posted 2/18/08 12:09 PM |
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bomb-blast
bye bye
Member since 11/06 1327 total posts
Name:
Leo
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Re: Important info regarding tax rebates/stimulus package
Posted by ave1024
As far as it being an advancement on your 2008 taxes and people thinking this whole thing is really bogus, I really don't care. Give me my money now.
Want to know why? Because things can change in the future. While we are "supposed" to get a tax break in 2008 that doesn't mean its guaranteed. Things can change and our supposed "tax break" in 2008 we were supposed to get can be taken away.
Give me my tax break now, so I know I am definitely getting it. Thats the way I look at it.
Another way to look at it is that you can take that money and put it into an interest-bearing account to earn money for you (although this is not the purpose of the rebate)
Yet another way to look at it is, would you prefer someone to give you money now or a year from now, when based upon how the economy is heading, it's value will actually be less. $1000 today will get you a lot more, potentially, than it will one year from now, keeping in mind inflation.
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| Posted 2/18/08 12:36 PM |
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| Pages: 1 [2] |
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