We owe federal income tax. Can we apply the $1200.00 tax rebate to pay these taxes?
Answers: No.it's just like if you were to get a gift card from Macys...you couldn't apply the gift card towards your amount owed on your credit card. This extra tax rebate won't be given out before 4-15-08...so if you don't pay the amount you owe the IRS will tack on interest and penalties..
Any overpayment you have on your account will be offset to a balance due instead of a refund being issued. This is routine.
PLEASE sustain near vertebrae taxes cross-question?
I will file my 2007 taxes by e-file and I enjoy about $2K due contained by back taxes from 2005 and I enjoy an estimated $5K in tariff refunds due from 2007.How long will the toll refund process thieve since I have support taxes due?
Will it still be the usual 8-15 business days?
Thanks so much!
Answers: It will take at lowest a couple weeks extra, maybe longer, to carry the remaining part of your settlement.
If you expect a refund on your 2007 return, you should wallet it as soon as possible. This is because IRS will apply your refund to what you owe as of the date the return is processed or April 15, whichever is nearer. You will save on in arrears payment cost and interest if you file hasty.
Is the tax rebate the same for married couples without children?
Answers: Under the compromise bill passed by the Congress, you would be eligible to receive a rebate of up to $1200 if you paid that much in Federal Income Tax. If you only paid $750 in taxes (less than the $1200 rebate limit), you only get back $750. If you had earned income of at least $3000, you would get at least the minimum rebate of $300.
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.
Yes, $1200 for a couple.