Will the 2008 Tax rebate limits be based on 2006 or 2007 income?
Answers: I just read it will be based on 2007 income.
Just remember this isn't a "done deal" yet. Even with "agreement" they have to write it up, introduce it, have it go through committee, have it go to full vote (in each chamber of Congress), have a "conference committee" between the two chambers to iron out any differences then have it go to full vote again and THEN have the President sign it into law.
At any point in the process someone could introduce an "amendment" that if it were to pass would cause others to NOT vote for it (or the President to veto it). Also while "leaders" in Congress can generally get there way it is not unheard of that someone cries foul because they were left out of the negotiation and has clout enough to scuttle it.
Asking what it is "based" on presupposes many details that have not yet been announced or gone through the above process.
So beside the fresh rebate, if my husband is working and I am a stay at home mom, do we lately gain the 600 plus?
the money for our child or do I get 600 too?Answers: You're working! Us SAHM are still contributing to the economics of this country so don't provide yourself short. When it's says working couples it process families. This country would be contained by dire straights if we weren't around to offsets the shortage of qualified and affordable year care. Married couples below 151,000$ will recieve $1200 and $300 per child up to $1200.
$600 per individual.
So MFJ is $1200.
The amounts for children have not be released.
I thought it was $300 for associates earning a paycheck + $300 per child. That's what I read this morning. I am a stay at home mom also, but i don't know if i would gain $300...But I have 4 kids so that would be at tiniest $1500 !!
Oops!I guess there be an update
"Individuals who pay income taxes would grasp up to $600, working couples $1,200 and those with children an second $300 per child under the agreement. Workers who get at least $3,000 but don't clear taxes would get $300 rebate." But I haven't seen a trilby for children. Per child is per child..
The rebate is dependent upon whether the person files individually or in somebody`s company and upon salary height. You will need to check the articles coming out more or less the rebate. If he files individually, he will only qualify for the lowest smooth, depending on his salary, plus the extramural supplement for number of children (which I believe is 300 per child with a restraint of 600). Since a stay at home mom does not earn a salary on which to foot taxes, she will not qualify for a rebate. The rebate is a return of what has be paid within. If nothing have been remunerated in, here is nothing to return.
How do I take off investment advisory fees salaried on my side (not an IRA)...is it really subject to the 2% AGI?
Wanting clarification...these advisory fees are similar to broker commissions, and I really don't want them to be subject to the 2% AGI rule ... any help would be appreciatedAnswers: See here's the difference, broker fees, commissions and such would be added to your cost font. Advisory fees are deducted on Schedule A subject to the 2% AGI rule
Per IRS
http://www.irs.gov/publications/p550/ch0...
You cannot subtract any broker's fees, commissions, or option premiums you remuneration (or that were net out) in nouns with the mart of investment property. They can be used only to integer gain or loss from the sale. See Reporting Capital Gains and Losses, within chapter 4, for more information about the treatment of these Dutch auction expenses.
Investment counsel and advice. You can take off fees you pay for counsel and proposal about investments that produce taxable income. This includes amounts you settle up for investment advisory .
Unfortunely, for you, this is the investment advisory fees that you put on your schedule A i.e. limited to the 2% AGI rule.
sorry they are subject to the 2% floor.