Do you hold to claim it as income on subsequent years taxes or is it approaching an mortgage on subsequent years rebate?
nothing is for free.. especially beside the governmentAnswers: It is not income. It is an finance on next year's taxes.
While the rebate depends on your 2007 income, it is in reality a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to not anything percent on the first $6,000 dollars of taxable income for individual taxpayers.
It's like a one time duty cut for 2008, but you get the rebate presently instead of waiting to file your 2008 taxes. Because this is an finance payment on your 2008 taxes, your compensation next year could be more (or smaller number!) depending on your 2008 income.
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you right it isn't free
you have to claim it as income for your 2008 levy return and whatever amount you are due they will after deduct the due rebate that they are giving you this year
so yea.its just an finance on next year's rebate
I regard as you're confusing two things: rebates and refund.
The "refund" is the amount (if any) you get every year. The rebate is a one time concordat.
The government have dropped the taxes for 2008 on the first 10,000 you make (normally 6%). Hence 6% of 10K = 600 $ rebate.
This is not something you "remuneration back". .. but you are indeed getting an 'advance' on that tax money. It will come out in the dry-clean when you file your 2008 taxes.
So yes it is 'free' if thats how you want to look at it-- but EVERYTHING surrounded by the government is fudned using rates dollars so technically speaking, you are paying for it in the long residence.
Is it true that extra tax rebates will start being sent out March 1st?
Answers: .
no, not true
the earliest they said will be in May
from IRS site:
Starting in May, the Treasury will begin sending stimulus payments to more than 130 million individuals. The stimulus payments will go out through the late spring and summer.
Nope.
Bought a house last year - do taxes at home or get CPA?
Answers: You don't need a CPA and a CPA bill. Most any local tax prep company should be able to handle it. Stay away from the big chains, they charge too much for the same work.
We own our home and we have a small business and find that Turbo Tax, Home and Business does just fine. You can do it in the privacy of your own home and you don't have to wait for an appointment with the CPA.
TurboTax costs us about $89 a year (which we get to claim on the return) and we can file it electronically (computer) when we are done. We do both state and federal.
TurboTax is easy to use with simple directions and it checks your math for you. It finds deductions you might not know about and has suggestions on the best way to do it.
TurboTax also "finds" your last year's return (from previous TurboTax years) so you don't need to get the paperwork and re-enter it on the new form.
Our small business and home returns take a total of about 3 hours for both. One weekend afternoon and it's done.