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tferguson
72 Posts |
 Posted - 05/07/2008 : 5:22:07 PM
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Please make sure you click on all of the links and read the articles.
America, don't blow this rebate
I found an interesting article online regarding those tax rebate checks the government is sending out in May. I thought it was just going to be extra money the government was giving to stimulate the economy, I had NO IDEA, it is simply a loan from my 2009 tax refund!! Why don't they ever mention this in the media. I wonder how many other people know that it is just a loan, and that you will have to pay it back in 2009, by having them either take it out of your refund next year, or owe them the money if you don't get a refund. Just a warning, you may want to hold on to it if that is the case. Read the article I found on MSN:
http://articles.moneycentral.msn.com/Taxes/Advice/TheDetailsOnTaxRebates.aspx
America, don't blow this rebate
Congress wraps up the details: $300 for retirees, $600 for most individuals and $1,200 for most couples. But wait, there's more: It's not really free money.
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By Liz Pulliam Weston
Some Americans are getting awfully excited about the prospect of spending their own money.
The $168 billion economic stimulus package just passed by Congress will ship checks of up to $600 for individuals and $1,200 for couples starting in May. Most households will get these checks, although individuals with adjusted gross incomes of more than $75,000 and couples making more than $150,000 will see less or nothing at all.
Additionally, families will get $300 per child.
The biggest change since the original proposal: Those who paid no income taxes will get $300 as long as they earned at least $3,000, including veterans disability or Social Security benefits.
An estimated 130 million taxpayers will share the rebate money.
Here's what you need to keep in mind while you're waiting:
This isn't free money -- for most people
To produce this cash, Congress created a one-time tax credit to reduce taxable income for most taxpayers this year.
Normally, you wouldn't see that cash until the spring of 2009, when you filed your 2008 return. But Congress wants to speed that money to you now, so checks will start going out in May.
. Smart Spending blog: Rebate? Bonus? One is easier to spend
Remember, this is your money you're getting back, and the rebate checks are basically an advance on your 2009 refund. When similar rebates were sent out in 2001, said tax expert Mark Luscombe, 'a lot of people were upset to see their (next) refund reduced.'
The only people for whom this really is free money are low-income folks (those who earn at least the minimum $3,000 required to trigger the checks or who receive at least $3,000 in Social Security or veterans benefits) who won't end up owing any taxes for 2008. If that's your situation, or you somehow wind up with a check when you technically shouldn't have -- you earned income in 2007 but won't in 2008, for example -- you won't have to pay back the money, said Luscombe, a principal analyst for tax research firm CCH.
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racerx
11094 Posts |
Posted - 05/07/2008 : 5:31:17 PM
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| How is it a loan? |
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Xpatriot
333 Posts |
Posted - 05/07/2008 : 5:44:07 PM
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| that silly government, why wouldnt this suprise me. |
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tferguson
72 Posts |
Posted - 05/07/2008 : 5:52:11 PM
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| Yes; it's like a loan/cash advance... It's an advance on your 2009 refund!!!!!!!!!!!! |
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CoralSnake
10320 Posts |
Posted - 05/07/2008 : 5:54:33 PM
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We always have to pay taxes, and our government spends too much.
Like a disobedient wife... |
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tferguson
72 Posts |
Posted - 05/07/2008 : 5:58:45 PM
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| Well it's more like a loan than what the gov't would like to call it a rebate. It's sure is not a rebate if they are taking the money back in the future. |
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dawg846
34 Posts |
Posted - 05/07/2008 : 6:00:30 PM
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| our admin ***** and i am ready for them to get out of office!! Problem is Mccain is not going to be any better!!! |
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tferguson
72 Posts |
Posted - 05/07/2008 : 6:03:39 PM
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| Banker0679 what do you call money somebody give you that you must pay back? It may not be interest or a monthly payment but the gov't will be taking the money back. I say it's a loan you can call it a rebate if you like. |
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clarenceworley
3860 Posts |
Posted - 05/07/2008 : 6:04:22 PM
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| I should have started a "stimulus rebate advance" business- give peeps their lousy $600 minus a 15% vig, and have them assign their IRS check. I'll bet people would bite. |
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dkendall1979
8822 Posts |
Posted - 05/07/2008 : 6:04:29 PM
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| Anytime you can borrower money at "0" interest, take it! |
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clarenceworley
3860 Posts |
Posted - 05/07/2008 : 6:05:46 PM
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| A tax refund is basically the gov't borrowing our $ interest free from the previous year to April 15 anyway. |
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Xpatriot
333 Posts |
Posted - 05/07/2008 : 6:06:45 PM
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from article:
Quote:
That doesn't mean you'll get less than what you would have if there were no tax credits and rebate checks ---
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tferguson
72 Posts |
Posted - 05/07/2008 : 6:09:49 PM
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Good point clarenceworley! LOL! I just wanted to keep you BO guys informed!  |
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Xpatriot
333 Posts |
Posted - 05/07/2008 : 6:12:47 PM
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just found this:
"False reports have circulated that the stimulus checks are an advance on your tax rebate and were going to cut into your tax rebate. That's not the whole story. Yes, it's an advance, but it's an advance on an additional credit Congress passed for your 2008 earned income. It's too late to do that for 2007, seeing as it's already over. "So the government is making me borrow from myself?!?!?" No. Congress is giving your 2009 self a $600 credit, and is sending that $600 back in time by one year."
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tferguson
72 Posts |
Posted - 05/07/2008 : 6:13:39 PM
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quote:
Originally posted by Xpatriot
from article:
Quote:
That doesn't mean you'll get less than what you would have if there were no tax credits and rebate checks ---
I stand corrected!  Thanks Xpatriot! smoothies! I thought we would be getting less. |
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racerx
11094 Posts |
Posted - 05/07/2008 : 6:28:10 PM
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It doesn't say that because you don't have to pay it back. It's our money.
quote:
Originally posted by Banker0679
where does it say we have to pay it back?
quote:
Originally posted by tferguson
Banker0679 what do you call money somebody give you that you must pay back? It may not be interest or a monthly payment but the gov't will be taking the money back. I say it's a loan you can call it a rebate if you like.
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clarenceworley
3860 Posts |
Posted - 05/07/2008 : 6:33:13 PM
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| Don't spend your tax refund checks...simply sign them over to me and I'll hold on to them....for safekeeping. |
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Xpatriot
333 Posts |
Posted - 05/07/2008 : 6:35:02 PM
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| I think the stimulus checks arent the best way to help the recession that supposedly doesnt exist. If everyone is just going to buy china made plasmas. |
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hpmfinancial
1451 Posts |
Posted - 05/07/2008 : 6:40:41 PM
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| in 2009 you are going to get a lesser refund if you are a w2 employee. |
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