rebates

[Guest guest25]

does anyone have an idea of when we will be receiving the tax rebate checks?

 

[Guest Guest]

I might not be the sharpest knife in the drawer but, This rebate stuff is a joke. Sure we'll be getting money back which is good but,if they can afford to do that why not lower the taxes. This is just smoke and mirrors act, just to make you happy for a short period.

[bloodthirst]

So true. A ploy for votes in an election year. I won't mind getting the money though.

[Guest Guest]

Some time between May and July.

I heard it on the news yesterday.

[Guest Guest]

I read that although they originally said these rebates would be different from the last, they are pretty much the same - which means they're just an advance on next years tax refunds.

[GALVATRON]

Is this rebate for the employed people only?

[Guest Guest]

I read that although they originally said these rebates would be different from the last, they are pretty much the same - which means they're just an advance on next years tax refunds.

 

 

They aren't.

[Guest Guest]

I might not be the sharpest knife in the drawer but, This rebate stuff is a joke. Sure we'll be getting money back which is good but,if they can afford to do that why not lower the taxes. This is just smoke and mirrors act, just to make you happy for a short period.

 

I totally agree..Lower the taxes..what is this little check supposed to do for us..and why should someone who is making less than $40,000.00 a year get the same amt. as someone who makes $70,000.00..now maybe if the checks were $2,000.00..what is $600 gonna do..duh

 

[2pelo Honey]

Aren't they waiting till returns are posted for 2007?

[Guest Guest]

They aren't.

They are...sort of. See below:

 

http://www.bargaineering.com/articles/2008...-explained.html

 

Is this a rebate? What is it a rebate on?

The funds are rebate on the taxes you will pay next year, they are a rebate on your 2008 tax return. Rather than give it to you next year, they are giving it to you now. Next year, after you file your taxes, the IRS will calculate what you should’ve gotten and adjust your return. So if you received too much “rebate,” they let you keep it. If you received too little, they decrease what you owe next year.

 

http://articles.moneycentral.msn.com/Taxes...TaxRebates.aspx

 

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 the credit you'd otherwise get in 2009.

 

If it turns out that you're entitled to a bigger tax credit than the checks you receive, you'll be able to claim that when you file your return next year. If you got too much, you won't have to pay back the excess.

 

But you'll have to account for any rebate checks you receive this year when you fill out next year's taxes. That doesn't mean you'll get less than what you would have if there were no tax credit and rebate check --- but accounting for the checks on your next return will ensure you don't get the tax credit twice.

 

 

[Guest Guest]

They are...sort of. See below:

 

http://www.bargaineering.com/articles/2008...-explained.html

 

Is this a rebate? What is it a rebate on?

The funds are rebate on the taxes you will pay next year, they are a rebate on your 2008 tax return. Rather than give it to you next year, they are giving it to you now. Next year, after you file your taxes, the IRS will calculate what you should’ve gotten and adjust your return. So if you received too much “rebate,” they let you keep it. If you received too little, they decrease what you owe next year.

 

http://articles.moneycentral.msn.com/Taxes...TaxRebates.aspx

 

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 the credit you'd otherwise get in 2009.

 

If it turns out that you're entitled to a bigger tax credit than the checks you receive, you'll be able to claim that when you file your return next year. If you got too much, you won't have to pay back the excess.

 

But you'll have to account for any rebate checks you receive this year when you fill out next year's taxes. That doesn't mean you'll get less than what you would have if there were no tax credit and rebate check --- but accounting for the checks on your next return will ensure you don't get the tax credit twice.

 

 

 

When was the last time you let a stranger go into your bank and take your money out tell you to spend it? EH? EH?

[Mouser]

I read that although they originally said these rebates would be different from the last, they are pretty much the same - which means they're just an advance on next years tax refunds.

 

 

Your 100% correct. So that means if you have it figured so you just about break even every year, when you file for 2008 in 2009, be ready to pay back. It happed to us the last time.

 

I say if they want to do anything at all, lower the tax rates, get more involved and get the price of oil down, and if nothing else, when you make a promise to do something, do it and stop using excuses.

 

[Guest Mom]

Is this rebate for the employed people only?

 

Pretty much. So you won't be getting one.