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Mail From: ptb5star (Bob)



-
Does anyone know anything about this?
Bob

Subject: FW: Tax Rebate Check - Did you Know? (UNCLASSIFIED)
If it seems to good to be true ~ it usually is. Read on.

articles.moneycentral.msn.com/Taxes/Advice/TheDetailsOnTaxRebates
aspx

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:

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.

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.

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.

By the way, even if you didn't earn enough in 2007 to be required to
file a tax return by April 15, Luscombe said, you probably should do so
anyway to make sure you get on the Internal Revenue Service's mailing
list for the rebates.

The agency will get information from the Department of Veterans Affairs
and Social Security to make sure those recipients get rebate checks,
Luscombe said, "but regular taxpayers will need to file (for 2007) to
get on the list."

Spending money is not your patriotic duty
Yes, Congress and President Bush hope you'll blow this money as quickly
as possible to give the economy a shot in the arm.

But politicians' short-term attempts to influence the economy -- and
their ability to get re-elected -- should not be your primary concern.
Doing what's right and responsible for your own finances will leave you
better off and will probably be better for the economy in the long run.


articles.moneycentral.msn.com/Taxes/Advice/TheDetailsOnTaxRebates
aspx





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This read-only message was archived from a public mail list.
Mail From: danwink (Dan Wink)

A onetime tax credit is still free money and I would rather have it now
versus in the spring of 2009. The media has been jumping on this, but it is
much about nothing IMHO.



"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."



If Congress did not create the onetime tax credit, you would not be getting
any additional refund ever, thus would be not getting $1200 (or $300, $600,
or $1800) of your own money back, right? Sounds like "free-ish" money to
me.







From: miata-bounces at realbig.com [mailto:miata-bounces at realbig.com] On Behalf
Of Bob
Sent: Friday, March 21, 2008 2:36 AM
To: list
Subject: [Miata] FW: Tax Rebate Check - Did you Know? (UNCLASSIFIED)








-

Does anyone know anything about this?

Bob



Subject: FW: Tax Rebate Check - Did you Know? (UNCLASSIFIED)

If it seems to good to be true ~ it usually is. Read on.



articles.moneycentral.msn.com/Taxes/Advice/TheDetailsOnTaxRebates.asp
x


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:

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.

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.

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.

By the way, even if you didn't earn enough in 2007 to be required to
file a tax return by April 15, Luscombe said, you probably should do so
anyway to make sure you get on the Internal Revenue Service's mailing
list for the rebates.

The agency will get information from the Department of Veterans Affairs
and Social Security to make sure those recipients get rebate checks,
Luscombe said, "but regular taxpayers will need to file (for 2007) to
get on the list."

Spending money is not your patriotic duty
Yes, Congress and President Bush hope you'll blow this money as quickly
as possible to give the economy a shot in the arm.

But politicians' short-term attempts to influence the economy -- and
their ability to get re-elected -- should not be your primary concern.
Doing what's right and responsible for your own finances will leave you
better off and will probably be better for the economy in the long run.


articles.moneycentral.msn.com/Taxes/Advice/TheDetailsOnTaxRebates.asp
x




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