Tax Rebates

[astro]

The tax rebate checks will be mailed out a week earlier than originally scheduled.

"The money is going to help Americans offset the high prices we're seeing at the gas pump, the grocery store, and also give our economy a boost to help us pull out of this economic slowdown," Bush said.

This is his solution to gas and food prices???? Will a boost in the economy occur when we are buying necessities like food and gas?

Just curious, what are your plans with the tax rebates? I will be saving it to help cover the moving expenses to Seattle.

http://news.yahoo.com/s/ap/20080425/ap_on_go_pr_wh/bush_economy_20

[the_narrow_way]

Mine's going in the bank, to help pay a bill or two. Thanks, but the extra rebates are not the answer, not even close.

[jaydeedub]

Mine's going in the bank, to help pay a bill or two. Thanks, but the extra rebates are not the answer, not even close.

Same here. We're doing just the same with ours...as is most of the guys I talked to at my work. Don't think it's going to "jump start" the economy like they had hoped at all. Not even close. Might not even be noticed really. It's too little, too late.

[MUDSHARK]

Have fun with it. Since I don't qualify and kids are grown nothing for me. That's O.K. lower income people with children need it much more. I just hope they don't spend it on lottery tickets and address their kids needs.

[Flycoon]

This little bribe gripes me. Another cash advance on the Bank of China Mastercard so it can be spent (they hope) on more crap made in China at Wal-Mart.

Good plan, that will jump start the economy. Only stupider plan is the proposal to suspend taxes on gasoline for a portion of the summer. Just let us know what road construction projects will be suspended at the same time.

[astro]

yeah, everytime they cut taxes, something else suffers for it. it's a joke.

personally, i would like to see something done to save people's homes and at the same time, it would help save banks as well. i hear that they want to do something, but, by the time, something gets done it's too late for many people. i think that this would have a greater impact on the economy. plus, they do need to do something about oil/gas prices.

did they ever get permission to drill in ANWR? if not, that will probably come up again. this time, they will win. it'll be sad.

[the_narrow_way]

One of the problems is that those with the money, anytime there is an increase in their costs, they send it down the line to the consumer. Their profit continues to climb, while those in the lower- and middle-class sectors lose out.

[Flycoon]

I can't understand the resistance to increasing taxes on tobacco and alcohol products to fund health care. These products create so many health products that they should be taxed to pay for them.

[the_narrow_way]

Agreed.

[TexasBolt]

plus, they do need to do something about oil/gas prices.

Everyone would be better served doing something about oil/gas prices by not buying as much.

[Bolthed]

Not buying as much gas, you mean. Yeah. That, and not only voting for Obama (who is clearly the best chance for any real changes in this country's near future) but also becoming somewhat activist about our many problems and the best possible solutions. It's about time for the intelligent people in this country to take whatever leadership roles we can muster and help steer this ship off the edge of disaster. Even if you are just encouraging people to vote or informing them on the issues ... it all matters now. If you think of how far we've gone down the poop shoot in just eight quick years, it's astounding. Plenty of reason to do anything we can think of to stop the present course of rabid consumerism, war, debt, fear and politics as usual.

[WaiverWire]

Everyone would be better served doing something about oil/gas prices by not buying as much.


Not buying fuel will not send a message to anyone. Supply here is not the problem but the world wide demand is the problem. More money is now available to those that live in places like China and Russia and thus they are purchasing vehicles in record numbers. It takes fuel to run these vehicles. China is looked at by GM and Ford as the new market for their vehicles. And where is this new money coming from? China is now going through their industrial revolution and they have more money then they have ever had. They are setting the prices for our products of today. Take a trip to a scrap yard or the Tampa docks and you will be surprised at how much scrap, such as cooper, is being sent to China everyday. Then as about the prices they are paying for cooper and then you will know why it is the product of choice among thieves.

Thus look for the oil prices to stay until we are able to unite and chose and alternate source for energy.

[Flycoon]

Everyone would be better served doing something about oil/gas prices by not buying as much.

My clients are getting accustomed to seeing me less frequently as I consolidate trips as much as possible. Those who complained shut up when I told them their fees would increase if I saw them as much as I used to.

[TexasBolt]

Not buying fuel will not send a message to anyone. Supply here is not the problem but the world wide demand is the problem.

Then don't do it for the world, do it for yourself.

[WaiverWire]

I have had a hybrid for 2 years now. Until the auto industry gets serious about helping cut the fuel nothing will happen.

[jaydeedub]

I have had a hybrid for 2 years now. Until the auto industry gets serious about helping cut the fuel nothing will happen.

What kind? If you don't mind me asking...

[astro]

I have had a hybrid for 2 years now. Until the auto industry gets serious about helping cut the fuel nothing will happen.

There will be a high demand for hybrid cars. The auto industry needs to meet the demand. In way, they will be doing something about fuel consumption. Will hybrid SUVs be enough? Seems like there is still a desire for those monster vehicles, but I can't imagine why.

[timothy]

Seems like there is still a desire for those monster vehicles, but I can't imagine why.

I've got a family of 5 now... with plans to go to 7. Believe or not, there are folks out there who really dig have big families. Gotta have something big enough to bus around a small school of fish...

[Flycoon]

I've got a family of 5 now... with plans to go to 7. Believe or not, there are folks out there who really dig have big families. Gotta have something big enough to bus around a small school of fish...

You must be a very patient man, Tim. My one child (a girl, now 26) pushed me over the edge many times. We had neighbors that had SIX DAUGHTERS next door in a 3 bed 2 bath house. They moved to a condo that was even smaller around 1992; haven't seen his name in the obits yet.

[WaiverWire]

What kind? If you don't mind me asking...


I am leasing a Lexus 400h. According to the in dash computer I am getting a combined 27.2 mpg. When driving in stop and go traffic I get right at 33 mpg and 26.1on the interstate.

Lease is up at the end of the year and I am thinking of keeping it. I like the size of the mid sized SUV and the quality of the vehicle.

[the_narrow_way]

I've got a family of 5 now... with plans to go to 7. Believe or not, there are folks out there who really dig have big families. Gotta have something big enough to bus around a small school of fish...
That makes sense. What doesn't make sense is all of the people driving around in a 6+-person vehicle...with at most 2 people aboard.

[jaydeedub]

We like the mid-size SUV also. Great for the large space in the back with easy access to put the baby stroller and extras. We have a Honda CR-V, my guess is it gets around 21 MPG, 23 at most. Wish they'd come out with a Hybrid version so we could trade it.
I'm seriously thinking of a Honda Civic hybrid. But even the straight Civic gets 36 MPG which is pretty decent in itself. Now I just feel silly for buying a new house that is farther from the base.
I'd be okay with the gas prices since I dealt with the extremely high price over in Europe for 3 years. What I can't deal with is it constantly going up and up and up. It needs to level out and stop at some point. Question is will it?

[WaiverWire]

My sister and brother in law have 2 Prius. They rave about them and the mileage. He had been driving a Lexus ES350 and when they moved from Seattle to California she stop when he filled up but she would only have to fill up every third stop.......and her tank was much smaller. He was sold and traded his car in.

I have rent a Prius twice now and they are fun to drive and the mileage is fantastic. And let's not forget they are ozone friendly.

Just think how much fuel would be saved if everyone slowed down to 65mph on the Interstates. Last week I was going to Auburn and traveling at 73mph everyone was blowing my doors off. Hell, just drive 275 into Tampa and everyone is going 20mph over the limit.

[jaydeedub]

How's the interior space in the Prius? We have my daughters (what I call giant) child seat to deal with, along with a fold up stroller + our stuff.
We love to travel a lot, and now that I'm in Jax we go down there alot (this weekend for example) plus we have friends in NC and my wife's family up in Chicago. Long story short we love to travel and just really need a car that gets much better gas mileage AND enough room for us.

They drive just the same way here also. I do normally 5 over the speed limit, and never fails there's ALWAYS someone right on my ass until they pass me. Drives me insane.

[Sotnos]

How's the interior space in the Prius?My boss has one, and honestly it's roomier than you'd think. Four adults fit comfortably, easy. The trunk space doesn't look great, but I've never examined it too closely.

[jaydeedub]

The trunk space doesn't look great, but I've never examined it too closely.

That's what it will probable come down to when we finally decide on which to get. We'll take all our baby stuff with us and see which (Civic or Prius) we can fit more in it.

[WaiverWire]

Roomy with a nice size trunk. I have even thought of getting one.

I think you will find that the Prius has much more room and will get you better mileage.

[TexasBolt]

I have a regular 2005 Civic and it's getting around 28-30 miles per gallon in practice. I'm hoping I can drive it long enough for a plug-in hybrid model to hit the market.

In the meantime, my wife and I bought bicycles to ride to work because we're moving next week and we'll be close enough to our offices to do that.

[Flycoon]

I have a regular 2005 Civic and it's getting around 28-30 miles per gallon in practice. I'm hoping I can drive it long enough for a plug-in hybrid model to hit the market.

In the meantime, my wife and I bought bicycles to ride to work because we're moving next week and we'll be close enough to our offices to do that.

You will need industrial strength deodorant in the hot months. Or have private offices where no one will need to be near you.

[Flycoon]

That makes sense. What doesn't make sense is all of the people driving around in a 6+-person vehicle...with at most 2 people aboard.

My single daughter drives a GMC Acadia. Go figure.

[TexasBolt]

You will need industrial strength deodorant in the hot months. Or have private offices where no one will need to be near you.

That's the same fallacy everyone else is using when they ask us why we would want to do that. It's only about 75-80 degrees in the morning during the summer. On the way home, who cares how hot it is because we can shower when we get there.

Also it's only about a 3/4-mile ride. We're going to be living on the opposite end of downtown from our offices.

[Flycoon]

That's the same fallacy everyone else is using when they ask us why we would want to do that. It's only about 75-80 degrees in the morning during the summer.

Guess you don't have 70% humidity in the morning there.

There are a few two wheeled commuters here, my daughter did one of her rotations at University Community Hospital on Fletcher Ave with a guy who rode his bike there every day from Westchase (Linebaugh west of Sheldon if you haven't been here for a while). I assume gas prices don't affect him much.

[WaiverWire]

On the way home, who cares how hot it is because we can shower when we get there.




I hope you continue to conserve with the shower water :party:

[the_narrow_way]

Cue disco music.
:thumb: :kiss: (:kma:?)


BTW, did I read correctly that the money from this 'stimulus' check is drawn against next year's tax return? I think I read that if you owe money next year or are due a rebate of the same amount or lower than the stimulus check, then you don't have to pay back the stimulus amount. However, if you a due a refund larger than the stimulus check, then the stimulus amount is shaved-off the total rebate. If that's the case, then what a freakin' crock.

[missK]

Cue disco music.
:thumb: :kiss: (:kma:?)


BTW, did I read correctly that the money from this 'stimulus' check is drawn against next year's tax return? I think I read that if you owe money next year or are due a rebate of the same amount or lower than the stimulus check, then you don't have to pay back the stimulus amount. However, if you a due a refund larger than the stimulus check, then the stimulus amount is shaved-off the total rebate. If that's the case, then what a freakin' crock.

I never read that. If that's the case, it sucks big time.

[jaydeedub]

Yeah, didn't they do the same thing in 02 when they sent out the checks during the summer? Think it was the summer, I was on the ship somewhere so not too sure. But they were smaller checks, like 300 for single and 600 for married, so it was not as noticeable then. I remember getting it and thinking that Bush was so cool to come up with this plan, then later I remember our tax guy at work telling us that our refund will be a little less than the previous year because of the rebate. I felt scammed in a way.

Simple way of looking at it, you're getting part of your 2008 tax refund early.

It's all too little too late. Stop spending all the country's money everywhere else and send it here and the country just might turn around....

[TexasBolt]

my daughter did one of her rotations at University Community Hospital on Fletcher Ave with a guy who rode his bike there every day from Westchase (Linebaugh west of Sheldon if you haven't been here for a while).

Now that's outrageous. Isn't that about a 10-mile trip? Plus during the summer, you have no idea whether it's going to rain on a given day or not. When it rains here, it's almost always an event that is forecast well in advance.

[Flycoon]

Now that's outrageous. Isn't that about a 10-mile trip? Plus during the summer, you have no idea whether it's going to rain on a given day or not. When it rains here, it's almost always an event that is forecast well in advance.

10 miles is about right. He must get wet a lot in the summer months or has his wife pick him up. This guy is a PA and assists one of the top Ortho Surgeons in Tampa so he is probably in early and leaves before rush hour.

[MUDSHARK]

I never read that. If that's the case, it sucks big time.

Totally incorrect. The rebate has no effect on 2008 income tax. Those eligible that do not receive a check will be able to treat the rebate as a tax payment on the 2008 1040, however.

[the_narrow_way]

Well, I'm glad I misread that. I'll see if I can dig up where I read and, and post the relevant text here.

[jaydeedub]

From the "tax pros" at H&R Block:


2. Will the tax rebate be considered income and will I be taxed on it next year on my 2008 return?

No and no. The tax rebate is an ADVANCE CREDIT for tax year 2008 and will be calculated on your 2008 return. If you're due a higher payment, you'll get the remainder next year when you file. If you received a higher rebate (payment) than you should have, you DO NOT have to pay it back.

[Flycoon]

From the "tax pros" at H&R Block:

Yea man, they are real "tax pros". Take their 4 week course in the fall and you can be a "pro" too. But they charge their customers like they are "pros". Had a young couple come to me after they had visited Block; Block wanted $350 for their return (two w-2 forms and a schedule c-ez); I charged them less than 1/3 of their price as the return took a whopping 15 minutes to prepare and had no questionable/gray areas. Had their refund direct deposited within 10 days, the blockheads tried to sell them on a refund anticipation loan that would have cost them $150.

An acquaintance has purchased a Liberty Tax franchise that will start next year. He has no background in accounting or tax prep but likes the business model; hire your staff at minimum wage +30% of fees and only open January-April.

Sorry for the rant, just hate to see people get ripped off by these outfits. Get a referral from a friend if you need your taxes done and never, ever go to a guy who guarantees you a refund before he sees your records.

[the_narrow_way]

From the "tax pros" at H&R Block:
2. Will the tax rebate be considered income and will I be taxed on it next year on my 2008 return?
No and no. The tax rebate is an ADVANCE CREDIT for tax year 2008 and will be calculated on your 2008 return. If you're due a higher payment, you'll get the remainder next year when you file. If you received a higher rebate (payment) than you should have, you DO NOT have to pay it back.
That's about what I read, and what prompted me to post that the stimulus check might cut into your '08 refund.

[jaydeedub]

Yea man, they are real "tax pros". Take their 4 week course in the fall and you can be a "pro" too. But they charge their customers like they are "pros". Had a young couple come to me after they had visited Block; Block wanted $350 for their return (two w-2 forms and a schedule c-ez); I charged them less than 1/3 of their price as the return took a whopping 15 minutes to prepare and had no questionable/gray areas. Had their refund direct deposited within 10 days, the blockheads tried to sell them on a refund anticipation loan that would have cost them $150.



Yeah that's why I called them "tax pros." We (the Navy) send some sailors to school for this and then set it up for all our sailors to receive free tax services. But there's always the junior sailors who want that money now and do that H&R Block anticipation loan that you mentioned. Plus there's so many other ways to do it online now for little or no cost. Suppose it's part arogance and laziness. Only way I'd have "tax people" is if I owned a business or something like that.

[Flycoon]

Yeah that's why I called them "tax pros." We (the Navy) send some sailors to school for this and then set it up for all our sailors to receive free tax services. But there's always the junior sailors who want that money now and do that H&R Block anticipation loan that you mentioned. Plus there's so many other ways to do it online now for little or no cost. Suppose it's part arogance and laziness. Only way I'd have "tax people" is if I owned a business or something like that.

I've been preparing taxes; individual, partnerships, corporate and trusts for 21 years. Can almost count on one hand returns I have seen folks prepare for themselves that I couldn't find errors or missed deductions. One brought in hers for us to look at (used TurboTax this year, lol) because she was getting over a $5K refund, usually got around $500. Surprise, surprise, surprise; she did not understand how to handle a certain retirement form and just ignored it. The amended return will cost her more than if she had simply had us file her 1040. Knuckleheads that prepare their corporate returns themselves have made me a lot of money over the years.

What I try to explain to potential clients is preparing your taxes with packaged software is not much different than purchasing a complete set of tools to repair your car. If you don't know how to properly use the tools, they are useless.

[Sotnos]

Can almost count on one hand returns I have seen folks prepare for themselves that I couldn't find errors or missed deductions.I don't know about anyone else, but this statement makes me nervous. :( Don't use any software but I always do my own.

Still don't have my "stimulus payment" btw, and I'm in the first group.

[the_narrow_way]

When you filed your taxes, did you set it up for direct-deposit?

[Sotnos]

When you filed your taxes, did you set it up for direct-deposit?
always

[jdhebner]

What I try to explain to potential clients is preparing your taxes with packaged software is not much different than purchasing a complete set of tools to repair your car. If you don't know how to properly use the tools, they are useless.

Well said, Fly. I've been going to a private tax person for several years; my wife an I go to him as soon as we get our info--I also like a 'layer' between me and the IRS. I have a friend who tried the turbo tax thing last year, waited until the last minute, found out that his software had a glitch and had the wrong state code and he had to call some number in Transylvania or something to get the correct state code (or something to that effect) so he could file his return. Spent something like 14 hours on this. He nearly gave himself an ulcer. I had to keep from laughing when he told me the story

1) Get someone else to do it for you.

2) Do the return early in march, if you owe, just wait to send the check.

[jdhebner]

always


Agreed. We got our state refund in 4 business days, Federal in 8. What a fascinating modern age we live in.

[the_narrow_way]

My taxes are simple, so I do them myself every year. The past few years I have used the free downloadable TacAct program. I just gather my tax forms as they flow in, and when they've all arrived, it takes me 60 minutes to enter the data and e-File.

[Donnie D]

I thought I read they were mailing checks Monday through Wednesday. Thursday they were going to prepare the direct deposits that would go out on Friday.

[Sotnos]

Paper checks are going out last, here's the schedule (http://www.irs.gov/irs/article/0,,id=180250,00.html).