SIGN UP TO RECEIVE THE LATEST POSTS VIA EMAIL!2008 Tax Rebate Stimulus Plan Update
February 12, 2008
Update: See my latest posts on the Tax Rebate Payout Details in the 2008 Tax Rebate Category!
More information is emerging on the 2008 Tax Rebates.
Here is the payout information based on your SSN number: (Update as of 2/27/08 the IRS is now reporting that they may start sending out the rebate checkes as soon as May, so this table may shift up. I will post the new dates as soon as the IRS posts them)
3/18/08 - Update: The new stimulus plan payout schedule has been released. See it here
The rebate is going to be based off of your 2007 adjusted gross income, so be sure to get your tax return in by the April 15th deadline.
Here is a link to the FACT Sheet on the Tax Rebate put together by the Department of Treasury.
Also, be sure to check out the rebate FAQ put together by the IRS. This should most likely answer all your rebate questions.
Damn, mine is coming in September. But hey, better late then never. And don’t forget that you will be paying taxes on the rebate amount you get on your 2008 Taxes next year, so spend wisely!!!
2008 Tax Rebate Details
January 29, 2008
Update: See my latest posts on the Tax Rebate Payout Details in the 2008 Tax Rebate Category!
More detials are starting to emerge regarding the 2008 Tax Stimulus rebate. It appears now that the rebate will be calculated off of your 2007 income. As I said in my previous post this is great for me as I was married in May of last year so our combined incomes will now allow us to receive the full $1200. If they used the 2006 numbers we would only be getting back $600.
PBS.com has created a calculator to help you determine what stimulus plan amount, if any, you will receive.
As the rebate still need to pass in Congress, the details could change. I doubt they will however as this is an election year everything seems to magically work out, doesn’t it? Wait till next year when they raise taxes to get this rebate money back!!!
2008 Tax Rebate Stimulus Plan Announced
January 25, 2008
Update: See my latest posts on the Tax Rebate Payout Details in the 2008 Tax Rebate Category!
The Government’s 2008 Tax Rebate Stimulus Plan have been announced. 117 million families will receive rebates to help kick start the slowing economy. This package would give most tax filers refunds of $600 to $1,200, and more if they have children.
The breakdown is that Indivuidal Tax payers will receive $600 and Families will receive $1200 plus $300 for each child. The current plan is to get these checks out sometime in November.
So everyone will receive these rebates right? Of course not! According to the Associated Press, “The full rebate would be limited to individuals earning $75,000 or less and couples with incomes of $150,000 or less, but a partial rebate would go to individuals earning up to $87,000 and couples earning up to $174,000. The caps are higher for people with children.”
I am assuming that they are basing this off of the 2007 tax year since it won’t happen until May. Actually hoping is more like it! My wife and I were married in May of last year so in the governments’ eyes right now we are still two single tax payers and she can qualify for the rebate, but I can’t. Once we file taxes for last year in the next month, we will be eligable for the $1200 family rebate under the combined income limits. So I guess it depends on how they decide to do it. I imagine I will be getting screwed and they will use the 2006 tax year and we will only get the $600. This is what usually happens to me! 
Overall I kind of have mixed feelings on this. I understand we are trying to reverse an economic slowdown, but we always tend to bank on the poor and middle class to do it, when in reality they probably should be saving this money. The other question is where is all this money coming from, with the war still costing us billions more every year I am wondering if going into further debt is a good sacrifice for improving the economy.
So I guess the big question is are you gonna spend it or save it? No matter what money we get back, it is going straight into the bank!
Tax Software Deals
January 21, 2008
Tax day is approaching so the next question you need to ask your self is am I gonna file my self? Well if you are, I have compiled a list of online tax softwares and their prices as of today (1/21). As a disclaimer, the only two I have ever used is TaxSimple and TurboTax. Many of these sites have multiple packages so I tried to pull out the cheapest for you for the forms that you will need to complete. You can click on the name for a link to the actual product page.
- 1040EZ: $14.95 Federal | $14.95 State
- 1040: $24.95 Federal | $24.95 State
- 1040EZ: FREE Federal | $22.05 State
- 1040: $25.45 Federal | $25.45 State
- State Farm Customers: FREE See Post
- 1040EZ and 1040: $35.96 Federal and State
- 1040EZ and 1040: $29.95 State: $14.95
- 1040EZ and 1040: Standard: Free Federal | $13.95 State
Happy Filing! Be sure to verify prices before filing as they may change. Please leave a comment here if you see any updates to prices or know of other softwares not listed above.
Free TurboTax for State Farm Customers
January 7, 2008
Once again State Farm is offering its customers free tax filing via Intuit’s Turbo Tax this year. All you need to qualify for the free tax filing is a Start Farm Product that gives you access to their online account portal. One easy way to get this is to sign up for a State Farm Credit Card. They have no annual fee and this will get you access to that online portal.
Once you log in, you will see a link that says “Free Tax Filing”
Once you click it you will be presented with the confirmation page. Click “Continue” and you will be taken to the TurboTax homepage. At this point, there are no more references to State Farm, but don’t worry, it knows where you came from and you will see the price at zero right before you electronically file. One thing to note: You MUST login to TurboTax through this State Farm link right before you decide to file. If you do not, you amount due will not be zeroed out. Here are the options you have:
You get the Basic(1040ez) and Deluxe(1040) versions for free and the others for a small fee. It does say “State Additional” but that was free last year. I also took my return to the point of filing and it said the state cost 0$. Most people won’t need to use anything better than Deluxe which will work if you own a home. I used this last year and completed a 1040ez for my wife (fiance at the time) and an itemized 1040 for myslef. This year, since we are married, I only need to file a joint 1040. But hey, it is free and we like free!
If you don’t have any State Farm accounts, Turbo Tax has pretty decent rates to file your taxes (See their site for details.) I have used quite a few online tax preparation sites and in my opinion Turbo Tax is definetly the best way to go.
End of Year Financial Preparation
December 27, 2007
So we are once again approaching the end of the year. There are some things you can do to minimize that tax bite that is coming in April. Most of these need to be done by the December 31, so don’t delay!
Donations - Want an easy tax deduction? Don’t forget to spread some of that holiday gift giving to some charities. Make sure they are recognized by the governement as verified charities. Here are some where you can donate online:
Stocks - Have any bad stock pics this year? Well now is the time to get rid of them. They will offset any gains you have made in other places. Be sure to write down the detials of the stock sale as you will have to note it down on your taxes.
401k / ROTH / IRA Contributions - Did you max out your 401k? You probably have 2 more pay periods to bump up your contributions to get the most in for 2007. You still have till April 15th 2008 to get those ROTH IRA Contributions in. This year is a max of $4000, so start planning now to max that out in April next year!!
HRA / FSA - If you have an HRA (Healthcare Reimbursement Account) or a FSA (Flexible Spending Account) be sure to use up all the money that was set aside.
You can spend your remaining dollars on things at most Drug Stores. drugstore.com has a good FSA Store as well as a HSA Store. That is where I spend the remaining dollars at the end of the year.
