For people in the US - this $600 tax credit that is coming is a farce!!!

[SUBMAN1]

Consider it just an advanced payment towards your 2008 tax return! What a load of rubbish!!!

-S

YOUR TAXES

Tax Rebate Defined

You may be wondering if this tax rebate will affect your 2008 federal return next year.


Let us try to answer this question for you. The tax rebate is an advance credit for 2008 and will be calculated on your 2008 return. Now this is important: you are receiving a portion of your 2008 credit EARLY and if you receive it once, you won't receive it again when you file your 2008 return.

And, this is important too: if you're due a higher tax rebate, you'll get the remainder next year when you file. If you received a higher rebate than you should have, you DO NOT have to pay it back. So far, so good.


A tax rebate is not interest, it's not income, it's not a dividend. Pure and simple, and this is worth saying again, the tax rebate payment is an ADVANCE CREDIT for tax year 2008 and will be calculated on your 2008 return when you file in 2009.


So for now, all you have to do is think about whether you will save it, pay down bills or splurge on something you've always wanted.

http://digits.hrblock.com/newsletter...2008return.php

[bradclark1]

Doesn't matter, it will go towards paying bills so I'll still be saving (kind of).

[STEED]

If you don't want it SUBMAN1 send it my way, I could do with that to pay off some of my bills.

[SUBMAN1]

Originally Posted by STEED

If you don't want it SUBMAN1 send it my way, I could do with that to pay off some of my bills.

Thats the point - it is already mine. I already paid for it. It's not the free money it was made out to be. It's just a lot of political mumbo jumbo to make it look like the Gov is doing something again when they really aren't.

-S

[STEED]

Originally Posted by SUBMAN1

Thats the point - it is already mine. I already paid for it. It's not the free money it was made out to be. It's just a lot of political mumbo jumbo to make it look like the Gov is doing something again when they really aren't.

-S

Same here, our government has no money it's ours from all those taxes we pay. And I'm fed up of them wasting my money on silly new ideas.

[Jimbuna]

Can't be any worse than our Governments recent suicidal blunder.

They just dropped the 10% tax rate to the lowest earners in the country who don't have young children.

Nothing like a bit of sexual discrimination against those females in our society who are experiencing fertility issues.

[Platapus]

Originally Posted by SUBMAN1

http://digits.hrblock.com/newsletter...2008return.php

Thanks for the source. I have been telling people this for months but never could find a citable source.

I wonder if I have to declare that $300 as income so I can get taxed on a future overpayment of taxes?

I am sure that the IRS has thought about that

[Ducimus]

Originally Posted by SUBMAN1

Consider it just an advanced payment towards your 2008 tax return! What a load of rubbish!!!

Not news. It doesn't take a rocket scientist or news media to know the goverment is just gonna get it back again come tax day next year. Im gonna do the same thing with this tax break as i did the last time Bushy boy came out with this copeout of a "plan" to save the economy.....

Stick it in the bank, and forget i have it.

Besides that, I don't feel like helping China's economy.