Monday, February 11, 2008

FAQ's on Tax Rebate's


As rebate bill heads to Bush's desk, time to talk numbers

The Associated Press

Congress passed an economic-stimulus plan last week that provides rebates.

Who gets a rebate?

Anyone who pays taxes or earns at least $3,000 (including Social Security or veterans' disability benefits), with income-cap limitations.

Who doesn't get one?

People earning less than $3,000; illegal immigrants; singles earning more than $75,000; and couples earning more than $174,000. The caps rise by $6,000 per child.

What do you have to do to get the rebate?

File a 2007 tax return with a Social Security number for each person listed.

How much is the rebate?

Singles get a rebate of at least $300; couples get at least $600. The rebate will be equal to the taxes paid, up to $600 for singles and $1,200 for couples (plus $300 additional per child). The rebate will be cut by $50 for every $1,000 above the income cap of $75,000 for singles and $150,000 for couples.

Should you have any questions about the tax rebates or if you qualify please feel free to contact our office for more information. As always please contact us with any tax, accounting, or financial questions you may have.