Tax Rebate for 2008. How does it work?
The Us Government has come up with an idea on how to help reactivate the economy in the near future. With the economy falling due to many different factors such as unemployment, lack of cash flow, deceleration of economic investments etc. the country needs more money to be spend and in that ratio impulse the investment and decrease the unemployment rate. A tax rebate recently approved by congress will hopefully help alleviate some of the country’s economic problems.
The first requirement to qualify for this rebate is to file
an income tax return. Even if you do not have to file a return due to the amount
that you make last year, you are required to do it in order to be eligible to
get the tax rebate. If you receive Social Security benefits or you are getting
disability benefits you need to file an income tax form to be considered for
this benefit. If the return is filed early than it will determine when you will
get your rebate.
Also, Your social security number should be a valid one. If
you filed a joint tax return and your spouse does not have a valid social
security number (some people have an IRS tax number for tax purposes only. It
does not qualify as a SSN) you will not qualify for the tax rebate.
Another requirement is that you are not claimed as a
dependent in another tax return. Some people file their own taxes to get a
reimbursement for excess payments but they are claimed as a dependent in another
The Tax rebate depends on how much income you made on 2007.
If you had an income of under 75000.00 if single or 150000.00 if married filing
jointly you qualify for the Tax rebate of up to $600.00 if single or $1200.00 if
married filing jointly. In most cases it will equal the tax liability reported
on your return.
An additional Tax credit of up to $300.00 will be added to
your rebate per qualifying child. It means if you qualified for a child credit
(you usually do if your child is under 17 years old) you will get it.
According to the IRS, payments will start at the beginning
of the month of May. Taxpayers will receive it the same way they got the Tax
refund. It means that if you received your Tax refund via Direct Deposit, you
will receive your rebate the same way. You will not have to file any forms or do
anything other than file your tax return to get this Tax advantage that has been
offered by the Federal government.
Every taxpayer will receive a notice by mail from the IRS informing about the Tax rebate. They are advising people to be careful about phone scams such as e-mail or phone calls from people asking about personal information. If you get an e-mail, the IRS is asking you to forward it to email@example.com .
There is an immediate need to reactivate the US economy. The idea of the Tax rebate is a good one and it will help a lot of people. The IRS is doing a good job on trying to inform taxpayers about this program and it is very important that you file a Tax return as soon as possible in order for you to take advantage of this rebate.
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