capecodhome
Member
I am hoping with the extra tax money the goverment is giving to us to put back in the economy, I will put money down for a vacation in 2009 :sohappy:.
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Thankyou to the US goverment- "I am going to Disney World"
- Thread starter capecodhome
- Start date
mousefan1972
Well-Known Member
The big check that people get who don't adjust their withholdings properly, thus giving the government the aforementioned "interest-free loan".....
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Lucky
Well-Known Member
It is incorrect that the so-called tax rebates are an advance on your 2008 tax refunds (or that they would be added to your tax bill if you don't get a refund). They're not really linked to taxes at all; in fact the more you pay in taxes the less likely you are to get much if anything from this "rebate."
Before going out and spending the money now, I suggest checking the details of the plan to get a better sense of what you're likely to get and when. And at this point it's just a plan, not approved legislation. It's a deal between the House of Representatives and the White House, that the Senate could demand changes to.
Before going out and spending the money now, I suggest checking the details of the plan to get a better sense of what you're likely to get and when. And at this point it's just a plan, not approved legislation. It's a deal between the House of Representatives and the White House, that the Senate could demand changes to.
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k.hunter30
New Member
They get that before Christmas? :veryconfuThe big check that people get who don't adjust their withholdings properly, thus giving the government the aforementioned "interest-free loan".....
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mousefan1972
Well-Known Member
No, I assumed it meant that the Christmas gifts were on a credit card, then when the tax refund came, it paid for Christmas. Please correct me if I'm wrong.
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k.hunter30
New Member
No, I assumed it meant that the Christmas gifts were on a credit card, then when the tax refund came, it paid for Christmas. Please correct me if I'm wrong.
:brick::brick:
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Just to confirm TT's point. The 2001 rebate was simply an advance refund of what are typically overpaid withholdings. The actual tax rates and tables were unchanged, so your total tax liability for the year was the same as it would have been without the rebate...as such, you owed $600 more at the end of the year or got back $600 less than you would have otherwise.
The stimulus package kicking around Washington now actually reduces everybody's tax bill for the year by the amount of the "rebate" check that will be sent.
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No, I assumed it meant that the Christmas gifts were on a credit card, then when the tax refund came, it paid for Christmas. Please correct me if I'm wrong.
:lol:
Do people normally charge Christmas on a card?
Dangerous habit!
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Nut4Disney
New Member
For those who wait in baited breath for their tax refund from the government every spring, the objective should be to not even get a refund. If you adjust your witholding from your paycheck correctly, you will get this money during the course of the year as extra income in your pay. Do not give the govt an interest free loan.
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mousefan1972
Well-Known Member
Honey? Is that you? :lookaroun
:lol:
You sound exactly like my DH...... whenever he hears someone bragging about their 10K tax refund, he cringes... :brick:
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maggiegrace1
Well-Known Member
:lookaroun:lol:
Do people normally charge Christmas on a card?
Charge it to the Disney Visa and pay off the whole bill when it comes and get the Disney Rewards..
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OneLuckyMom
New Member
Sorry - but you are completely wrong. There WAS a change in the tax tables in 2001 - the 15% bracket was lowered to 10% - and presuming an individual made enough to hit that bracket, their tax liability was reduced as well. This is what the 2001 rebate addressed - essentially the rebate was refunding that extra 5% to you.
Mechanics for the 2008 rebate are similiar.
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OneLuckyMom
New Member
The plan to fund the agreement between Bush and the House is to drop the 10% bracket for 2008, with a few exclusions. I haven't had time to read the full bill text, so I don't know if both the rebate and tax cut are covered in a single bill, or if a second bill needs to be introduced to cover the tax cut. But that is the plan.
Of course, what actually gets hammered out in agreement with the Senate could change that exact plan somewhat.
But there absolutely will be a tax cut somewhere to cover the rebate. It's just a matter of where, and how much.
UPDATE: Full text of the bill is available at http://thomas.loc.gov/cgi-bin/query/F?c110:1:./temp/~c110knexW7:e473:
If my read of it is correct, the bill includes language to treat the rebate as a "credit" paid towards each qualifying individuals tax liability for 2008 as opposed to passing a tax rate cut. So that means if you earn a, and according to the tax tables that means you owe b, and your rebate is c, next year when you fill out your taxes the tax owed will be b-c instead of b.
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TestTrack
Active Member
I think you have the wrong bill...
I can't tell for sure because your link doesn't work....but the bill that just passed through the house is http://thomas.loc.gov/cgi-bin/bdquery/z?d110:h.r.05140:
As I said before, there is no income tax changes in this bill(republicans wanted to add a clause to make the bush tax cuts permanent but this needed to be dropped to reach an accord with Democrats)
Also, this rebate will not be need to be repaid come next year(or count against your refund next year.
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Rob562
Well-Known Member
Sounds like many of my friends... They always seem to either get big tax refunds, or owe lots of money come tax time while my taxes have always been pretty close to being even (though I don't own a house or have any big deductions or itemizations).
I usually got a small federal refund and then owed a little to the state, giving a net refund of $100 or less. This year though, I think I over-estimated taxes on a radio-station prize and paid too much, so I'll be getting a larger-than normal refund. (Some of which is going toward Disney, seeing as how the REST of the prize money already went there...)
-Rob
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Wow! I am not often thorough enough to be COMPLETELY wrong about anything. Nonetheless, I am now confused enough that I have to say I don't know how it'll work this time around, so ignore my earlier comments.
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TestTrack
Active Member
If you don't mind me asking, how much over? As I mentioned earlier in this thread, the cutoff is not a hard cutoff. If you make a buck over you will still get most of the refund.
In fact, you will still get SOMETHING until you make $87,000. Then it becomes nothing. Obviously, this is different if you are married.
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sweetpee_1993
Well-Known Member
Just because they haven't said that the money is an advance for next year's tax refund doesn't mean that it isn't. They haven't said that it is and they haven't said that it isn't. At least everything I've read has not stated this. Convenient, for sure. I don't trust the IRS or the government. I'll just take the check with the understanding that it is and go from there. Hope for the best and prepare for the worst. That's all anyone can do.
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