04-11-2008, 04:42 PM
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#26
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Admin.
Join Date: Aug 2005
Location: Hamilton, NJ
Posts: 20,165
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Quote:
Originally Posted by usp55
correct me if im wrong but this rebate is not exactly free and clear money; it is to start but come tax season you may end up paying for it.
"While the rebate depends on your 2007 income and tax liability, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes.
Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income."
depending on your finacial situations and taxes for the previous year it may simply be an advance on you potential refund for 08'.
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Where did you get that info??
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