The US government is getting ready to pay for your next piece of equipment
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The US government is getting ready to pay for your next piece of equipment
Re: The US government is getting ready to pay for your next piece of equipment
Quote:
Originally Posted by tim3560
Not so much "free" money after all. If I'm reading this correctly, it looks like an advance on the money that we would be getting from our returns next year. The details on tax rebates - MSN Money
As far as I can tell this report is completely wrong. I will check with my CPA when I go to do my taxes next month.
Now for some good news, The legislation is signed!
"The 2008 tax forms should have a line for the new credit. When calculating taxes next year, taxpayers will have to subtract what they got as a rebate check the previous summer."
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Re: The US government is getting ready to pay for your next piece of equipment
This part gets me:
"One thing taxpayers won't have to worry about is giving back any excess if their 2008 taxes show that the advance this year was actually more than they should have received.
"If it turns out that credit on your 2008 return is greater, you get to take that additional amount," says Luscombe. "If it's lesser than what you got in 2007, you don't have to refund that back to government." The law says the IRS can't recover the extra payment by reducing your 2008 refund or adding to your 2008 tax bill."
So does this statement mean that if I was going to get some money back in 2008, that they will deduct the advance from what I am supposed to get, but if I owed money or it was less than what I get, then I'm off free?
I don't mind paying for the advance later, but I do mind handing out welfare under disguise.
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Re: The US government is getting ready to pay for your next piece of equipment
I think only the government really knows and understands its own terms. At first I thought that we would just record the rebate as 2008 income, but if the rebate will have its own line on next years tax forms, then it will be counted separately. Robert, I think your understanding is the same as mine.
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Re: The US government is getting ready to pay for your next piece of equipment 
