File Your Tax Online For Free And Receive A 2008 Federal IRS Tax Rebate Refund Tax Credit Review

So any type of unexpected money from Uncle Sam or Aunt Sally is always a nice bonus, especially when your on the receiving end.

There will be around 117 million individuals as well as families who may receive a tax rebate in a program that was announced on Thursday afternoon, January 25, 2008. Most individuals will receive from $600 to $1,200. There is also a chance some may receive more as well as some receiving as little as $300.

President Bush and his House leaders has established a plan to inject $150 billion into your hands in an attempt to revive the ailing economy.

There are a few public developments that are expected today as law-makers digest the agreement between: House Speaker, Nancy Pelosi, Henry Paulson (Treasury Secretary) and John Boehner, leader of the Republicans, that is made as an attempt to stop the first potential recession in the United States since 2001.

With the backing of the Bush administration, the House leaders are pretty certain that their plan of:
– Providing rebate checks to over 117 million US families
– Providing $50 billion in incentives for US based businesses to invest in expansion for new plants and equipment

would prevent the opposing Senate from making changes such as increasing unemployment benefits.

This is the third time that a rebate or ’emergency checks’ has been issued under the Bush administration. First in 2003, credits of $400 per child were issued and then in 2001, individuals received $300 and couples received $600 in tax “pre-rebates,” which were issued against the following years tax return.

The house leaders only agreed on the basic blueprint of the plan on Thursday. There are still a lot of details that are needed to be worked out.

This Is What It May Mean To You:
– Most of the individuals eligible will receive up to $600, couples will receive up to $1,200. Couples will also receive an additional $300 for each eligible dependent child

– You will be eligible to receive the $600 or $1,200 payment, if you’ve paid your federal taxes in 2007 and earned an income of at least $3,000.

– Those who earned at least $3,000 but did not pay any federal income tax in 2007, would receive $300 per individual and $600 per couple

– There is also an income ceiling. If your individual adjusted gross income was more than $75,000 or couples combined incomes had more than $150,000, the rebate amount is adjusted.

– Also individuals with gross income of $87,000+ and couples combined incomes of $174,000 are not eligible, unless they have children.

– The rebate checks should start going out in May 2008. Most individuals should receive them by July, this according to U.S. Treasury Secretary Henry Paulson

Here Are Some Additional Questions And Answers
Why are these payments referred to as “prebates”?
A: Because technically they are credits based on the 2008 tax year. They do not want you to wait until 2009 to get the money, so they are issuing checks in the 2008 calender year.

Since the 2008 Tax Year just started, how will they decide who is eligible?
A: It will be based on the tax returns filed this spring in 2007

What if an individual has a baby in 2008, so the baby dependent deduction was not received in 2007?
A: There will be a $300 credit on your tax return in 2009. The same would apply if you’re income was too high in 2007 but not in 2008, you will then be eligible to claim the credit in 2009.

How and where will the IRS mail the rebate check?
A: The check will be sent to the address on the IRS file. If you have changed your address, notify the IRS ASAP.

What do US based businesses get out of this?
A: They will receive tax breaks. Businesses will be able to write off 50% of their capital equipment purchase.

In the past, small businesses were able to claim tax deductions on $125,000 spent on new equipment, that will be increased to $250,000.

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