You may be wondering if this tax rebate will affect your 2008 federal return next year.
Let us try to answer this question for you. The tax rebate is an advance credit for 2008 and will be calculated on your 2008 return. Now this is important: you are receiving a portion of your 2008 credit EARLY and if you receive it once, you won t receive it again when you file your 2008 return.
And, this is important too: if you re due a higher tax rebate, you ll get the remainder next year when you file. If you received a higher rebate than you should have, you DO NOT have to pay it back. So far, so good.
A tax rebate is not interest, it s not income, it s not a dividend. Pure and simple, and this is worth saying again, the tax rebate payment is an ADVANCE CREDIT for tax year 2008 and will be calculated on your 2008 return when you file in 2009.
So for now, all you have to do is think about whether you will save it, pay down bills or splurge on something you ve always wanted.
So I still get it in the whoo-haaa in 2008... How Grand!
Thanks Prez. Bush!
