New tax laws for 2008?

[stangfever]

i heard this money there giveing out was borrowed from china ... did anybody else hear this 2

[INSANELY CRAZY]

so now there giving the extra 300 per kid?? i heard that wasent gonna happen now

[J-rod]

yes $300 per kid.

this is a post from another board. i have been wondering the same thing

so i'm hearing this is an advance on next year's taxes, but if next year's return is less than 1200$(the ammount in my case), you dont have to pay back the difference.

ex #1. say my return is only $800 next year. i was advanced $1200 with this upcoming check. i dont have to pay back that $400. (so basically you got
a free $400)

ex #2 say you are scheduled to get $2000 for your return next year. factor in the $1200 advance, and you only get $800 back in returns. ew no money free.

with that logic, why not change your w4 right now to add a few exemptions
and try to balance your returns to be close to $0. since you dont have to
repay that $1200, then you got $1200 free money.

am i correct in this discovery, yes/no?

[INSANELY CRAZY]

sweet

[J-rod]

not sweet if its deducted from your 2008 return

[gmkillr]

not sweet if its deducted from your 2008 return

My tax girl told me it wasnt.

[J-rod]

My tax girl told me it wasnt.

im leary as i hear it is, then it isnt, then it is, i have yet to find a clear cut definitive answer.

[J-rod]

i heard this money there giveing out was borrowed from china ... did anybody else hear this 2

http://money.cnn.com/2008/02/04/news...ex.htm?cnn=yes

[SUPERDUTY]

well just got our taxes done and I was talking with the tax guy he said anyone getting the refund will claim it next year so its not free and clear. The gov just wants you to spend some cash now to boost the economy. People get all excited and act like they have all this extra loot to spend until next year when tax time comes lol.

[stangfever]

ah so we will have to pay back the difference . it comes off the next years taxes . an advance if u will .... only return u will get next year is what u initially get over what they give u now .. if ur return next year is 2000 and they give u 1200 now u then will only get 800 .... and if ur return is only 1000 and u get 1200 now u just got 200 dollars for free .... either way this does not work out for me ............

[J-rod]

im working on adjusting my W4 again. trying to go for an even 0.

[INSANELY CRAZY]

the last time the gov did this we didnt have to claim it on that yrs tax. hopefully this time will be the same. but i also think by waiting till june it's not gonna help the economy.

i know alot of people who say there gonna bank it, instead of spending it.

[J-rod]

the last time the gov did this we didnt have to claim it on that yrs tax. hopefully this time will be the same. but i also think by waiting till june it's not gonna help the economy.

i know alot of people who say there gonna bank it, instead of spending it.

back when they did this in 2001 it was deducted from the 2002 taxes.

i am banking mine, just not sure where yet

[J-rod]

bush signed it:

http://www.cnn.com/2008/POLITICS/02/...lus/index.html

[2001GTTT]

sweet! Hello Black DD cobra r's!

[J-rod]

hahaha. im buying stocks