Recovery Rebate Credit for 2008

If you didn’t receive a rebate check in 2008, or if you think you should have gotten a larger check than you did, you can apply for the Recovery Rebate Credit on your 2008 tax return.

The Recovery Rebate Credit is a special one-time benefit that most people received last year in the form of an Economic Stimulus Payment. But people who did not receive the maximum amount of the Economic Stimulus Payment, or whose circumstances have changed, may be eligible now.

In most cases, the IRS will calculate whether a person is eligible and how much of the credit may be due automatically. To allow the IRS to calculate this automatically, simply file your 2008 tax return and follow the “Credit Figured by the IRS” instructions. However, may choose to calculate the Recovery Rebate Credit themselves instead.

Continue Reading Recovery Rebate Credit for 2008

Subscribe to EbizTaxTips.com

Attn: Online Business Owners! Do you want to learn how to minimize your online business taxes?

My free report '5 Tax Saving Tips for Ebiz Owners' includes tips to help you get all the deductions and credits you're entitled to, so you don't overpay Uncle Sam!

Where’s My Rebate Check!?!

The IRS started sending rebates out on Monday April 28.

If you haven’t gotten yours yet, or you’re just wanting to check to see when you can expect to receive it, the IRS has added a “Where’s My Rebate” feature to their website.

This is an interactive feature that allows you to enter your personal information (Social Security number, filing status, and number of exemptions on your 2007 tax return) to find out the status of your rebate.

You can also review the payment schedule and visit the Economic Stimulus Payments Information Center for more information about the rebate check.

Click here to check the status of your rebate now!

Tax Rebates Are On The Way!

The IRS started transmitting payments for the tax rebate today, four days ahead of schedule. If you elected direct deposit on your 2007 tax return, you could receive your rebate as soon as today.

For more information including a schedule showing when you can expect to receive your rebate check, please visit my squidoo lens: 2007 Tax Rebate Checks, or the IRS website.

IRS to Start Sending Rebates on May 2

Okay… you know the IRS will start sending out rebate checks in May. But when will you get YOUR check?

The
first rebate checks will be mailed out starting on May 2, and will be
based on the final two digits of your Social Security number, as well
as when you file and whether you elected to receive any refund by
direct deposit or snail mail.

The IRS says most people will get
their checks by July 11, but if you want to know exactly when to expect
your rebate, here are the details:

If you file your 2007 tax
return by April 15, and request direct deposit for your refund, then
you can expect your rebate according to the following schedule…

SSNs ending in 00-20, deposited by May 2
SSNs ending in 21-85, deposited by May 9
SSNs ending in 76-99, deposited by May 16

Notice that taxpayers who requested direct deposit on their 2007 tax return will receive their rebate by direct deposit as well.

Continue Reading IRS to Start Sending Rebates on May 2

Tax Rebate Scam Alert

Identity thieves are already thinking up and using scams involving the
economic stimulus package. There are both email and telephone scams using the IRS name to try to steal your identity, so be cautious.

If someone claiming to be the IRS calls or emails you asking for a Social
Security Number, a bank account or a credit card account number, do not
give it to them. The IRS will not be calling or emailing taxpayers, so
any phone calls or emails you receive are a scam.

You Have to File Your Taxes Before You Can Get Your Rebate

By now you’ve most likely heard about the tax rebate that was passed by President Bush last week, with the intention of jump-starting the economy.

But what you may not know is that you have to file your 2007 tax return before you can get your rebate check.

This was not good news to me, because I’m one of those people who waits until October to file (hey, I don’t get paid to file my tax return, and paying clients come first!).

It also means my workload this tax season will be quite a bit heavier because all of my usual stragglers will be getting their tax info in on time this year to make sure they get their rebate checks (sigh…).

Okay, back to the rebate… If you haven’t heard the details yet, here they are:

Continue Reading You Have to File Your Taxes Before You Can Get Your Rebate

Tax Carnival #30

Kay at Don’t Mess With Taxes has posted another great tax carnival.

"Welcome to Tax Carnival #30. In this edition we celebrate the one tax law constant: They are always changing!

Take today, for example. Feb. 11 is phase two of the 2008 filing season. Most folks were able to fill out (or at least start working on) their 1040s as soon as they got their 2007 tax statements. And many have even sent them in to the IRS.

But millions more had to wait until today because Congress changed the applicable laws too late last year as they applied to the alternative minimum tax.

And lawmakers are still messing with the tax laws. Just last week they passed a stimulus bill with several tax provisions.

So our 30th Tax Carnival is dedicated to blog postings aimed at helping us cope with all these continual tax changes. We’ve got lots of good posts, so let’s get to them…"

Click here to continue to Tax Carnival #30