Recovery Rebate Credit for 2008
January 10, 2009
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.
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Year End Tax Tips
November 29, 2008
It’s hard to believe we’re almost at the end of the year already. As I write this, there are only a few weeks left in 2008.
Most people probably aren’t thinking about taxes yet, but the time to do tax planning is before the year ends. Once December 31 has passed, there’s very little you can do to help reduce your 2008 taxes.
The first step in tax planning is to determine where you are for the year. Pull out last year’s tax return for a reference. You also need your most current profit and loss statement, so if your books aren’t up to date, now’s the time to get caught up.
Compare your income and expenses to last year’s tax return. Is your income up? Do you have the same amount of deductions as last year? If your income is up, or if your expenses were down, you may owe more taxes than you did last year.
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