Rebate checks and the 1040
Posted by taxguru on July 30, 2008
As we’ve discussed before, there has been a lot of confusion as to whether or not the advance rebate checks would affect the amount of refund or tax due with the 2008 1040. The IRS website has had conflicting info on this.
If you check the IRS’s draft release of the 2008 1040 form, you can plainly see on Line 71 that there is a place for the “Recovery rebate credit” which should be a positive number for those people who did not receive the full amounts as checks during the year and either a zero or negative amount for those who received checks.
This will obviously end up affecting the amount of refund or tax due. As I have been saying, this is exactly the same mechanism as we had for the similar advance rebate payments that we had to deal with a few years ago. People who were claiming that the 2008 rebate checks were free money and would not affect the bottom lines on the 1040s were nuts.
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Posted by taxguru on July 30, 2008
McCain’s Tax Blunder – It took Bush 41 a few years in office to break his “No New Taxes” pledge. RINO McCain couldn’t even make it to the nominating convention before accepting the DemonRat premise of higher payroll taxes.
It looks like higher taxes are in our future regardless who wins the White House. As always, that means more work for those of us in the tax minimization profession.
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Posted by taxguru on July 27, 2008
Girls Gone Wild Guru Francis Sues Ex-Accountant – What many call the “Willie Nelson Defense” against tax evasion charges, blaming the CPAs.
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Posted by taxguru on July 23, 2008
Pity The Celebrity Taxpayer – Making the big bucks puts them dead center in the IRS cross-hairs. The additional publicity IRS receives when busting celebs is a big bonus for their policy of intimidating us normal folks.
Forbes slide-show of some of the recent celebrity tax fights in the news. Since most IRS audits are technically confidential at the earliest stages, there are obviously many more that we never hear about.
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Posted by taxguru on July 21, 2008
Their Fair Share – The WSJ looks at the status of the tax attacks on the evil rich in this country.
New IRS Tax Numbers: “Rich” Pay Highest Share in 40 Years – From Rush
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Future job market?
Posted by taxguru on July 20, 2008
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Campaign Tax Proposals
Posted by taxguru on July 20, 2008
Snopes.com has a look at some of the rumors floating around regarding the tax proposals of both McCain and Obama.
Rumored proposals or actual campaign promises – I wouldn’t trust any of them for actual tax planning purposes.
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Tax Guru - Ker$tetter Letter 