Current Tax News

Information on the Economic Stimulus Package:

The new law allows a refundable credit up to $600 for single filers and $1200 for joint filers. This credit is limited to your 2007 tax liability not to exceed $600 and $1200. For taxpayers that have children on their return that qualify for the child tax credit (below age 17) will receive an additional $300 per child included in their rebate.

For individuals that are claimed on their parents return (college students) will be excluded from this rebate even if they had earned income.

These rebates begin phasing out at $75,000 of adjusted gross income for single taxpayers and $150,000 for married taxpayers. These rebates phase out at 5% exceeding the $75,000 and $150,000 threshold. The rebates will phase out completely at $87,000 for single taxpayers and $174,000 for married taxpayers.

In order to receive this rebate you must file your 2007 return. Distribution of this rebate is going to be based on the last two numbers of your social security number. For married individuals filing jointly it will be the last two numbers of the first social security number on the return. The IRS will begin mailing out these rebate checks in May and will not process any after December 31, 2008. If you had your federal refund direct deposit into your account this is how you will receive your rebate.

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