usvi-on-line
DELETED
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Teddy Salad
- Posts: 205
- Joined: Thu Mar 08, 2007 7:05 am
- Location: Colorado
Here is the schedule according to the IRS. Direct deposit users will get their payments first starting May 2.
http://www.irs.gov/irs/article/0,,id=180250,00.html
http://www.irs.gov/irs/article/0,,id=180250,00.html
I am one of those rare people who hate getting a tax rebate. To me, it means the govt had free use of MY money. I’ll gladly mail them a check for a few hundred dollars on April 15.
At least I haven’t been hit by the AMT (Alternative Minimum Tax) thing like my brother has the past few yrs, no doubt due to his HUGE mortgage and 4 kids, resulting in a significant increase of what he had to pay.
At least I haven’t been hit by the AMT (Alternative Minimum Tax) thing like my brother has the past few yrs, no doubt due to his HUGE mortgage and 4 kids, resulting in a significant increase of what he had to pay.
When we come to place where the sea and the sky collide
Throw me over the edge and let my spirit glide
Throw me over the edge and let my spirit glide
I'm with you JMQ feel the same way. We get money back every year claim zero but still usually get around two thousand back. To me it's just letting the goverment have your money for free for a year. I will be getting $1800 back copliments of Bush but I will not be stimulating the economy think I'll put it in the early Island retirement fund 
Its really no more than a cash advance on your 2008 return at least I can invest it a year early.
Its really no more than a cash advance on your 2008 return at least I can invest it a year early.Got a very unpleasant surprise when I did my daughters taxes.
She is a HS sophomore who worked as a camp counselor last yr so got her first W-2. She also inherited some treasury bond interest from an aunt who passed, plus the mutual fund set up in her name that we have been putting $50 a month into forever had capital gains.
Guess what? Your kid earns more than $1700 in interest/capital gains it gets taxed at your rate! It’s the so-called “Kiddie Tax” designed to catch people sheltering income under their kids name.
Man was I steamed – a family working hard to invest in the future of their child, and wham, you get a nice fat tax bill for your efforts. Thanks IRS!
Now, if I could designate it for something worthwhile, like a couple of one way tickets home for some our troops in Iraq who are on their 3rd tour, that wouldn’t be so bad.
She is a HS sophomore who worked as a camp counselor last yr so got her first W-2. She also inherited some treasury bond interest from an aunt who passed, plus the mutual fund set up in her name that we have been putting $50 a month into forever had capital gains.
Guess what? Your kid earns more than $1700 in interest/capital gains it gets taxed at your rate! It’s the so-called “Kiddie Tax” designed to catch people sheltering income under their kids name.
Man was I steamed – a family working hard to invest in the future of their child, and wham, you get a nice fat tax bill for your efforts. Thanks IRS!
Now, if I could designate it for something worthwhile, like a couple of one way tickets home for some our troops in Iraq who are on their 3rd tour, that wouldn’t be so bad.
When we come to place where the sea and the sky collide
Throw me over the edge and let my spirit glide
Throw me over the edge and let my spirit glide
What really gets me fired up is the mortgage lending crisis. Lending money to people who had no way of making those payments in the long term will have a much bigger impact on the rest of us. We will end up paying for that - not those who took out the loans or those who GAVE the loans wrecklessly. But I guess I should just take a few deep breaths and let it go!
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Just so you guys know the government makes banks and savings and Loans make a certain percentage of their loans be high risk loans that probably will have to be forclosed on. It is a very frustrating thing if you are in that business!!!
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Just so you guys know the government makes banks and savings and Loans make a certain percentage of their loans be high risk loans that probably will have to be forclosed on. It is a very frustrating thing if you are in that business!!!
The pain is coming into focus. This year's AMT is worth a trip for three to STJ for a week, tax prep fees could pay for the fourth... like a high-pressure dose of Brown 25.
Rebate? Yeah, I'm writing the checks this week, just be patient.
Wait a minute, when I look at my effective tax rate the number looks too low! That's right, I forget that a lot of us get our rebate pre-paid through the regressive tax system that shifts the burden to the poor through deductions that favor the better off. AMT is just a weak measure to see that everyone who is well off pays at least some taxes.
Time to stop my whining and go stimulate the economy. I saw a lot of good looking houses listed for auction in the Washington Post yesterday. What, me worry?
Cheers, RickG
Rebate? Yeah, I'm writing the checks this week, just be patient.
Wait a minute, when I look at my effective tax rate the number looks too low! That's right, I forget that a lot of us get our rebate pre-paid through the regressive tax system that shifts the burden to the poor through deductions that favor the better off. AMT is just a weak measure to see that everyone who is well off pays at least some taxes.
Time to stop my whining and go stimulate the economy. I saw a lot of good looking houses listed for auction in the Washington Post yesterday. What, me worry?
Cheers, RickG
Last edited by RickG on Mon Apr 14, 2008 12:26 pm, edited 1 time in total.
S/V Echoes - Coral Bay - St. John, VI
Rick-
Not sure what you mean.
My husband helped my friend who is a single mother with one child file her taxes. She basically paid no income tax, owned no real estate, and no car. She and her 9 yr old rode their bikes in all kinds of weather to school and work. She was owed child support but did not get it. Because she did pay for after school child care, she got nearly $4000 tax refund.
That tax credit and refund was the only thing that allowed them to relocate so she could go back to college and crosstrain for a career as a translator. She had been a military policeman and then a travel agent (agency closed one month after 9-11-2001). Her health (cancer) prevented her from going back into the military.
I am sure the tax code needs revision and simplification, but in this case my friend was able to get a new start.
Not sure what you mean.
My husband helped my friend who is a single mother with one child file her taxes. She basically paid no income tax, owned no real estate, and no car. She and her 9 yr old rode their bikes in all kinds of weather to school and work. She was owed child support but did not get it. Because she did pay for after school child care, she got nearly $4000 tax refund.
That tax credit and refund was the only thing that allowed them to relocate so she could go back to college and crosstrain for a career as a translator. She had been a military policeman and then a travel agent (agency closed one month after 9-11-2001). Her health (cancer) prevented her from going back into the military.
I am sure the tax code needs revision and simplification, but in this case my friend was able to get a new start.
Veryjoy, I'm with you. The well off have been getting all of the breaks. The tax rebates are a band-aid on a bigger social problem. Tax credits are well and good, but people have to file their taxes to get them. That's not as easy as it sounds for a lot of people.
I hope my stream of consciousness did not confuse what I was trying to say (probably). Essentially, respect to all my friends who think otherwise, I believe that complaining about being ineligible for tax rebates is ludicrous considering the circumstances. I was trying to demonstrate that by reducing to absurdity my own complaints as an example.
Cheers, RickG
I hope my stream of consciousness did not confuse what I was trying to say (probably). Essentially, respect to all my friends who think otherwise, I believe that complaining about being ineligible for tax rebates is ludicrous considering the circumstances. I was trying to demonstrate that by reducing to absurdity my own complaints as an example.
Cheers, RickG
S/V Echoes - Coral Bay - St. John, VI
Hey bro, ya know I love ya and this was a response to the discussion rather than your original question. I should stick to Brown 25.Jorge wrote:RickG wrote: I believe that complaining about being ineligible for tax rebates is ludicrous considering the circumstances. I was trying to demonstrate that by reducing to absurdity my own complaints as an example.
Cheers, RickG
Thanks buddy. Remind me to not buy you a drink at the Beach Bar.
Cheers, RickG
S/V Echoes - Coral Bay - St. John, VI
RickG,
I grew up in what my Dad called "upper class poverty"--government cheese and reduced price lunch at school. I'm thankful everyday for the way God has blessed my husband and I financially, but writing the tax check, thanks to AMT, was still a blow. It was just about what I made my first year of teaching!!
Hubby is grumbling about the money, but I reminded him that it wasn't my teacher's salary that put us in the AMT tax bracket!
I grew up in what my Dad called "upper class poverty"--government cheese and reduced price lunch at school. I'm thankful everyday for the way God has blessed my husband and I financially, but writing the tax check, thanks to AMT, was still a blow. It was just about what I made my first year of teaching!!
Hubby is grumbling about the money, but I reminded him that it wasn't my teacher's salary that put us in the AMT tax bracket!
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NoTanLines
- Posts: 112
- Joined: Wed Jan 03, 2007 7:41 pm
- Location: McLean, VA
I read your comment to Rick while he was cooking dinner. His response? "I'm not comfortable with that remark. Please no potty mouth."Jorge wrote:It's all good. Don't let anybody know that we hug to make up. Remember the last time we did that, you got a little grab a$$ with me? 'What can brown do for you.' Luvya Bro, Jorge
Luv ya Jorge!
