Tax Rebate=more stamps!

[Jillgunter]

I bet all the Stampin Companies are excited about alot of us getting some extra money come May-July!

[armadillo]

If you are a nonworking retiree you probably won't not be getting the rebate.

[austamper]

I'm SO excited!!! I'm already spending part of it. ;) Part of it will go to pay off my car, the rest towards STAMPS!!!

[Jillgunter]

Ya thats no fair:(

[caseyandstephy]

I need to get cracking and see what this refund will be...

[hobie]

what refund??? Please point me in the right direction!!

[AGMommyof2]

My exact thought! I mean the gov't wants to us to spend it on Made in USA products ~ so aren't most of the stamps still made here? So, it's really good for the economy!

[katestamps716]

I haven't done my taxes yet but I can't wait!!!

[caseyandstephy]

Just did a quick estimate and it looks like my federal refund alone will be $3300. Woo-hoo!

[meluvstampin]

Quote:

Originally Posted by hobie

what refund??? Please point me in the right direction!!

Because of the sagging economy President Bush is pushing for an extra rebate this year. Working people will get at least 300.00 with a max of 1200.00. it will depend on if you have children and how many on the amount of your rebate.

[jkstieber]

My DH says we have to use it to make an extra payment on the house (grrr) However, between our regular refund in April and this one, our house will be paid off by the middle of next year!!! Then I can buy more stamps;)

[nabush]

I'm an SAHM, and I work darn hard, but I won't be getting that special Bush rebate! Things that make you go hmmmm...

Nancy

[hobbydiva]

from what I've read single taxpayers will get 600.00, working couples 1200.00 plus 300.00 for each child. I read that in the paper last night.

[armadillo]

"from what I've read single taxpayers will get 600.00, working couples 1200.00 plus 300.00 for each child. I read that in the paper last night."

The catch is that you have to have some kind of job. AARP supposedly is trying to help us old folk get some of that money.

[hobie]

I am bad...I am going to get a new TV...I know they are not made in the USA but. I really want that flat screen!!

[ScrapNStampinMama]

Quote:

Originally Posted by hobbydiva

from what I've read single taxpayers will get 600.00, working couples 1200.00 plus 300.00 for each child. I read that in the paper last night.

Yeppers! I cant even wait!!!
About stinkin time BUSH does SOMETHING right!!!!!

[musicmarth]

My DH is really aggravated about this refund. We'll just have to pay taxes on it for the 2008 tax year so we're going to put it in savings. But we're not really spend-a-holics either...so it's not unusual for us to save extra money that comes in. I know, totally not what was intended use for the refund!

[IndyAngel]

I was pretty excited about this until my husband explained to me that it's already our money--we'll just get it back now instead on next year's tax return.

[jkluttrell]

The checks won't be mailed until the summer and it hasn't necessarily been passed yet (although they are pretty certain it will) so don't go spending money you don't have yet. This is separate from your tax refund.
And I thought that SAHMs counted in the couple for $1200. When you file your taxes you file jointly right? If not I have some friends who are going to be highly angry.

[Melissa Hannant]

The $1200 is per couple, even if one isn't working. $300 for each child as well which is nice for me since I have 2! My money is going right into the bank. No spending this time.

[terry serman]

They want you to SPEND it not save it....how often does that happen???
Why would any one be angry over FREE money!!!! I know, it's our money to begin with, but they didn't have to give it back. Wouldn't you rather pay taxes on $1200 then not have the $1200 to begin with???

It's all good! (especially if you buy stamps!)

[terry serman]

They want you to SPEND it not save it....how often does that happen???
Why would any one be angry over FREE money!!!! I know, it's our money to begin with, but they didn't have to give it back. Wouldn't you rather pay taxes on $1200 then not have the $1200 to begin with???

It's all good! (especially if you buy stamps!)

[meluvstampin]

I know I am spending some of mine on each of our 2 boys. Clothes and stuff. They are in Middle School now and "have to have" the skateboarding clothes!LOL. Good thing I work for Eastbay and I get an excellent discount on all of our products. I am then spending some of it on my stamping habit. DH also gets a cut for his boat. It's extra money so we are going to play with it and enjoy it. I will will NOT plan what to buy however until I actually have it.

[lauraos]

We're savers, not spenders. If it passes, I'm sure that will go into savings for retirement. Not exactly what it's intended for but with the cost of basic necessities going up, we want to save all we can.

laura

[jtax]

I guess if we do get it, we will be spending it on a wedding for our oldest DD who is getting married in Sept. Normally I am a saver!

[mlehmer]

Maybe, I can get a cricut if things go well. I wasn't going to get sucked into that craze but played with my cousin's machine over the weekend and it is pretty cool.

[jkluttrell]

Are we going to have to pay taxes on it next year? Do we pay taxes on our tax refunds from the previous year? I would think it would work the same way. This money is called Jumpstart for Economy and they do want you to spend it. I am all about saving it or using it to help pay off some debt but at the same time I want to keep us out a recession just as much as the next person so should I spend it?

And hey if I need to buy more stamps and supplies to help keep America's economy out then allow me to do my part.

[armadillo]

IF you are one of the fortunates to get the rebate then spend some and save some. That's what I would do.

[UrgentCookie]

Quote:

Originally Posted by hobbydiva

from what I've read single taxpayers will get 600.00, working couples 1200.00 plus 300.00 for each child. I read that in the paper last night.

That's what they said on the news also.

[RJP111]

Well, as much as I'd love to give my share of DH's and my refund to my SU! demo in exchange for stamps and supplies (lol), I can't. I'll be using the money to put new shocks on my car.

[smattos]

Quote:

Originally Posted by jkluttrell

Are we going to have to pay taxes on it next year? Do we pay taxes on our tax refunds from the previous year? I would think it would work the same way. This money is called Jumpstart for Economy and they do want you to spend it. I am all about saving it or using it to help pay off some debt but at the same time I want to keep us out a recession just as much as the next person so should I spend it?

And hey if I need to buy more stamps and supplies to help keep America's economy out then allow me to do my part.

Well, we probably won't be paying taxes on this - but what they will probably do is have us knock it off deductions we take on our tax return for '08. Several years ago back in July and August they sent most taxpayers $300 - I think married couples got $600.00 - anyone remember that? Well it wasn't claimed as income, but you did have to deduct it from the $1000.00 per child you can claim as a deduction that comes directly off your tax liability for the year. Just be prepared everyone to have less of a deduction on your '08 tax return. they may not charge income taxes on it but they definitely will make us deduct it as an "advance" in our normal tax dedutions.

Unfortunately ours is already earmarked for car repairs that have been put on hold for months now due to lack of funds. Or it may have to go towards groceries -- geez, just went grocery shopping yesterday and I swear the prices on most things were up $.50 to $1.00.

Does anything think there may be special promos and sales from our favorite stamp companies in May and June to try to snag up some of these funds??? (Hint - hint).

[merryf]

I've been thinking a lot about this too. There was a segment on the news last night that many foreign economies are going to benefit more than ours because we import so much. For instance, if you use it to buy gas, well, those gas-producing countries get the money. Or toys that come from China. So I was thinking that I might use it at some of the lovely summertime craft fairs in my area and buy some things right from the artisans that I can use for Christmas/Hanukkah presents. And of course stamps stamps stamps! (And, sigh, I'll be responsible too and put some away in my retirement savings account)

[tlw411]

We always owe on our taxes so I guess they will just be getting it back....

[Momofoneson]

Most of ours will be spent the American way, we are doing a mini vacation to Niagra Falls/Darien Lake. Matthew gets 100.00 of the 300.00 to spend on what he wants and then I need a TTL flash and diffuser for my dSLR and I may fork over the cash for a new lens. Don't think I will be buying stamps though that may change.

[imatbrown]

Does anyone know if there is a salary cap on this or does everyone get it? I mean, if you make X number of dollars you make too much to receive the refund?

Thanks in advance.

[jkluttrell]

I think there is a salary cap. 75,000 for a single and 150,000 for couples. But I could be wrong about that.

[MaeganXeno]

I am hoping ours is nice. I want to go to a scrapbook expo this summer...and while I will probably be going before the refunds go through (if they go through) it would help offset the costs a little.

[MaeganXeno]

Quote:

Originally Posted by jkluttrell

I think there is a salary cap. 75,000 for a single and 150,000 for couples. But I could be wrong about that.

If we made that much money...I wouldn't need a refund to spend money.

[Momofoneson]

I agree, lol, 150,000 a year would be good, lol.

[mmferg]

Quote:

Originally Posted by imatbrown

Does anyone know if there is a salary cap on this or does everyone get it? I mean, if you make X number of dollars you make too much to receive the refund?

Thanks in advance.

Here is the cap info from the irs.gov website:

• An individual with AGI of $80,000 and federal income tax liability in excess of $600 would qualify for a basic rebate of $600. Because this individual�s AGI exceeds $75,000, however, her rebate is reduced by $250 (the credit is reduced by multiplying the amount of AGI over $75,000 by 5%). The taxpayer receives an economic stimulus payment of $350.
• A married couple with two children, AGI of $160,000 and federal income tax liability before the child tax credit exceeding $1,200 qualifies for a basic rebate of $1,200 and an additional qualifying child credit of $600 for a total rebate of $1,800. But because the couple�s AGI exceeds $150,000, their rebate is reduced by $500 (the amount of AGI over $150,000 multiplied by 5%). The couple receives an economic stimulus payment of $1,300.