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I might use half of mine to buy a replacement Wii for the one that was stolen. I'd then put the other half in the bank. Not entirely sure yet. That, or maybe a TV for my bedroom. Now that I think about it, my sister just bought a house, so maybe I could give it to her since she'll need some goodies.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
I might use half of mine to buy a replacement Wii for the one that was stolen. I'd then put the other half in the bank. Not entirely sure yet. That, or maybe a TV for my bedroom. Now that I think about it, my sister just bought a house, so maybe I could give it to her since she'll need some goodies.
One of the comments hit the nail on the head when he said he is saving it because everyone will be paying it back on future tax returns. There is no such thing as a free lunch.
The last time Bush did this he scammed the people too. They thought they were getting a rebate but what they really got was an advance on the following year's withholding. They paid it back.
One of the comments hit the nail on the head when he said he is saving it because everyone will be paying it back on future tax returns. There is no such thing as a free lunch.
The last time Bush did this he scammed the people too. They thought they were getting a rebate but what they really got was an advance on the following year's withholding. They paid it back.
A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment.
Q. If my stimulus payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain the letter that lists how much I received?
A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have the letter as a record of the amount you previously received. [New 4/11/08]
Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?
A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.
It sounds like it but I don't trust it. Telling people to save that letter raises some questions. Where is the money coming from. Maybe it's just a free breakfast.
One of the comments hit the nail on the head when he said he is saving it because everyone will be paying it back on future tax returns. There is no such thing as a free lunch.
The last time Bush did this he scammed the people too. They thought they were getting a rebate but what they really got was an advance on the following year's withholding. They paid it back.
Man, we've been through this before - it's simply NOT true. As I said on another thread :
Quote:
Originally Posted by BelichickFan
"That is a misconception due to confusion the last time a "stimulus" check was sent out. The way it worked was some people got checks, some didn't. The stimulus was also added to the basic tax form calculations so if you didn't get a check you got the money when filing your taxes. However if you got a check you had to add the amount as income on your tax form or you'd have gotten the stimulus twice. That led some people to think that they were repaying the money they had received via the check but that was not the case."
Man, we've been through this before - it's simply NOT true. As I said on another thread :
You could be right. We haven't been through this before that I can recall but as I just said you could be right and I could be wrong. I will see what I can find out.
OK, I am beginning my search and so far have come up with some information but I dont have time to gather it all right now.
This one I found to be interesting.
CNN has the story this morning about the Senate approving the rebate/stimulus plan. A quote in that article made me sit up and take notice. Specifically, it says: "The checks are an advance on next year's refunds, and most, if not all of the money, will be deducted from taxpayers' refunds in 12 months' time. "
And this one too.
For many years, the US has spent more money than it received in taxes. The government borrows money by selling bonds to investors which increase in value over many years. The government can then use that money to do whatever it wants: buy fighter aircraft, fund congressional earmarks, or distribute that money to working citizens.
The IRS does not have any money. They are budgeted money to pay their employees and keep the lights on and computer's running, but the Economic Stimulus Package is not coming out of the IRS budget. They are just sending out the checks. This package is actually an advance on your IRS refund next year, and will be included in next year's federal budget. Nobody is sure how that will affect our income taxes next year. That will probably depend on who is elected president.
In the end, this money will just be tacked on to the national debt, which is a shame. That debt will come back to bite the whole world someday.
I will continue my search. I will provide links when I return later. I will search some more. Again, you could be right and I could be wrong.
How I spent My Stimulus
(((("
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