Tax Rebate Update
I wanted to provide a few more details on the tax rebates I mentioned yesterday.
There will be no effect on your 2007 tax returns. The rebate is actually an advance on a credit that you will receive on your 2008 tax returns. When you file your 2008 tax return next year, the calculation will be run to determine the exact amount of your credit. If you did not receive enough credit, you will get the difference back on your 2008 return. I am told that if you receive too much back, you get to keep it. I am going to have to follow up some more on that one.
Also, if you do not file your return in a timely manner, you could delay your rebate past the May mail date.
I will let you know additional details as I get them.
Donna Bordeaux, CPA with Calculated Moves
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