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
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.