irs: How To Determine When You'll Get Your Tax Rebate
- 06/02/08 01:36 PM
More than 130 million Americans will receive tax rebates this year as part of Congress' $168 billion economic stimulus package. Payments begin in about two weeks and range from $600 for individuals to $1,200 for couples, plus an additional $300 per child. Not everyone is eligible for a full rebate, however. For single filers earning more than $75,000 and joint filers earning more than $150,000, the tax rebate is reduced by $50 for each $1,000 of income beyond the limits. An individual with no children, therefore, will not receive a tax rebate if income exceeds $87,000 annually. The IRS provides a … (0 comments)
irs: IRS Trivia To Amaze Your Friends
- 05/24/08 05:05 AM
Today is Tax Day so here's some IRS-related trivia to share at the water cooler: Did you know... President Lincoln and Congress enacted the first income tax in 1862 to pay Civil War expenses. Did you know... The Civil War income tax was repealed in 1872, revived by Congress in 1894, and ruled unconstitutional by the Supreme Court in 1895. Did you know... In 1913, Wyoming was the deciding vote in the 16th Amendment which gave Congress the authority collect income tax. Did you know... The first income tax was 1 percent on net personal incomes above $3,000. There was a … (1 comments)
irs: Are You Financially Smarter Than A 12th Grader?
- 05/24/08 05:02 AM
Every two years, the Jump$tart Coalition issues a "personal finance" exam to high school seniors. The test highlights the importance of personal financial literacy among America's youth and comes at an especially important juncture. Many experts -- including Fed Chairman Ben Bernanke -- believe that basic financial knowledge is essential for (and lacking in) teenagers. Jump$tart's exam did little to disprove this. This year, 12th graders answered 48.3% correct on average and posted the lowest scores since Jump$tart first issued the test in 1996. A sample question from the 31-question test: Which of the following types of investment would best protect … (0 comments)
irs: Good Morning America: On TurboTax vs Accountants
- 05/24/08 04:56 AM
To see which method gives tax filers the "biggest bang for the buck", ABC's Good Morning America recently compared three popular tax preparation services: TurboTax H & R Block Personal accountant In declaring TurboTax the "winner", the 4-minute video glossed over several important tax-related items. The first is that true tax planning cannot happen in a 3-hour stint in front of a computer. Tax planning a year-round activity. The second is that all personal financial decisions should be evaluated for their tax implications. That can't happen without a personal accountant that knows your tax history and understands your financial goals. The … (0 comments)
irs: What's Your After-Tax Mortgage Rate?
- 05/12/08 08:20 AM
Many homeowners are entitled to two major tax deductions -- one for annual interest paid on a home loan, and another for real estate tax bills paid to government. Calculating your approximate tax credit is basic: Add mortgage interest paid and real estate taxes paid together Find your marginal tax rate Multiple your tax bracket by the sum of Step 1 So, for a homeowner that paid a combined $13,000 in mortgage interest and real estate taxes last year, and who is in the 28% marginal tax bracket, a tax credit of $3,640 may be due from the IRS. This credit … (0 comments)
More than 130 million Americans will receive tax rebates this year as part of Congress' $168 billion economic stimulus package. Payments begin in about two weeks and range from $600 for individuals to $1,200 for couples, plus an additional $300 per child. Not everyone is eligible for a full rebate, however. For single filers earning more than $75,000 and joint filers earning more than $150,000, the tax rebate is reduced by $50 for each $1,000 of income beyond the limits. An individual with no children, therefore, will not receive a tax rebate if income exceeds $87,000 annually. The IRS provides a … (0 comments)
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