Economic Stimulus Package, is it fraud?
Written By: admin on June 4, 2009
One Comment
I've read an article out of russia that is stating the Economic Stimulus Package we all will be receiving in May, June, is just an advance on next years' tax return and that everyone will owe money to the IRS next year.
Does anyone know if this is the right interpretation of the law?
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Tags: economic stimulus package, Financial News, irs, money, russia, tax returnTags: economic stimulus package, irs, money, russia, tax return
While the rebate depends on your 2007 income, it is really a rebate toward your 2008 taxes. According to the proposed plot, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income.