How are you going to spend your tax rebate money?

[Art Mulder]

Seriously, haven't he Canadians been making fun of us for this? .

Of course they are. (warning, Link goes to a commentator on the CBC website writing a tongue-in-cheek article poking fun by encouraging Americans to spend irresponsibly since it helps everyone else' economy so much. So it is kind of political )

But then, our tax system is quite screwed up also, and our government also gives out weird grants and non-refundable credits and so on at various times that have people scratching their heads.

For instance, I understand that in the States a husband/wife can file jointly, but we still have to go through handstands and headaches with filing separate returns and making sure that we declare what is hers on her form and what is mine on my form... never mind that my wife and I have shared everything since we said "I do" almost 17 years ago... But hopefully that will change soon.

I'm taking a big tax hit due to my company going private.. . capital gains are what they are. I can either complain about the taxes or enjoy the fact that our addition is getting paid for with no increase in debt. I've chosen to embrace the latter...

Hmm, condolences on getting your investment liquidated against your will.
And, congratulations on getting your addition built without more debt.
(or: Shame on you for not going further into debt, to stimulate the economy! )

...art

ps: I have no idea what I'm doing with the tax refund. Just dropped off the half-inch-thick pile of papers at the accountant on Thursday. So we're going to see what the refund will even be first. Usually we give some to charity, and apply a big chunk to the mortgage, unless we have some other big expense that we've agreed upon.

[Rich Konopka]

Tom, it works out that way sometimes. I'm taking a big tax hit due to my company going private...all the stock I purchased over the years via the ESPP was automagically sold and the capital gains are what they are. I can either complain about the taxes or enjoy the fact that our addition is getting paid for with no increase in debt. I've chosen to embrace the latter...

Ouch !!!! at least it was not a loss.

[Kevin French]

Just the way that PITA POTUS wanted me too.

Sony 40" LCD HD TV
27" CRT HD TV
DVD Blue Ray Player
Sub Wooooof'a

OK it paid for a 1/3 of it, but there's 24 months interest free on the rest.

[Tyler Howell]

Not going to get one

[Jeffrey Makiel]

A timely root canal just popped up. $2,000 with crown.
-Jeff

[Brian Elfert]

My $600 is going towards flooring in the bus I am converting to an RV. The other $200 or so left will go towards other parts for my bus conversion.

I sold all my big iron as I didn't have a good place to store it while my basement was converted to a family room so I can sell the house. All I have left is a cheap Craftsman table saw I bought to work on my bus and a CMS along with my cordless tools. I wish I was using my money to buy some new big iron, but my house doesn't go on the market until Tuesday or Wednesday this week.

My understanding is the rebates are being accounted for by reducing the federal tax rate for the lowest bracket. We'll all likely need to report the rebate on our 2008 taxes, but the reduced tax rate will cover the rebate. If they really are reducing the lowest tax rate, it seems that everyone making over $75,000 or $150,000 will still get the rebate at tax time next year.

[Curt Fuller]

I've seen this floating around the internet..............

As you may have heard the Bush Administration said each and every one of us would now get a nice rebate. If we spend that money at
Wal-Mart, all the money will go to China. If we spend it on gasoline
it will all go to the Arabs, if we purchase a computer it will all go
to India, if we purchase fruit and vegetables it will all go to
Mexico, Honduras, and Guatamala, if we purchase a good car it will
all go to Japan, if we purchase useless crap it will all go to Taiwan
and none of it will help the American economy.

We need to keep that money here in America, so the only way to keep
that money here at home is to buy prostitutes and beer, since those
are the only businesses still in the US.

[Nathan Camp]

We need to keep that money here in America, so the only way to keep
that money here at home is to buy prostitutes and beer, since those
are the only businesses still in the US.

Well shoot. I spent mine on a Carvewright.

nathan

[Larry Browning]

If we spend that money at
Wal-Mart, all the money will go to China.

Last I heard Wal-Mart was an American company.

[Cliff Rohrabacher]

What tax rebate money?

[Matt Meiser]

If, like me, you were expecting to receive a rebate direct deposited this week, you might not be happy if a) you owed tax and had it Direct Debited and b) used Turbo Tax.

It turns out that despite Turbo Tax asking for information on where you wanted your Direct Deposit of your rebate and telling you that you would receive the rebate through direct deposit they didn't properly send the information to the IRS and you will receive a paper check. Turbo Tax is telling people that this is the IRS's fault, the IRS says that some tax prep software will allow it and some won't. Regardless, it can't be fixed at this point, which means it may be another 6 weeks.

Update: You are entitled to a refund of the purchase price of the Turbo Tax if the software did not correctly process your information. 1-800-268-9062.

[Bruce Page]

If, like me, you were expecting to receive a rebate direct deposited this week, you might not be happy if a) you owed tax and had it Direct Debited and b) used Turbo Tax.

It turns out that despite Turbo Tax asking for information on where you wanted your Direct Deposit of your rebate and telling you that you would receive the rebate through direct deposit they didn't properly send the information to the IRS and you will receive a paper check. Turbo Tax is telling people that this is the IRS's fault, the IRS says that some tax prep software will allow it and some won't. Regardless, it can't be fixed at this point, which means it may be another 6 weeks.

That's strange. I use Turbo Tax and the GOV direct deposited into our account last Wednesday, no problem.

[Matt Meiser]

Bruce, did you owe tax and pay it with direct debit? The answer to both has to be yes to trigger the problem.

[Bruce Page]

Bruce, did you owe tax and pay it with direct debit? The answer to both has to be yes to trigger the problem.

Oh....
No, we got a refund.
I hope you don't have to wait another 6 weeks, that would suck.

[Tim Morton]

Mine is going to cover a small portion of the cost of my daughters wedding.