Posted by
stranger on Monday, May 12, 2008 1:56:00 PM
So you got your economic stimulus money. Good for you.
Congress is hoping you'll go out and spend it. Buy anything. Just like it does. Just like your own personal earmark.
Excessive
buying on credit (ours and Congress') helped get us to this point. Now,
even if you're maxed-out on your cards, you can just charge it against
your taxes.
I couldn't find this in the IRS FAQs, but
according to H&R Block,
this money is actually an advance on next year's tax refund. So, if you
got $600, when you file your taxes in 2009, $600 will be deducted from
your refund. But, if your refund next year is less than your rebate
this year, you don't have to pay back the excess.
The bottom
line? Have just the right amount of federal taxes withheld in 2008, so
that you won't get a refund, and you get to keep the $600.
Now that would really be an economic stimulus.
Guest Blogger,
Stranger's Wife