Thread: Taxes...
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Old 01-24-2009, 05:53 PM
EHLERZ5's Avatar
EHLERZ5 EHLERZ5 is offline
Join Date: Jan 2009
Location: Irving, IL
Posts: 96
Default The Taxman Is Here.... Don't Worry......

Okay people... I've done accounting & income taxes for 18 years...

The 2008 STIMULUS check is NOT something you have to pay back when you file your income taxes this year.

There is a section on your income tax return where you need to put what you received as a Stimulus payment in 2008. Remember that little piece of paper that told you what you were supposed to receive and it told you to keep it for your records? If not don't worry, here is a webpage so you can see what you got....

That section of the return will need to be filled out by everyone.... And it's geared towards people that didn't receive their full Stimulus amount last year. For example if someone should have gotten $1200 and they only received $1085, they will use this line to get the other $115 they are entitled to as a REFUNDABLE refund on their return.

Jeff's mistake was he put he only received $300.... So his bottom line refund was $300 too much. The IRS is going to catch this a ton this year. I have to ask EVERY single person who walks through my door what they received (then I check it online before I finish their return).

While I have your attention.... Here's another CREDIT some people are going to need to look for this year, but you won't see it unless you read the instructions....

DO YOU PAY PROPERTY TAXES??? If you itemize, then you're already taking this... IF YOU DONT ITEMIZE, there is a credit that you will need to add to your STANDARD DEDUCTION for 2008..... Up to $500 for Single people, Up to $1,000 for a Married couple..... READ YOUR INSTRUCTIONS!!!!!! Call me at work if you need to.... 618-585-3061.

Last edited by EHLERZ5; 01-24-2009 at 06:01 PM.
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