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Tags: finance, income tax, income tax rebate
 We all have to pay taxes, no matter how much and how hard it is for us to do; we all know the cycle has been going on for quite some time now, and that there is no stopping it. Wouldn’t it be nice if the government were to give us something in return for a change? Well the fact is that they do (depending on where you’re from), and it’s termed as income tax rebate.
Receiving this “privilege” would be great, regardless of the amount they give us back. Many people complain that the bucks they return isn’t that much and/or isn’t worth horse crap – a statement like this is kinda overboard, considering the buying power of what they have graciously returned. If you’re a U.S.
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citizen, and have been wondering when the next income tax rebate is going to come, boggle your mind no more: the government has been sending the checks to over 130 million families since May 2008. This is indeed good news, but how do you know whether or not you have qualified as a recipient of the income tax rebate check? Here’s the biggest factor that can ensure you do get the “tax break” check: “I paid my income tax for 2007”.
Now that may sound like a simple statement, but it does mean a lot – why? Because it’s what gets you qualified, duh! So for those who did comply with their duties as a law abiding citizen, congratulations, the governing body will “reward” you for that. Now you’re stumped as to who plays “God” for deciding whether or not you’re qualified, maybe.
If you’re one of those puzzled, it’s completely understandable, if you were born yesterday. The answer to that, my not so bright friend, is the IRS, which in case you didn’t know stands for Internal Revenue Service. So is paying your income tax the only determining factor for receiving the tax return? Good news, it’s not the only determining factor for receiving the tax return.
There are others to be taken into consideration, even if you haven’t paid your dues last 2007. IF you are receiving low income, the government might “feel sorry” for you and hand you the rebate, maybe. Not only that, but being a beneficiary of a war veteran, then you just might qualify for the return.
Bums, I mean people receiving Social Security benefits can also qualify – take note that this is still subject to the IRS people’s approval. As for those belonging to this category that didn’t make it, true they’ll be receiving the income tax rebate, but in a lesser amount. You didn’t think that not paying your dues last 2007 wouldn’t have consequences, now did you? Moving forward, how much should you expect to receive? The answer to that would depend entirely on the amount you paid last year, plus the number of children (must be qualified dependents) you have.
Each child you have rakes in $300, so having more would mean you get more. So for all those who have qualified for the “kick-back”, have your Social Security Number ready, as well as a list of all valid child dependents.
About the author
The author of this article Rick Goldfeller is a successful underground Financial Analyst who has been advising and coaching individuals for many years. Rick recently published a book on how to manage your money and attract Wealth and Financial Freedom. More info on his Finance Planning course is available HERE.
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