Will You Get a Cash Rebate? |
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As part of the economic plan to stimulate the economy, the government will be sending rebate checks to most taxpayers. There are many factors to consider, such as who qualifies for the rebate, how is it calculated, what does a taxpayer need to do, if anything, to get the rebate, and how does the rebate affect a taxpayer’s return for 2008. These rebates are actually advance payments for a new refundable tax credit called the Recovery Rebate Credit (RRC). This credit will be claimed on a taxpayer’s 2008 tax return. The rebates are, in fact, an advance payment of the new RRC and must be accounted for when a taxpayer files for his or her 2008 tax return in 2009.
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Years of Inflation and the AMT Pose a Growing Tax Threat |
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Your tax will be the higher of the tax computed the regular way or the Alternative Minimum Tax. Anticipating when the AMT will affect you is difficult, because it is usually the result of a combination of circumstances.
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2009 Inflation Adjustments |
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Every year, many of the various tax limitations, deductions, allowances, etc., are inflation adjusted. The following are the more commonly-encountered values that apply to 2009, along with the prior year's amounts.
Click here for the table.These are not the only items that are inflation adjusted. If you have questions regarding other limitations not listed here, please call this office.
