Getting Taxed on Last years stimulus check?
01-09-2009, 10:12 PM
#42
S E L L
You are a special case because of your business
For the average taxpayer like myself paying someone to do your taxes is a huge waste of money. I realized this one year when someone convinced me to go to their tax person so that I could get more money back. Hell I paid that tax person more than they extra little bit they got me so in the end I lost
For me I sit at my computer with H&R block's free software and in about an hour im done. No need to make an appointment and carry all my papers to some person who will likely use the same kind of software.
For the average taxpayer like myself paying someone to do your taxes is a huge waste of money. I realized this one year when someone convinced me to go to their tax person so that I could get more money back. Hell I paid that tax person more than they extra little bit they got me so in the end I lost
For me I sit at my computer with H&R block's free software and in about an hour im done. No need to make an appointment and carry all my papers to some person who will likely use the same kind of software.
Been doing them on there ever since. 
They need to lock these morons in a room and not let them out until they resolve the budget issues. 
01-09-2009, 10:15 PM
#43
Pro
From MSNBC:
Even without a deficit resolution, issuing IOUs is not the only option for tax refunds. The state could simply delay payment. Under the law, it has until May 30, Jordan said.
In 1992, banks honored the state's IOUs, cashing them on demand, and then receiving an additional 5% from the state when it made good on the obligations. In effect, the IOUs served the state as unsecured bridge loans from banks. But this time around, with credit tight and banks still feeling the impact of the fall meltdown in the financial services industry, it is not yet clear how banks will respond.
"Nobody's making any decision whether 'Bank X' will take the IOUs as money or not," said Brian Tobin, a Culver City based tax preparer. At the request of NBC Los Angeles, Tobin reviewed a copy of Chiang's letter. Tobin noted that in past years, California's Franchise Tax Board has processed electronic refunds in as short a period as a week. This raises the possibility that taxpayers with simple returns who file as soon as possible after New Year's may be able to receive refunds before the proposed February start date for issuing IOUs.
Those who could be most affected are taxpayers who routinely plan for large refunds as a means of saving for anticipated expenses, such as property taxes which are also due in April. But with notice coming at year's end, there is not time for those taxpayers to adjust their withholding or take other steps to try to capture their return in advance from the state's coffers. "They've got their money taken out of your paycheck. That's it," Tobin said.
One final irony, Tobin sees: electronic deposit refunds are inexpensive to do. Instead sending out IOUs is a more costly procedure for a state looking to save money.
01-09-2009, 10:24 PM
#44
The Third Ball
Join Date: Sep 2002
Location: Los Angeles, Ca
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Damn, that's ridiculous, especially for people expecting a refund to make ends meet.
From MSNBC:
Even without a deficit resolution, issuing IOUs is not the only option for tax refunds. The state could simply delay payment. Under the law, it has until May 30, Jordan said.
In 1992, banks honored the state's IOUs, cashing them on demand, and then receiving an additional 5% from the state when it made good on the obligations. In effect, the IOUs served the state as unsecured bridge loans from banks. But this time around, with credit tight and banks still feeling the impact of the fall meltdown in the financial services industry, it is not yet clear how banks will respond.
"Nobody's making any decision whether 'Bank X' will take the IOUs as money or not," said Brian Tobin, a Culver City based tax preparer. At the request of NBC Los Angeles, Tobin reviewed a copy of Chiang's letter. Tobin noted that in past years, California's Franchise Tax Board has processed electronic refunds in as short a period as a week. This raises the possibility that taxpayers with simple returns who file as soon as possible after New Year's may be able to receive refunds before the proposed February start date for issuing IOUs.
Those who could be most affected are taxpayers who routinely plan for large refunds as a means of saving for anticipated expenses, such as property taxes which are also due in April. But with notice coming at year's end, there is not time for those taxpayers to adjust their withholding or take other steps to try to capture their return in advance from the state's coffers. "They've got their money taken out of your paycheck. That's it," Tobin said.
One final irony, Tobin sees: electronic deposit refunds are inexpensive to do. Instead sending out IOUs is a more costly procedure for a state looking to save money.
From MSNBC:
Even without a deficit resolution, issuing IOUs is not the only option for tax refunds. The state could simply delay payment. Under the law, it has until May 30, Jordan said.
In 1992, banks honored the state's IOUs, cashing them on demand, and then receiving an additional 5% from the state when it made good on the obligations. In effect, the IOUs served the state as unsecured bridge loans from banks. But this time around, with credit tight and banks still feeling the impact of the fall meltdown in the financial services industry, it is not yet clear how banks will respond.
"Nobody's making any decision whether 'Bank X' will take the IOUs as money or not," said Brian Tobin, a Culver City based tax preparer. At the request of NBC Los Angeles, Tobin reviewed a copy of Chiang's letter. Tobin noted that in past years, California's Franchise Tax Board has processed electronic refunds in as short a period as a week. This raises the possibility that taxpayers with simple returns who file as soon as possible after New Year's may be able to receive refunds before the proposed February start date for issuing IOUs.
Those who could be most affected are taxpayers who routinely plan for large refunds as a means of saving for anticipated expenses, such as property taxes which are also due in April. But with notice coming at year's end, there is not time for those taxpayers to adjust their withholding or take other steps to try to capture their return in advance from the state's coffers. "They've got their money taken out of your paycheck. That's it," Tobin said.
One final irony, Tobin sees: electronic deposit refunds are inexpensive to do. Instead sending out IOUs is a more costly procedure for a state looking to save money.
fucking obscene.
01-09-2009, 10:32 PM
#46
The Third Ball
Join Date: Sep 2002
Location: Los Angeles, Ca
Age: 45
Posts: 49,199
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01-14-2009, 03:09 PM
#48
You are a special case because of your business
For the average taxpayer like myself paying someone to do your taxes is a huge waste of money. I realized this one year when someone convinced me to go to their tax person so that I could get more money back. Hell I paid that tax person more than they extra little bit they got me so in the end I lost
For me I sit at my computer with H&R block's free software and in about an hour im done. No need to make an appointment and carry all my papers to some person who will likely use the same kind of software.
For the average taxpayer like myself paying someone to do your taxes is a huge waste of money. I realized this one year when someone convinced me to go to their tax person so that I could get more money back. Hell I paid that tax person more than they extra little bit they got me so in the end I lost
For me I sit at my computer with H&R block's free software and in about an hour im done. No need to make an appointment and carry all my papers to some person who will likely use the same kind of software.
Plus, our accountant knows all the tricks... and can get us much more of a refund then TurboTax or any of those software packages can.
But yes, now with the businesses, we have to use an accountant.
01-27-2009, 11:09 PM
#49
None
Join Date: Jun 2007
Location: San Francisco
Posts: 474
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has anyone figured the solution for this?
using taxslayer, im still getting $600 substracted(because it asks if I have received one and enter the amount) from what I would originally get if I didnt get this economic stimulus check...
using taxslayer, im still getting $600 substracted(because it asks if I have received one and enter the amount) from what I would originally get if I didnt get this economic stimulus check...
01-28-2009, 12:08 AM
#50
Suzuka Master
Check the other thread you started. I explained your lack of reading comprehension. To break it down, your tax rebate will be $600 higher if you did NOT get the rebate check last year. You get two bites at the apple. If you did get it, your taxes will be exactly the same as they would normally be.
01-28-2009, 07:45 AM
#55
I now drive an accord....
02-09-2009, 03:20 PM
#56
Too much misunderstanding going on here.
I work for the CPA firm. Although I am involved with audit side of the business, I am no tax dummy. The stimulus check has no impact on your 2008 return. I saw the turbo tax question and it is designed to determine whether you can claim additional tax credit based on the amount of stimulus payment you received. The stimulus payment was estimated on your 2007 return and if you had any life changing events like having a kid or two... the program will determine the additional stimulus credit you will receive.
For example, you and your spouse received $1,200 during 2008, but you ended up having a set of twin girls during 2008. Based on how many dependents you claimed on the return, the program will calculate what you should've been entitled to for 2008 and add an additional stimulus credit to your return. This bumps up your tax credit which is used to offset your tax liability. In my example, you would receive an additional tax credit of $600 ($300 per kid), which would decrease your tax liability by $600 and increasing you return by $600...
Again, YOU ARE NOT TAXED ON THIS.
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