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| IRS tax rebate stimulus payment schedule | |
May 09, 2008 - 5:09 PM - by Samatg |
Economic stimulus payments will be issued according to the last two-digits of the main filer's Social Security number. For joint filers, the payments will go out based on the person listed first on the return. Payments will be made by either direct deposit or paper check, consistent with how people filed their 2007 tax return.
People who use direct deposit also will be among the first to receive the payments starting April 28. Direct deposits will be made daily and completed by... [Read More] | | | | How does one qualify for Foreign Earned Income Exclusion & Foreign Housing Exclusion? | |
May 06, 2008 - 4:42 PM - by TaxGuru |
According to the US tax laws, all US citizens and resident aliens are taxed "on their worldwide income, whether the person lives inside or outside of the United States".
But, for certain qualifying U.S. citizens and resident aliens who live and work abroad, there is a provision in the tax law for them "to be able to exclude from their income all or part of their foreign salary or wages, or amounts received as compensation for their personal services."
... [Read More] | | | | Tax Tip for Senior's On "How to Claim a Rebate Check if they made minimum income! | |
Mar 05, 2008 - 1:39 AM - by TaxGuru |
There are Senior taxpayers who really have made very little income from Social Security and did not file a tax return due to insufficient income.
All Senior taxpayers who are in that situation, should be encouraged to FILE A TAX RETURN in 2007 despite not requiring to file! The reason is that by at least filing these returns, they would be eligible to claim $300 to $600 tax rebate.
I would encourage all Seniors to promptly file their 2007 tax returns... [Read More] | | | | How Much Rebate will taxpayers get in 2008? | |
Feb 19, 2008 - 12:39 PM - by TaxGuru |
The IRS has stated that "the eligibility for and amount of stimulus payments to taxpayers will vary according to their income and family situations."
The payments will range from $300 to $600 for individuals and $600 to $1200 for joint filers. Taxpayers may receive $300 for each qualifying child. But, payments could be less, depending on tax liability and Adjusted Gross Income.
Unfortunately for some, a phaseout reduction begins at $75,000 for single... [Read More] | | | | What are Constructive Dividends? | |
Dec 12, 2007 - 8:50 PM - by TaxGuru | What is a Constructive Dividend?
The IRS is aware of the tendency of shareholders of closely held corporations to borrow money from or lease property to their corporation. The scenario usually involves the shareholder using the cash borrowed from the corporation to purchase personal items, such as a home, or finance a vacation or even to purchase investments.
There is nothing illegal about using corporate funds for the above purposes except the shareholder... [Read More] | | | |
