One of my favorite times of the year is sitting down with Guido for 2-3 hours as we prepare our income tax return. In my family growing up my father was the one that did the taxes. He is a very detailed and organized man. You know the kind that could pull a receipt out for every deduction he made from previous tax years. I remember we were told to leave him alone as he spread out his paperwork on the dinning room table (this was before the ease of the computerized programs). It usually took him a week, if I remember right, and then our dad would return to us, a little more grey hair, but otherwise normal dad.
Guido and I have a lot of receipts this year from doctor bills to moving expenses. We will have to file a State Income Tax Return this year which we have never done since we are new residents of the lovely State of Georgia. But thanks to the lessons of dear old dad, it's easy to locate all our receipts. He's taught me well. I keep a folder in our filing cabinet marked for that current year and slowly start dumping all tax-related receipts into its contents. I'm not so overwhelmed and all the information is ready and available when needed. It makes the time together with Guido so much more pleasant. It's also a great faith booster as we sit and look at what we made and how we survived! Thanks be to God!
Looks like we may all be getting a little extra this Spring from the IRS. This information was taken off the IRS website .
FS-2008-15, February 2008
Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million individuals. The stimulus payments will go out through the late spring and summer. The vast majority of Americans who qualify for an economic stimulus payment will not have to do anything other than file their 2007 individual income tax return to receive their payment this year. They will not have to complete applications, file any extra forms or call the Internal Revenue Service to request the payment, which is automatic. The IRS will determine eligibility, figure the amount and issue the payment.
Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million individuals. The stimulus payments will go out through the late spring and summer. The vast majority of Americans who qualify for an economic stimulus payment will not have to do anything other than file their 2007 individual income tax return to receive their payment this year. They will not have to complete applications, file any extra forms or call the Internal Revenue Service to request the payment, which is automatic. The IRS will determine eligibility, figure the amount and issue the payment.
The IRS will use the 2007 tax return to determine eligibility and calculate the basic amount of the payment. In most cases, the payment will equal the amount of tax liability on the return with a maximum amount of $600 for individuals ($1,200 for taxpayers who file a joint return) and a minimum of $300 for individuals ($600 for taxpayers who file a joint return).
4 comments:
I'm one of the few people that look forward to tax time. I think of it as an adventure in finding money. We always get a return, so its fun to talk about what we'll give, what we'll save and what we'll spend.
Balancing, paying bills, doing a budget, saving money....all that has always been in my court. But when it comes to taxes - it's all Arthur's. It's like I suddenly stop short and he takes over. Although I am the one who keeps the receipts throughout the year and collects all the statements, then I hand it all over to him to process and file.
I have no part in the tax time joys. Josh e-filed at the Chik-Fil-a on his way down to visit his folks. If you qualify as poor the IRS will let you e-file for free and let you use the H&R Block online for free. He's done that the last couple of years. I feel so much safer that way then when he used to do it all by himself.
prayed for you this morning sister friend.
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