Do you have questions concerning your Tax return?  Well, You are not Alone!

Often when filing taxes they are not explained. I believe An Informed Taxpayer saves Money.
Understanding normal filing protocol serves to inform tax filers What’s Needed?

 Items Needed to File:

All Income Statements, W2, W2G, 1099, Interest Statements, SS benefits received, Unemployment benefits statement, Names as they appear on SS card (s), Date of Births, SS numbers, How dependant’s are related to you, Proper I. D.  required when using a paid Preparer, State or Gov Issued. 
Medical Expenses Receipts Allowed, all expenses not covered by insurance, Insurance premiums only if  NO employer participation, prescription meds, eyeglasses and exam cancer policy, Doctor and Dental expenses, mileage to doctors,
all co-pays, long term care deduction (limited), all above allowed if paid out of pocket. (important)
Contributions: Cash to Church and non-profit organizations,  Example : United Way
Non-Cash Contributions sure as clothing to organizations like Salvation Army
Property Tax Deduction: County , State property taxes (real estate, land)Car Tag Deduction, most States, Ad Valorem taxes only,  includes boats and motorcycles
Mortgage Interest: paid to Banks or Individuals, if individual need SS# and Name, address and amount paid, this is reported to IRS
Other  Deductions:
Student loan interest paid, Moving expenses, Gambling losses, (only up to amount of winnings), Union Dues, Safe deposit box rental, Paid preparer fees paid previous year, Required Safety equip paid by you including safety shoes or required clothing, (clothing must have logo or employer specified color) to qualify for deduction.Rebates Stimilus Package:
must file 2007 return more…my tax rebate blog If any of the above applies to you they will be needed to file your taxes to get maximum deductions.
“An Informed Taxpayer saves Money”Larrie Perkins
Questions and Guest Book
www.taxmart.us

The tax stimulas rebate requires all individuals to file a 2007 tax return in order to qualify for the rebate. This is true even if you are not required to file a return. By filing you have set the tax rebate to be issued to you as the rebate program picks up information on filed tax returns

Tax Rebates approved by lawmakers to spark the slowing economy and  this  leads to questions concerning how the program will actually work. Most taxpayer’s concern is the amount of rebate they will receive and when to expect its arrival. The rebate itself is not exactly free money and some clarification is needed. The rebates checks will begin mailing in May and estimated to be completed by early July. To qualify for the one time rebate your adjusted gross income must not be greater than $75000 if you are single tax filer and not more than $150,000 if you file a joint tax return. In addition, parents will receive an additional $300.00 rebate per child under age 17 claimed on their 2007 tax return with no cap as to the number of eligible children. To qualify you must file a 2007 federal tax return preferable before the April deadline. If you file an extension you can still receive the rebate, if you qualify, but the time frame the rebate is issued to you will be later in the year. If your income is above the cap set,  you can still get a rebate but any amount above respective cap will be reduced by amount above stated cap times 5% of total amount above cap.
Example:  a single person has income of $85000. The $10,000 above cap will be reduced by 5% in this case (10000 x.05 = $500.00). $600 -$500 = $100 rebate
Questions arise, such as, ” do I have to repay the received rebate. The answer to this is No. The rebate you receive is actually an advance on the credit you’ll receive when you file your 2008 tax return. Basely, if you are eligible, you can receive an additional rebate when you file 2008 tax return as the rebates are based on your 2007 return for the initial rebate. Example:  If you have an addition to your family or claim an additional dependant in 2008 an additional rebate will be factored in at that time, qualifications met.
If you receive more than you should based on your 2007 return,  when you file your tax return for 2008 you will not have to repay what you have previously received. Tax filers who do not owe taxes but have at least $3000 in income including Social Security and disability payments,  including Veterans benefits will receive $300 per person or $600 per couple.
An estimated 120 million people get the rebate. I see more people claiming their dependants this year, anticipating the rebate they will receive. The rebate checks will be issued in early May and require approximately 10 weeks to complete mailing in early July. If you have any questions fell free to contact me for clarification. Just use my quest book at www.taxmart.us
“An Informed TaxPayer saves Money”

Larrie Perkins
TaxMart Inc   
 

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