But when President Bush called me and asked me how to salvage the economy I offered my advice.
Print a bunch of free money and give it to the people.
We'll soon be getting the Stimulus Tax Rebate Checks which will be a welcome event for many. For those young familys like the Lassens who never seem to have a problem with bearing children, it will mean a sizable check. They've got 5 kids, and if my calculations are correct, they'll get about $300 x 7 people equals $2100. That's a pretty decent check. If they were to have a tax liability, which they won't b/c they're still in college, their buying their house and they've got 5 kids, they'd possibly get up to $600 for mom and $600 for dad.
Missy and I should see approximately $1500...if I ever get around to filing our tax return. To our tax returns first requires me to do a 1065 Partnership return, two 1120 S-Corp returns, and get the numbers together for the lawn mowing. Each year it gets more complex, and I'd thought I was just going to put it on extension this year but if we want that rebate check we need to file.
Also, you should note that if you have a grandmother or a senior family member that if they haven't filed for decades that they should file this year. They too could possibly be elgible for the $300 rebate check if they had at least $3k in qualified income. To get it they have to file.
P.S. - If you're wondering what your rebate check might look like, there's a calculator here at www.irs.gov
3 comments:
Wow Jarrett...you really do have some knowledge in there that I didn't know about!
While you are informing the world, I would like a free estimate for our tax rebate PLEASE!
You guys will probably get $1500 which is $300 x 5. IF you had a tax liability before any credits, i.e. you used up some of your child tax credit to owe zero tax, you will up to $600 additional.
So it will range from $1500 to $2100.
Since you guys were in Law school for 2007, You're probably looking at the $1500 unless LeGrand was pulling in some mad money while he was in school.
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