EggXpert

Yay looks like they will start sending them out a few days early.

http://www.savvysugar.com/1576586 

Now what to get.  ^_^ 

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Hey Mei, Just a heads up you do know you will need to pay that money back next year...right?

~TK

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that rumor is not true, thank goodness.

Here is from an article I read awhile back;

"Keep in mind that the rebate itself is not taxable and will not affect the refund you might otherwise receive for 2008. But if you get the maximum rebate this summer, you won't get it again when you file your 2008 tax return."

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According to my CPA he said that it wont necessarily affect you next year if you pay more than 600 in federal taxes this year, the concept is this, as he explained "What the goverment is doing is just the opposite of what we do each year, just this time they are giving us an advance on what we would "normally" get back." 

Therefore, your return next year will be reduced by the 600$ as you are paying back that advance.  It doesn't affect your gross net income, so it will not mean you are taxed more next year.  The goverment apparently did this a few years back as well.

~TK

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Hey Mei,

 I just asked our CFO about it and he said you dont necessarily have to pay it back unless you dont earn any $ this year, otherwise your next year will be reduced because the IRS is considering this a "Credit" to your accout which which balances with tax time each year.  Therefore, they will need to have a "debit" to make it balance again, ie) next years taxes, sadly.

If you would like i could find some article to explain all that I just said, i know im not the best at this ....

~TK

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Will do, just give me a few min.

~TK

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http://articles.moneycentral.msn.com/Taxes/Advice/SeeWhenYouWillGetATaxRebateCheck.aspx

Theres a highlighted section that might explain better called "you wont have to pay it back" which explains the concept of not paying it back, but being advanced so you wont get as much back later.

Anywho I'll look for more details on this or if I can get my cpa to give me a doc ill post a link to it :)

Hope this helps everyone!

~TK

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This is the IRS FAQ on the subject as well :)

http://www.irs.gov/newsroom/article/0,,id=179181,00.html

~TK

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I just refused to take mine right now, as I might need the $ later.  Well see, I wish I could have gotten it for a nice new mobo.... even tho mines 3 months old.

~TK

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I'm still waiting and I have no idea when it will show up.

I know what I'm going to do with it, though:

Pay down part of my car. Georgie won't be happy with me, but it's the most fiscally sound use of the money. (no reason to invest it if you're just balancing investment against debt) 

so has any one got theirs yet?

no word from mei bank yet. 

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I can tell you some people have gotten theirs, i've seen about 300 at my bank that have had theirs via direct deposit.

~TK

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MrMonroe:

I'm still waiting and I have no idea when it will show up.

I know what I'm going to do with it, though:

Pay down part of my car. Georgie won't be happy with me, but it's the most fiscally sound use of the money. (no reason to invest it if you're just balancing investment against debt) 

And thats what most americans should be doing but with the national savings rate at -.06% I think the goverment is going to get exactly what they expect more consumption spending.

~TK

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How do I join?

~TK

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People who bought too much house and can't afford them should lose their houses. There is a small group of people that should be able to afford their mortgages and should get their stuff sorted with the banks.

Unfortunately, the banks don't have any incentive to refinance for those people that should be able to pay up, because they understand a central tenet of American "Capitalism:" the Feds won't let big banks fail. Bear Sterns should be rotting in it's grave right now, and instead it's stinking up the foyer of the Federal Reserve. We'd be seeing the market correct a few of these worthless businesses under right now and a lot of people would end up homeowners as a result.

Have you guys heard what some people are doing? On banks that are foreclosing they destroy their house...put gigantic holes in the wall, etc...

That is borderline criminal in my book. And sad.