The Tax Goddess Blog

Well, the Corporate Deadline is Over! Now, on to some business

Well, now that the corporate deadline is over (March 17th this year!) we are on to the race for the personal returns. 

The biggest questions that I've received so far are as follows (with answers):

Q1:  Do I HAVE to file by April 15th, 2008 to get the economic stimulus package payment?
A1:  No, as long as you have a valid extension, you will still receive the stimulus payment, just later :)

Q2:  Should I make a Roth, IRA, or SEP contribution?
A2:  My personal opinion, YES!  I don't believe that Social Security is going to be around for any of us, so YES!!!  Max out everything you can!  :)

That's it for now - more to come, I am thinking that Q&A might be the best way to get the information out!

Hope everyone is still alive!

Shauna, Your Tax Goddess!

Questions on the "special rebate" for taxpayers

Got to love it when the government gives out free money!  "Free," yeah, sure it's free.  Well, at least it's a rebate. 

I've gotten a few questions and wanted to answer some of them here -

1)  Will I get the rebate?
Yes, as long as you file your tax return timely you get a part of the action

2)  Do I need to file to get the rebate even if I don't normally file?
Yes, you must FILE to get the rebate

3)  How much will I get
Ah, the perfect question!  For that one, you want to ask your tax preparer.  You may also get a prorated portion depending on when you file, so the earlier the better :)

Taxpayers should receive a notice in the mail that states that they may qualify for a one-time payment of up to $600 for individuals or $1,200 for a married couple filing jointly; there are additional payments of $300 for each qualifying child younger than 17.

So, be on the lookout!  (PS - this is separate from any tax you may owe, so please still pay any tax bills due!)

You Tax Goddess~ (A specialist in Taxes if you need help!)