How will you spend the Bush Check?

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Callme_CO said:
Will we have to claim this on next years taxes?
Click to expand...

The document that will come in the mail will reaffirm the answer I'm
about to give. THE MONEY YOU RECEIVE WILL NOT BE TAXABLE AS
INCOME, for 2008 tax purposes. Even with direct deposit, you'll still
get this little document in the mail, which explains the same.
:)
 
I've decided to treat myself to a nice time piece..

bw.jpg
 
squalebear said:
The document that will come in the mail will reaffirm the answer I'm
about to give. THE MONEY YOU RECEIVE WILL NOT BE TAXABLE AS
INCOME, for 2008 tax purposes. Even with direct deposit, you'll still
get this little document in the mail, which explains the same.
:)
Click to expand...
If I remember correctly we got one of these a few years ago. I can't find my records right now but I THINK it was taxable as income by the STATE - because it's not a refund of overpaid federal withholding, or a tax credit, the state viewed it as INCOME. Not taxed by the FED though..
 
luv2read said:
If I remember correctly we got one of these a few years ago. I can't find my records right now but I THINK it was taxable as income by the STATE - because it's not a refund of overpaid federal withholding, or a tax credit, the state viewed it as INCOME. Not taxed by the FED though..
Click to expand...
Talked to my tax man..He assured me there would not be any STATE or FEDERAL taxes on this rebate...:)
 
luv2read said:
If I remember correctly we got one of these a few years ago. I can't find my records right now but I THINK it was taxable as income by the STATE - because it's not a refund of overpaid federal withholding, or a tax credit, the state viewed it as INCOME. Not taxed by the FED though..
Click to expand...

Living in New Jersey, The blood sucking leeches always find a way to tax
your money. The document I saw (daughter-in-laws) made no mention of
how the money would be handled by State Tax Authorities.
:worried::suspicious::worried:
 
It IS taxable by the states. Each state can decide whether to tax it or not. Alabama IS taxing it. New York is NOT taxing it. Most of the states haven't decided yet. Don't believe everything your taxman tells you. Read more here.

http://www.walletpop.com/2008/03/07/tax-tips-will-i-have-to-pay-state-tax-on-my-federal-tax-rebate/

http://www.savvysugar.com/1099622

New York won't be taxing the rebate checks because, as explained by NY Governor Eliot Spitzer, "During these challenging fiscal times, it is particularly important for all New Yorkers to know that they will retain the full amount of this rebate, and will not be taxed on these amounts next year.” Oregon, Iowa, and California have all followed suit and will not be taxing their residents on the stimulus rebate checks.
If you live in Alabama, it seems your state is planning on taxing the checks because its budget could use the $55 million it would receive from doing so. And if you're sitting on the edge of your taxpayer seat and can't wait for your state to make an announcement, Bankrate has a directory of every state's department of revenue along with phone numbers and you could try giving them a friendly call. You know, just to check in.
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[FONT=Verdana, Arial, Helvetica, sans-serif]2008 Federal Economic Stimulus[/FONT]


[FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-1]Individual Stimulus Payments[/SIZE][/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-1]For New Jersey gross income tax purposes the treatment of the Federal stimulus payment will correspond to the Federal treatment. The payment will not be considered taxable income and should not be reported on the taxpayer’s 2008 gross income tax return. [/SIZE][/FONT]​

[FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-1]Taxpayers who are filing a 2007 Federal income tax return only to receive the economic stimulus payment and who do not normally need to file a New Jersey income tax return are not required to file a 2007 New Jersey gross income tax return unless their income is above the filing threshold.[/SIZE][/FONT]​

 
The federal government is sending each and everyone of us a $600 rebate.




If we spend that money at Wal-Mart, the money will go to China.




If we spend it on gasoline it will go to the Arabs.




If we purchase a computer it will go to India.




If we purchase fruit and vegetables it will go to Mexico, Honduras, and
Guatemala.




If we purchase a good car it will go to Japan.




If we purchase useless crap it will go to Taiwan ... and none of it will
help the American economy.




The only way to keep that money here at home is to buy prostitutes,
weed, beer, cigarettes, whiskey, and tattoos, since these are the only
products still produced in the USA.




Thank you for your help & please support the U.S.
 
Maybe I'll get an electric bike to commute to work. :p

Seriously though, there's a $350 e-bike for sale that would work. Cheap battery only lasts a year though. At $80 a pop for batteries and gas at $3.60/gal I'd have to ride it every day for 2.5 years to break even. :(
 
Motto of this "conservative" administration: "spend like there's no tomorrow...and encourage everyone else to do the same."

When did the government start encouraging SPENDING instead of SAVING?:confused:

Instant gratification. Bleh. Get yours now and let tomorrow take care of itself.
 
Buster said:
For a while there I was feeling pretty gratified..now I don't know:confused:
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not trying to rain on your parade Buster. I just find this whole "conservative" administration a big joke. Democrats aren't any better but at least they are "pay as you go" even if it is tax and spend. We need a new system. Two party system is broken.
 
Well, my dishwasher decided how I'm going to spend my part of the check (cue in coffee grinder sound for the fifth time this year):rolleyes:. Former owners of the house are very nice people but with 7 kids, repair guy keeps finding legos, bolts, screws, and all sorts of little items in it - and next repair is replacing the entire motor - when you get there its time to think about new.

I'll let the sig other figure out what he's going to buy with his half.
 
luv2read said:
Very nice! What do you recommend for a camcorder that has digital still capability? I know absolutely nothing about cameras.:confused::rolleyes:
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LOL, the camcorder I have I bought when my daughter was born, 10 years ago! :D

Translation, I don't know anything about camcorders.

Though the dig. camera I have ordered supposedly records video in HD.
 
luv2read said:
I'm feeling pretty gratified with my 100% F fund right now...:D

How about you Buster? We doin' good!:)
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Pretty good indeed..I really think the F fund will be the safest place and to get a few dollars of profit till the end of the month..the C & S are on shakey ground right now and some of the technicals are pointing to a serious down turn, near term....Says the Magic 8 Ball;)
 
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