Clues to help solve your financial and tax puzzles!

Monthly Archive February, 2008

IRS Explains How to File to Claim the Rebate

February 28, 2008

 The IRS has issued Notice 2008-28 explaining what individuals who are not otherwise required to file an income tax return for 2007, must do to receive an economic stimulus rebate. Basically, the individual must file a return containing certain information. For eligible individuals (or married couples filing jointly) who are not required to file an [...]

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How do I value clothing & household items I donate?

February 26, 2008

Use this handy guide from Goodwill Industries to assist in obtaining values for your non-cash donations.  You may want to keep photographs of the items donated to establish the condition of the articles.
2007_valuation_guide1.pdf

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When will I get my tax rebate?

IRS TAX Rebate
 

The check is in the mail

Week
Last 2 digits of your SSN
Receive your check by week of

1
00 – 09
July 23

2
10 – 19
July 30

3
20 – 29
August 6

4
30 – 39
August 13

5
40 – 49
August 20

6
50 – 59
August 27

7
60 – 69
Sept. 3

8
70 – 79
Sept. 10

9
80 – 89
Sept. 17

10
90 – 99
Sept. 24

For married taxpayers who filed a joint [...]

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Questions & Answers about the taxablity of your tax rebate

February 18, 2008

Q. Is my stimulus payment taxable?
A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. You will need to know this amount next year when [...]

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Leonard D. Rea, EA, CFP® (Enrolled Agent, Certified Financial Planner™)
and his team, serving individuals and businesses in the Massachusetts area since 1986.

Leonard Rea, Sturbridge Taxman

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