The centerpiece of Congress’ recent $170 billion economic stimulus plan is tax rebates, but few Bradley Beach NJ real estate owners and taxpayers actually understand what the rebates mean or how they may benefit.
Treasury Department and IRS officials are still scurrying to work out the details of the plan, but below are some of the main points that have been made available:
- To be eligible for a full rebate, single tax filers must have 2007 adjusted gross income (AGI) below $75,000. These filers will get rebates up to $600.
- Joint filers must have AGI below $150,000 and are eligible to receive rebates of up to $1,200.
- Parents will receive $300 rebates per dependent child and there is no cap on the maximum number of children eligible.
- Filers who do not owe income taxes because of various credits and deductions but who do have at least $3,000 in income (can include Social Security or disability payments) will get $300 rebates per person or $600 per couple.
- The rebate is a one-time tax cut – an advance on a credit you’ll receive on your 2008 return.
If you make the IRS deadline and file your taxes by April 15 (that’s next week!), you can expect to receive a check sometime between May and July.
Why not put your 2007 tax rebate toward the purchase of a new home? To learn more about Bradley Beach NJ real estate, please visit PatrickParkerHomes.com or begin searching for Bradley Beach NJ real estate here. For more personalized service, please call me at 732-775-2774