Tax rebates, which are the centerpiece of Congress’ recent $170 billion economic stimulus plan are starting to trickle in, but few Fairhope AL real estate owners and taxpayers actually understand what the rebates mean or how they may benefit.
Below are some of the main points of the plan:
- 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 made the IRS deadline and filed your taxes by April 15, you can expect to receive a check sometime between May and July.