The Federal Tax Credits Blog

Question: 2008 Tax Rebate?

I understand that the $1200 (married filing jointly) I will get as a rebate for 2008 is esentially an elimination of the 10% tax bracket. But what about the $300 per child? Is that an “advance” on the child tax credit? When I file my taxes in 2009 for TY2008 will my child tax crdeit be reduced by $900 (3 kids)?
My question primarily has to do with the $300 per child. Where does that money come from? Is it an advance on your 2008 child tax credit? If so will my 2008 child tax credit be reduced when I file my 2008 taxes?

Answer: Yes, it is an advance on next year’s taxes.

While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.

It’s like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income.

Mason County Man Pleads Guilty to Being a Felon with a Firearm

A Mason County man pled guilty on Monday in federal court to being a felon in possession of a firearm.

Tax Credit for Active Kids : Family Tax Preparation Services Canada

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