Video and Music by Brad Paisley & Sara Evans
Monday, March 24, 2008
Friday, March 7, 2008
Uncle Sam, Friend or Foe?
I am trying to get out the word on the tax rebates many of you are expecting. People ask me if it free money. Friend, there is only one thing in this life that is free, but that free gift comes from God. Here is my best explanation. Take it for what you feel its worth.
While the rebate you may receive 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. Of course the new zero percent tax bracket is larger for married couples.
It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Be aware that because this is an advance payment on your 2008 income taxes, your refund next year could be more (buy probably less!) depending on your 2008 income.
While the rebate you may receive 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. Of course the new zero percent tax bracket is larger for married couples.
It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Be aware that because this is an advance payment on your 2008 income taxes, your refund next year could be more (buy probably less!) depending on your 2008 income.
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