A Special Tax Return?
I’ve done a post about taxes about this time each of the last two years, and this year will be no different. There seems to be a bit of a buzz this year concerning the 2008 Economic Stimulus Package that is due out next month. I’ve said for many years that there are two tax codes; one for the informed, and one for the uninformed.
The principle involved here is time-honored and true: and that is -- it's your money.
~ Robert Dole
We often just take what we hear from others as fact without actually checking to verify for ourselves if what people are telling us has any merit. The media in the case of this Economic Stimulus Package is no different from what I’ve seen and has been feeding us information in bits and pieces, but here's the part the media has overlooked.
No matter how Washington tries to spin this, it is NOT a tax "rebate." If it was a rebate, how could people who paid-in no taxes, get a rebate? But most of them will.
Lately, they've begin calling it an "advance on our 2008 taxes." If that were true, why would they also be telling us that if we don't owe any taxes in 2008, they won't take any of this "Stimulus" money back?
This 152-BILLION-DOLLAR bail-out program is an "unfunded government expense" -- which is a term in "government-ese" meaning: "We don't know how we're going to pay for it."
So, if it's not a "tax rebate," why is the IRS involved? They're the only federal agency with accurate names and addresses of most legal citizens, so they have the best "system" for distributing the checks.
But the IRS doesn't have a current address for every legal adult citizen, because some people are not required to file tax returns -- retirees living on Social Insecurity, for example. But Congress has decided that the only way a person can get an Economic Stimulus check, is to file a 2007 Tax Return.
So those folks who don't normally have to file, will be required to file a "special" tax return this year (called a Form 1040A). If they don't file it, they won't get a check.
Result? The feds will soon have a database of current addresses for nearly 100% of all adults in the U.S.
Can you say "Big Brother?"
Here's another neat little feature of this program that most people haven't been told. When they have your Social “Insecurity” Number (from your tax return) their computer will take a look to see if you happen to owe any back-taxes. If you do - they will automatically do you the "favor" of applying your "rebate" towards the back taxes you owe, instead of sending you a check.
Is there no end to how far our taxpayer-elected members of Congress will go, just to help us stay caught up in paying our taxes? Like I said, two tax codes; one for the informed, and one for the uniformed.
One final point.
How big a deal is this one time economic recovery bribe of $600? The average taxpayer running a home-based business and who understands the home-business tax breaks, is collecting additional tax refunds of up to $600 every month - not just one time.
The same Americans who are so excited about getting a one-time payment of $600, should understand that they can get a check about the same size every single month for the rest of their working lives - simply by having a legitimate part-time home-based business. That's what Congress should be telling taxpayers, not "Here's an unearned check; go spend us out of a recession."
Are you about to lose out on some 2007 tax deductions because you didn’t keep accurate records? Do you even know what kind of records you need in order to make them legitimate?
I have a few ways for you to find out if you do or don’t.
One, find yourself a good tax professional. One that is qualified in helping you in your Home Based Business and the tax laws surrounding what is right and what is wrong.
Two, to help you figure out if your Tax Professional knows anything about Home Based Business tax laws, get this book from Ron Mueller, “It’s How Much You Keep That Counts”. If you want to find out some of the information found in this book, you can find a basic outline from last years post after I bought the book for our own business.
Three, On Tuesday, April 8 at 9:00 pm Eastern time (6 pm Pacific), Ron Mueller will conduct a special, Tele-Coaching Session devoted to the topic of How to "Reconstruct" Missing Documentation that will Audit-Proof Your Tax Returns.
There is no charge for this call. The call-in number will be 419-400-0203, and the access code will be 8683900#.
When all call-in lines are filled up (and they will be) you can join via the Internet by going to this special web link.
If you’re in YTB I would also recommend signing up for our FREE Newsletter for news and updates concerning the steps you need to take in order to keep your business on the up and up concerning the tax laws. (I posted several tax specific webinars from various professionals as early as January of this year.) In addition, we share other tips and tricks for you on how to make your experience with YTB a success.
Well, that's it for today. The kids and I are going to be enjoying Spring Break this week together. They’ve been working really hard in school all year, and they’re looking forward to spending some time with Dad!
The principle involved here is time-honored and true: and that is -- it's your money.
~ Robert Dole
We often just take what we hear from others as fact without actually checking to verify for ourselves if what people are telling us has any merit. The media in the case of this Economic Stimulus Package is no different from what I’ve seen and has been feeding us information in bits and pieces, but here's the part the media has overlooked.
No matter how Washington tries to spin this, it is NOT a tax "rebate." If it was a rebate, how could people who paid-in no taxes, get a rebate? But most of them will.
Lately, they've begin calling it an "advance on our 2008 taxes." If that were true, why would they also be telling us that if we don't owe any taxes in 2008, they won't take any of this "Stimulus" money back?
This 152-BILLION-DOLLAR bail-out program is an "unfunded government expense" -- which is a term in "government-ese" meaning: "We don't know how we're going to pay for it."So, if it's not a "tax rebate," why is the IRS involved? They're the only federal agency with accurate names and addresses of most legal citizens, so they have the best "system" for distributing the checks.
But the IRS doesn't have a current address for every legal adult citizen, because some people are not required to file tax returns -- retirees living on Social Insecurity, for example. But Congress has decided that the only way a person can get an Economic Stimulus check, is to file a 2007 Tax Return.
So those folks who don't normally have to file, will be required to file a "special" tax return this year (called a Form 1040A). If they don't file it, they won't get a check.
Result? The feds will soon have a database of current addresses for nearly 100% of all adults in the U.S.
Can you say "Big Brother?"
Here's another neat little feature of this program that most people haven't been told. When they have your Social “Insecurity” Number (from your tax return) their computer will take a look to see if you happen to owe any back-taxes. If you do - they will automatically do you the "favor" of applying your "rebate" towards the back taxes you owe, instead of sending you a check.
Is there no end to how far our taxpayer-elected members of Congress will go, just to help us stay caught up in paying our taxes? Like I said, two tax codes; one for the informed, and one for the uniformed.
One final point.
How big a deal is this one time economic recovery bribe of $600? The average taxpayer running a home-based business and who understands the home-business tax breaks, is collecting additional tax refunds of up to $600 every month - not just one time.
The same Americans who are so excited about getting a one-time payment of $600, should understand that they can get a check about the same size every single month for the rest of their working lives - simply by having a legitimate part-time home-based business. That's what Congress should be telling taxpayers, not "Here's an unearned check; go spend us out of a recession."
Are you about to lose out on some 2007 tax deductions because you didn’t keep accurate records? Do you even know what kind of records you need in order to make them legitimate?
I have a few ways for you to find out if you do or don’t.
One, find yourself a good tax professional. One that is qualified in helping you in your Home Based Business and the tax laws surrounding what is right and what is wrong.
Two, to help you figure out if your Tax Professional knows anything about Home Based Business tax laws, get this book from Ron Mueller, “It’s How Much You Keep That Counts”. If you want to find out some of the information found in this book, you can find a basic outline from last years post after I bought the book for our own business.
Three, On Tuesday, April 8 at 9:00 pm Eastern time (6 pm Pacific), Ron Mueller will conduct a special, Tele-Coaching Session devoted to the topic of How to "Reconstruct" Missing Documentation that will Audit-Proof Your Tax Returns.
There is no charge for this call. The call-in number will be 419-400-0203, and the access code will be 8683900#.
When all call-in lines are filled up (and they will be) you can join via the Internet by going to this special web link.
If you’re in YTB I would also recommend signing up for our FREE Newsletter for news and updates concerning the steps you need to take in order to keep your business on the up and up concerning the tax laws. (I posted several tax specific webinars from various professionals as early as January of this year.) In addition, we share other tips and tricks for you on how to make your experience with YTB a success.
Well, that's it for today. The kids and I are going to be enjoying Spring Break this week together. They’ve been working really hard in school all year, and they’re looking forward to spending some time with Dad!
Doug & Ronda Bauknight
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Labels: Home Based Business, Ronald Mueller, Tax Code, Tax Deductions, YTB
