According to CNNMoney, it looks like those rebate checks will start coming a week early. Everything seems to be in the same order, but some people will get moved up a week. I guess I would do the same thing if I had an important deadline…looks like they’re only going to do 800,000 the first day (out of a total 130 million).
Archive for the ‘taxes’ Category
The Government is Early, for Once
Thursday, April 24th, 2008Taxes
Sunday, February 25th, 2007It’s that time of year again. All the usual advice applies…don’t forget any credits you’re entitled to, make sure to include all your interest, etc, etc.
You should already have a 1099 for any accounts where you’ve earned more than $10 in interest. If not, you can usually find a “year to date” number on your Dec statement that’s pretty accurate.
This year there is the telephone tax credit. If you’ve kept every phone bill for the last three years you can find out the exact amount, but most of us are just going to be taking the $30 credit ($60 for couples filing jointly).
Also new in the past few years is the energy credit. If you replaced your furnace, hot-water heater or windows in the last year, or made other energy qualified improvements to your house, you may qualify for a credit of part of the cost of the improvements. I replaced two drafty windows, and put some insulation into part of one wall when I had to replace the sheetrock, so I got a small credit. Hey, every dollar counts.
On paper you’ll need to get an extra form for the energy credits. If you’re using a tax program, taking these credits should be pretty easy. Many people qualify for freefile online, including just about everyone with an AGI under 52,000. Just make sure the option you choose includes the energy credits. I got most of the way through filling out my tax info on TaxCut (H&R Block) and discovered they couldn’t handle the energy credit. The woman I reached through the live chat was friendly and helpful, but admitted that they hadn’t programmed that in yet and “should have it by March”. I ended up filing with TaxAct. The user interface is a little clunky, but they have all the extra forms (I also have a K-1 with a section 179 deduction on top of my W2 and 1099s, which complicates things).
If you have student loans, that’s another credit you can take without needing to itemize, along with the Hope or Lifetime Learning credits if you’re still in school. Plus a Saver’s Credit for those in the lower income brackets. I make too much for the saver’s credit but I’m taking an accounting class.
If you itemize, you’ve got lots more things you can include. For example taxes, including sales tax, state income tax, tax paid to other countries, property tax, etc. Don’t forget the points on your new/refinanced mortgage along with the interest.