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Tax Rebate Inquires

The rebates are coming, the rebates are coming!

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in Small Business Tax

The IRS has responded to numerous inquiries about the new tax rebates in a series of news releases and fact sheets. (IRS News Release IR-2008-12) Here’s the skinny: Rebates will be sent only to taxpayers who filed a Form 1040 or 1040A for 2007, even if they weren’t required to file. The rebate amounts are reduced by 5% of AGI above $75,000 for single filers; $150,000 for joint filers. Most taxpayers don’t have to do anything except wait for the check to arrive in the mail or via direct deposit. The IRS has promised to begin sending out rebates in May.

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