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The IRS added together a $600 rebate for the parent and $600 for the two children to get $1,200, then subtracted the phaseout reduction of $750 ($50 for each $1,000 income above $75,000) to get $450. [6] According to the IRS, the stimulus payment did not reduce taxpayers' 2008 refunds or increase the amount owed when filing 2008 returns. [7]
January 2008: U.S. stocks had the worst January since 2000 over concerns about the exposure of companies that issue bond insurance. [114] February 13, 2008: The Economic Stimulus Act of 2008 was enacted, which included a tax rebate. [115] [116] February 22, 2008: The nationalisation of Northern Rock was completed. [100]
IRS location sign at Constitution Avenue, Washington, D.C. The IRS originates from the commissioner of internal revenue, a federal office created in 1862 to assess the nation's first income tax to fund the American Civil War. The temporary measure funded over a fifth of the Union's war expenses before being allowed to expire a decade later.
Where's my refund? CPA Practice Advisor has put together a chart showing when you should expect you refund based on when you filed your taxes.
I'll admit it: I'm terrible at paperwork! One year I just didn't do my taxes, so afraid was I of the Big Box of Unopened Mail, and finally finished them on April 17th (what's another couple of ...
Here's a look at how tax returns are going so far. How much is the average federal tax refund for 2024? The average refund issued through Feb. 2 was $1,395, according to the IRS release. Last year ...
If incorrect tax credits are applied by the employer, then a refund of tax is due. Tax refunds may also be due for income deductions that are applied after the tax year has ended, if one finishes working prior to the year end, or for joint assessment of taxes for a married couple. Tax refunds must be claimed within four years of the end of the ...
The law has three major divisions, Division A: the Emergency Economic Stabilization Act of 2008; Division B: Energy Improvement and Extension Act of 2008, and Division C: the Tax Extenders and Alternative Minimum Tax Relief Act of 2008. [11] The tax part of the law has provisions that will have a net expenditure of $100 billion over 10 years.
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