Congress’ recent $170 billion economic stimulus plan is centered around new tax rebates; unfortunately, the details of the plan are foggy at best, leaving Ludlow VT real estate owners and taxpayers with questions about the rebates and how they will benefit. The details are still being worked out by the Treasury Department and the IRS, but here are some facts that have been made available:
- To be eligible for a full rebate, single tax filers must have 2007 adjusted gross income (AGI) below $75,000. These filers will get rebates up to $600.
- Joint filers must have AGI below $150,000 and are eligible to receive rebates of up to $1,200.
- Parents will receive $300 rebates per dependent child and there is no cap on the maximum number of children eligible.
- Filers who do not owe income taxes because of various credits and deductions but who do have at least $3,000 in income (can include Social Security or disability payments) will get $300 rebates per person or $600 per couple.
- The rebate is a one-time tax cut – an advance on a credit you’ll receive on your 2008 return.
If you make the IRS deadline and file your taxes by April 15, you can expect to receive a rebate check in the mail sometime between May and July.
Why not put your 2007 tax rebate toward the purchase of a new home? To learn more about Ludlow VT real estate, please visit ISellVermontRealEstate.com or begin searching for homes here. For more personalized service, please call me at 802-353-1983.