Did you know that the economic stimulus payments were tax free?
Economic stimulus payments are not taxable, and they are not reported on your 2008 individual income tax returns. However, the stimulus payment does affect whether a taxpayer can claim the Recovery Rebate Credit and how much credit you may receive. The credit is figured like last year’s economic stimulus payment except that the amounts are based on tax year 2008 instead of 2007. A taxpayer may qualify for the recovery rebate credit if, for example, you did not receive an economicstimulus payment or had a child in 2008. In most cases, the IRS will figure the credit.
Contact the accounting, tax and financial consulting firm of Robert C Olivieri, Jr. PC if you still have any other questions or are looking to have your personal, corporate, payroll or sales tax returns prepared. Take advantage of our 30 plus years of Accounting, Tax and Financial Consulting experience to reduce your IRS liabilities and show you our provocative Retirement Strategies. Our retirement suggestions are not stockbroker friendly because we are not in the business of selling stocks or mutual funds. Feel free to call Bob, almost anytime, at 215.943.3296 for any questions you may have. Is it not time you dealt with Accounting and Tax Professionals that are available at your convenience?
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