There are currently several plans in the works to stimulate the economy by giving families tax stimulus rebates.  Here are the current proposed plans.

1.  If you missed out on the 2008 tax rebate, the IRS will be giving you a second chance in 2009.  In 2008, the government gave a $600 per person, or $1,200 per couple tax rebate, if you qualified.  If you did not qualify for this 2008 rebate, or had a major life change in 2008,  you can get a 2nd chance to qualify for it in 2009. 

 

Things that increase or decrease your chance include:

   A.  Getting married or divorced.

   B.  Changes in your 2008 income.

   C.  Adoption or arrival of a newborn.

 

The method of  payment will be different from the previous year.  Instead of receiving a check separate from your income taxes, it will be added as a credit to your taxes.  This will either increase your refund amount, or decrease the amount that you will owe on your 2009 taxes.

 

2.  The $7,500 Tax Credit for first time home buyers.  Although this is not a rebate, this credit will allow a first time home buyer in 2008 to borrow up to  $7,500 off of the government, interest free.  The payment method is simply adding an extra payment of $500 per year on your income taxes.  This will allow you to pay back Uncle Sam $500 every year, for up to 15 years (depending on the amount you actually borrow.  It's goal is to act as as an economic stimulus, as well as help first time homeowners with expenses.

 

3.  Obama's tax rebate plan (proposed, not currently in force).  According to Barack Obama's own official website, www.barackobama.com, he intends to provide 95% of working Americans tax relief.  Per the site, there will be up to a $500.00 credit per person, or $1,000 per working family.  Naturally, this still has to be approved by Congress before he will be able to sign-off on this rebate.
 

I will be updating this page every so often as new tax information becomes available.  Please bookmark this page and check back often.

 

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