Tax Rebates On The Way
The tax rebates which President Bush hopes will jumpstart the economy have hit some Edmond direct deposit accounts already.
More than 130 million American households will get money. The Economic Stimulus Payment Calculator can help you estimate the amount of your rebate.
What will people do with the money?
A CNN/Opinion Research Corp. poll found that 41 percent of respondents plan to use their rebates to pay off bills, and 32 percent will put the money in savings. Just 21 percent of those polled intend to spend the money, while 3 percent said they will donate the extra money to charity.
Sixty percent of the public say they are now less comfortable about making a big-ticket financial commitment, such as buying a home or a car, than they were just six months ago, underscoring their more circumspect behavior, according to the RBC Cash poll conducted by Ipsos, an international polling firm, in early April. A year ago, 48 percent said they were less comfortable about making a major purchase
.
Be aware that identity thieves are already pushing scams involving the stimulus payments. At least one telephone scam is making the rounds using the proposed rebates as bait. News release IR-2008-11, IRS Warns of New E-Mail and Telephone Scams Using the IRS Name; Advance Payment Scams Starting, has more details.
There’s more information at the IRS’s Economic Stimulus Payments Information Center.
Wii games bowling over retirees
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You might call Judy Meek the “ringer” of the retirement village.
The Midwest City woman has bowled 20 perfect games in her lifetime, but that’s because she played in several leagues three times a week.Now that she is retired, Meek is showing her fellow
The nursing facility recently purchased a Ninetendo Wii game system to add to its activities program.The Wii, pronounced “we,” game console costs about $250 and plugs into a TV. But the distinguishing feature is the system’s wireless control, the Wii remote, a handheld device that detects movement and speed. The residents just swing their arm as if they were rolling a bowling ball and with practice, they can make strikes and spares in no time.
Meek said the only difference playing the game on TV than at the bowling alley is “not having to carry a 16 pound ball around.”
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Death and Taxes
You have less than a week to file your taxes. I’ve never met anyone who looks forward to April 15. It’s ironic that our ancestors founded this country to avoid high taxes in the first place.
One of the great things about living in a democracy is that we have complete control over how we pay our taxes — cash, check or money order.
Recently, the Presidents Advisory Panel on Federal Tax Reform solicited ideas on what exactly is wrong with our tax system. Complaints poured in from individuals, businesses and experts, with many upset about complexity of the tax forms and deductions. Some suggested a national sales tax or a flat tax exempting the poorest Americans to replace our current system.
If you’re unhappy about our tax system you could follow the example of one of the original tax protesters, Lady Godiva. In the 11th century, she successfully reduced a tax assessment on her husband by riding in her all-together on a white horse through the streets of
Coventry. But if you want to take on the tax system today, I suggest you come dressed for the occasion.
Here are some timely tax tips:
