Stimulus Tax Rebate

morgslife · Joined: 10 Feb 2008 Posts: 3

I have heard all sorts of rumors about the tax rebate. I was recently told
that self-employed carpenters wouldn't get a check. I made very little
last year, $25,000.00, and am single, head of the household, and have two
children living at home. Can anyone tell me if I get a rebate? Thanks in
advance for any help on this.

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Phil Marti · Joined: 25 Aug 2007 Posts: 2520

"morgslife" wrote:

>I have heard all sorts of rumors about the tax rebate. I was recently told
> that self-employed carpenters wouldn't get a check.

Trust me, there's no prohibition in the law regarding either the
self-employed or carpenters.

> I made very little
> last year, $25,000.00, and am single, head of the household, and have two
> children living at home. Can anyone tell me if I get a rebate?

Not from the information supplied.

Add lines 57 and 52 from your 2007 1040. The base amount of your check will
be that total, with a limit of $600. If your base amount is less than $300
and your 2007 Schedule C bottom line is at least $3,000 your base amount is
$300.

On top of your base amount you'll get an additional $300 per child who will
be under 17 12/31/2008.

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Phil Marti
Clarksburg, MD

Paul Thomas, CPA · Joined: 25 Aug 2007 Posts: 3094

"morgslife" wrote
>I have heard all sorts of rumors about the tax rebate. I was recently told
> that self-employed carpenters wouldn't get a check. I made very little
> last year, $25,000.00, and am single, head of the household, and have two
> children living at home. Can anyone tell me if I get a rebate? Thanks in
> advance for any help on this.

If you file a return - you're in the running for a rebate check.

If you do not - you'll not get anything.

If your net profit from contracting was $25,000, less standard deduction for
hoh of 7850, less three personal exemptions totaling 10,200, that leaves you
with taxable income of 6950, and tax of $695 before credits. You should get
a rebate check of at least $600 if that is the case.

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Paul A. Thomas, CPA
Athens, Georgia