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  • RIGHT INTO THE BANK

    Filed at 8:01 am under by dcobranchi

    A home educator is planning on how to spend his “rebate” check. As for me and mine, ours is going straight into savings. Last time the “rebate” merely ended up being subtracted from that year’s taxes withheld. So you get your tax refund this year instead of next Spring. Or, if you usually end up sending a small check to the IRS each April 15th, you’ll have to send a much larger one next year.

    8 Responses to “RIGHT INTO THE BANK”


    Comment by
    Toni
    April 23rd, 2008
    at 8:53 am

    Here is info I found about whether the $$ will merely be an advance on next years taxes (like the last “rebate”). How accurate this is, who knows!

    usgovi...te.htm
    According to the IRS, you will not owe taxes on your rebate when you file your 2008 income tax return. However, you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.

    In addition, your tax rebate will not reduce your refund or increase the amount you owe when you file your 2008 tax return.


    Comment by
    Daryl Cobranchi
    April 23rd, 2008
    at 9:52 am

    Hmmm. Doesn’t change my plans any. But it does mean that this “rebate” will really balloon the deficit.


    Comment by
    don
    April 23rd, 2008
    at 11:52 am

    Yes, it will balloon the deficit, but hey – that’s what ol’ our current congress and executive branch specialize in.

    For anyone who has a lot of non-mortgage debt (credit cards especially) this would be a good opportunity to reduce or eliminate that. For us, it will be going into the bank. I guess I’m not patriotic enough to go buy a home theater system or use it as a down payment on a Hummer.


    Comment by
    Toni
    April 23rd, 2008
    at 12:46 pm

    We’re told to be patriotic and Go Shopping a lot these days, especially since 9-11. When will George and all the happy shoppers learn… TANSTAAFL … Our check is going right into savings, too.


    Comment by
    Nance Confer
    April 23rd, 2008
    at 1:29 pm

    We plan — and you know how that goes 🙂 — to spend ours on hsing activities. We’ve got a couple of big ticket items coming up for the kids and this rebate should just about cover them.

    Nance


    Comment by
    JJ Ross
    April 24th, 2008
    at 8:35 am

    I’m with Nance. Young Son’s much-anticipated custom DNaill bagpipes alone will be more than our combined family check from the IRS. Or we could say it will almost cover Favorite Daughter’s full day of psychological testing for dyscalculia next week.

    And the fuel costs of all our “car-schooling” have ballooned without mercy! That makes everything we do more expensive, and it’s even starting to change what we do.

    About ballooning the deficit, I have mixed feelings and see different sides — but mainly these days, is my beleaguered mom-feeling that my kids might as well get the benefit of a little more of the money WE earn instead of obediently sending ballooning buckets of it to the government that instead of helping anyone or anything, just feeds the political frenzy for more instead of better.

    We still pay plenty yet our own kids receive so little from the obviously unsustainable entitlements. We don’t even qualify for employer or government subsidized heath care. And no matter what, our kids will inherit that deficit along with anything we manage to leave them ourselves, as the next generation of productive citizens.

    So I am feeling it’s my patriotic duty to educate them um, creatively? — to be healthy, wealthy, wise and happy despite that destiny! With whatever resources are available.

    (In my next installment I’ll work on rationaiizing the bagpipes toward that end . . .)


    Comment by
    Nance Confer
    April 24th, 2008
    at 8:53 am

    Love to see how bagpipes fit in there. 🙂

    We, too, have definitely increased pinching pennies — or dollars — when driving. But since our damned state is so spread out and there is no reasonable mass transit, we still spend much too much of our household budget on gas.

    OTOH, the expenses the kids have and getting them back and forth would be going on whether we homeschooled or not. So maybe they aren’t homeschool expenses, so much as life expenses.

    Now, if they’d just stop eating I could stop spending the other half of our family fortune at the grocery store! 🙂

    Nance


    Comment by
    Toni
    April 24th, 2008
    at 1:48 pm

    Definitely- get the pipes… Instruments are easy to rationalize spending on. Naill pipes are an excellent choice. Make sure to invest in top-quality ear plugs for your piper as well.
    My son is in this band…
    youtub...elated