I'm rocking a distortion pedal based rig right now and I'm completely happy with it.
If you are referring to the stimulus not being free, I am actually good with this, also. I think it is better that we didn't just print money for it. I just find it funny they spread it through the year rather than the big boom we usually get.
You are seriously fucked in the head if that's what you got out of what I said....it was blatant and I refuse to explain as u obviously are limited in your dialect to only speak baffoon.
I usually either get banned or get praise for it. lol
No need to be a computer tough guy. I misread what you said as and as if you were talking about something you and he enjoyed. But misreading that one word it changed what you meant. I am so sorry that I misinterpreted your post.
Correct, they are not income. The $2,800 per person bill(which included the money per child, I don't remember how much) was a tax credit advance. They loaned you your tax credit rather than deducting it from your taxable income. But, if you happen to make under a certain amount they will forgive you on the advance. If you make under another amount it gets prorated. The monthly child payout thing was an advance specifically on the child tax credit, which is separate. I'm starting to suspect the people not aware of this fall into the low income category, and have never dealt with owing and therefore don't pay attention to this stuff or know the intricacies of taxes. Not trying to be a dick, just an observation.
Same here. I have received absolutely zero in stimulus or other "free" money from the government.
It apparently didn’t help you
Let’s break this down so it’s easy to understand.
That's weird. It explicitly says "shall be allowed as a credit against the tax imposed". If the IRS try's to use this whole law thing against me I'll be sure to show them your post.It apparently didn’t help you
That stimulus check was an advance payment of the recovery rebate. If you didn’t receive that advance payment but are eligible, you could then claim it on your taxes. Following so far? Good.
It’s a refund (a “refundable tax credit”) that exists outside of your earned income for the year. This means you do not include it in your income, and you not pay taxes on it. It’s a fixed, absolute amount given back to you if you’re eligible. If you’re eligible for $2800 for example, you’re getting $2800 applied after all of your taxes are calculated. Need an example? Sure, let’s do a few.
Person A: Was eligible for $1400, received it via a stimulus check earlier in the year, does not impact his taxes.
Person B: Didn’t receive a stimulus payment, but is eligible for $1400. Does taxes and when finished, he is owed $600. Recovery rebate applies at the end, and he receives $2000 back.
Person C: Didn’t receive a stimulus payment, but is eligible for $1400. Does taxes and when finished, he owes the govt $400 in taxes. Recovery rebate applies at the end, and he receives $1000 back where he would have owed $400 otherwise.
If you do your taxes and discover that you shouldn’t have received the payment at all, guess what? You don’t have to pay it back per federal regulation.
This isn’t “free money” at all. It’s your money that the the govt is handing back to you that you’ve paid with previous taxes. The stimulus payment and recovery rebate are the exact same thing. The only difference is when you ended up receiving it.
There is absolutely zero downside to it for you as a taxpayer, unless your stance is “Nah bro, it’s cool you want to give me back some tax money I paid you before, but I’d rather you keep it.”
If that’s your stance, feel free to give the govt all the donations you want. I’d personally take back all of my tax money I’d paid that they wanted to give me if I was eligible.
Child tax credits do have some variance, but that’s a different ballgame.
They won’t, because it’s not how the regulation works, but if they try to for some strange reason, you’re welcome to point them here.
I get it, a few of my friends who own business’s with employees got massive payroll protection checks, sadly, they just banked it.