Tax Tips from
Taxes N Books, Inc.
First I want to thank Sue for giving me this opportunity to be a part of your news letter and speak to
you each month. I was a daycare provider from 1983 to 1990. I started my tax business in 1986, specializing
in daycare taxes. I have a deep respect for the hard work you do daily and especially the importance
of the work. You providers are truly the mothers of the world, giving the love and care to
many children that would not get it otherwise.
The Stimulas payment seems to be the most current event, creating the most questions. Whether or
not you are entitled to it, is really an individual question. The main rules are: you must have at least
$3000 of net income (or social security) on your 2007 tax return to receive the minimum of $300 per
adult in the household. Then you will also receive $300 per child under 17. Children over 17 in 2007,
are turning 18 in 2008, so the IRS must be waiting until the 2008 tax return is filed, to see who claims
the 18 yr. old. Then, who ever does, will get the $300 with their 2008 tax return. Likewise for anyone
who did not get their stimulas payment or may have been shorted, the rest of the payment you are entitled
to will be given with your 2008 taxes. To get the full $600 ea. Per couple, there must have been at
least $1200 of tax paid on the tax return. For example if a family of 4 showed a total tax paid on the
tax return of $1050, and their children are under 17, they should receive $1650. (1050 + 300 + 300). If
their total tax paid was $2350, they would receive $1800. (1200 + 300 + 300).
All the payments that were sent by direct deposit should have been received by May 16th. The check
payments will start around May 16th and continue until the first week of July. The smaller the last
two digits of the main social security number on the tax return is, the sooner you will receive your
check. I hope you are all getting your payments soon and enjoying spending it.
Please feel free to call Taxes n Books, Inc. at 916-444-2666 if you have more questions. Also email
me at firstname.lastname@example.org if you have questions or ideas for future articles.
Thank You, Judy Shorten