Tax Pro's and Accountants

[Jeff In Milwaukee]

What's your take on the tax "prebate" this year? I'm looking ahead specifically to the 2008 tax return.

Am I reading this correctly?

My assumption is that the tax cut is for the 2008 tax year, and so one would calcuate their taxes as usual and determine their refund. Then they would calcuate what they've got coming for the tax cut. Adding those two figures would give them the "Total Refund" for 2008.

They would then reduce their refund by the amount they received from the "prebate."

Am I reading this correctly? All things considered (and for most filers) the 2008 tax refund would not be effected by the prebate. It should essentially be a wash, right?

[NMDemDist2]

1. there is still some confusion

for instance I need to send them a few bucks but the IRS site has a press release to "file your forms as usual and the IRS will figure it out and send out checks"

so for me "as usual" means send $$$ on 4/15 so do I *not* send money? or what?

if you are getting a refund anyway, you just file and wait for the check......