Comments on Wisdom Steps 101 ... Be Weird...Be Debt Free: How will you spend your tax rebate?

i'll just be starting out with my emergency fund, ...

2008-01-27T08:31:00.000-06:00

i'll just be starting out with my emergency fund, so it's all going into a savings account. a 5.05% apy complete savings account with e*trade, that is :-)

Since I already live on less than I make, I'll be ...

2008-01-26T07:14:00.000-06:00

Since I already live on less than I make, I'll be spending my rebate. Half of it will go to the charity I support and the other half will spruce up my upstairs bathroom.

thinking of throwing every penny at my mortgage. i...

2008-01-26T03:47:00.000-06:00

thinking of throwing every penny at my mortgage. i bet that surprises you. but the federal reserve just lowered rates. ok, so it's harder to earn a 5% return now. but i can earn one right away, by paying down my mortgage.

As for how the rebate process will affect your tax...

2008-01-25T22:02:00.000-06:00

As for how the rebate process will affect your tax filing this year, it won't, regardless of whether you owe or are expecting a refund of 2007 taxes already paid.

The rebate checks will be issued separately, probably after the initial April 15 deadline.

The rebate checks will be issued based on your return information from last year, your 2006 filing data. So if you had three dependent kids last year but one of them is now on his or her own, you'll still get the extra $300 for claiming that child last year.

So go ahead and do your 2007 taxes as usual this filing season.

As for how it will affect filers who owe, it won't...

2008-01-25T22:00:00.000-06:00

As for how it will affect filers who owe, it won't as far as the process.

The rebate checks will be issued separately, probably after the initial April 15 deadline.

It won't affect your current tax return, regardless of whether you owe or are expecting a refund of 2007 taxes already paid.

So go ahead and do your 2007 taxes as usual this filing season.

The rebate checks will be issued based on your return information from last year, your 2006 filing data.

Paying off debt if I have any by the time the chec...

2008-01-25T21:01:00.000-06:00

Paying off debt if I have any by the time the check gets here in June. Otherwise into IGObanking to see if I can partially offset inflation.

SAVINGS!!!It will sit in my ING account earning 4....

2008-01-25T19:25:00.000-06:00

SAVINGS!!!It will sit in my ING account earning 4.1% interest!

If your numbers are what actually ends up passing,...

2008-01-25T13:53:00.000-06:00

If your numbers are what actually ends up passing, I would get $1800.
And 100% of it would absolutely go into the debt hole. I'll help stimulate the economy when I'm out of debt.

I am going to save it in case I have to pay it bac...

2008-01-25T10:47:00.000-06:00

I am going to save it in case I have to pay it back on my 2009 taxes - kinda like what happened in 2001. In 2001, it really wasn't a rebate, but an advanced refund on your 2002 taxes. I'd be afraid to spend it.

I am thinking about setting it aside for my grand ...

2008-01-25T09:23:00.000-06:00

I am thinking about setting it aside for my grand daughters education. After all it is her money I am borrowing. You can read my sarcastic opinion on the whole thing at
www.prolepticlife.wordpress.com

I've been thinking about it and of course I'll be ...

2008-01-25T08:48:00.000-06:00

I've been thinking about it and of course I'll be putting it to debt.

One thought though is that by putting it to debt, you are stimulating the economy by putting more cash into a business that had debt on the books. And by doing that, the business does not have the expenses of product to produce and sell you. They get to keep their product to sell to another.

Let's all convince folks that paying off the debt will stimulate the economy even more than the "rebate"

What will I spend my rebate on?...NOTHING. Every ...

2008-01-25T08:16:00.000-06:00

What will I spend my rebate on?...NOTHING. Every penny into the savings account.