WaltS

080813 – Another day in...

2008-08-13T17:14:00Z

080813 – Another day in...

You plan and plan and plan; having covered all the controllable bases. Then something not under your control changes everything.

Ah, but if you planned as planning 'really' needs to be done; you were, at least, not caught by surprise.

As I See It - 0808013

2008-08-13T16:54:00Z

As I See It - 0808013

At times we are definitely our own worse enemy.

If only we would either shut-up and listen, or think twice before we speak

Another Day In... 080807

2008-08-07T15:29:00Z

Another Day In... 080807

The first in a continuing series.

I ask myself, why is it that so many people in service positions seem to believe that the average person needs to have the truth mitigated; would rather tell us something they believe we would find more palatable than tell us the truth.

Then again, maybe they are not doing it for us...

As I See It - 080807

2008-08-07T14:52:00Z

As I See It - 080807

The first in a continuing series...

Far too many people are willing to NOT take the extra-time necessary to determine the facts surrounding that which others say and write.

Pity...

About Our Economic Stimulus Payments

2008-03-16T14:08:00Z

About Our Economic Stimulus Payments

What everyone needs to know. Information thanks to IRS (http://www.irs.gov/irs/article/0,,id=177937,00.html).

How Much And When

Most taxpayers will receive two notices from the IRS; one explaining the stimulus payment program and another confirming the recipients’ eligibility, the amount and the approximate time table for the payment. While ‘schedules’ based on the last two digits of your social security number have been making the rounds, these schedules are from a 2001 mailing. At this time what is officially know is that payments will begin to be mailed in May.

Basic Information on the Stimulus Payments

What is it? It’s an economic stimulus payment that more than 130 million households will receive starting in May. It’s not taxable, and it won’t reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return.

Are you eligible? You’re eligible if you have a valid Social Security Number (SSN) and show qualifying income of at least $3,000 on your federal tax return. Both people listed on a “married filing jointly” return must have valid SSNs to qualify for the payment — if only one has a valid SSN, neither can receive the payment.

Can you use an ITIN instead of an SSN? Taxpayers with an Individual Taxpayer Identification Number (ITIN) instead of an SSN are not eligible to receive a stimulus payment. Both people listed on a “married filing jointly” return must have valid SSNs to qualify for the payment — if only one has a valid SSN, neither can receive the payment.

How do you get it? Just file a federal tax return for 2007, even if you normally don’t have to because your income usually doesn’t meet the filing threshold. You can’t get it if you don’t file.

How much will you get? The actual amount depends on the information contained on your tax return. Eligible individuals will receive between $300 and $600. Those who are eligible and file a joint return will receive a total of between $600 and $1,200. Those with children will get an additional $300 for each qualifying child. To qualify, a child must be eligible under the Child Tax Credit and have a valid Social Security number. The payments phase out at certain income levels, so those with higher incomes may receive a reduced payment or even no payment.

Phase Out of the Stimulus Payment: The stimulus payment begins to phase out for individuals with adjusted gross incomes (AGI) over $75,000 and married couples who file a joint return with AGI over $150,000. The combined payment is reduced by 5 percent of the income above the AGI thresholds.

What if some or all of your income consists of Social Security, veterans’ or other benefits? The economic stimulus law allows Social Security recipients and recipients of certain veterans’ benefits and Railroad Retirement benefits to count those benefits towards the qualifying income requirement of $3,000. Supplemental Security Income (SSI) does not count as qualifying income for the stimulus payment. Normally, certain Social Security payments are not subject to income tax. However, the economic stimulus law passed in February contains a special provision allowing Social Security recipients to count those benefits toward the qualifying income requirement of $3,000 and thereby qualify for the stimulus payment. Social Security benefits are reported on the 2007 Form SSA-1099, which people would have received in January 2008. People who do not have a Form 1099 may estimate their annual Social Security benefit by taking their monthly benefit, multiplying it by the number of months during the year they received the benefits. Similarly, certain veterans’ payments are not subject to income tax. However, the economic stimulus law passed in February contains a special provision allowing recipients of certain veterans’ benefits to count those benefits toward the qualifying income requirement of $3,000 and thereby qualify for the stimulus payment. People are allowed to estimate their annual benefit by taking their monthly annual veterans’ benefit, multiplying it by the number of months during the year they received benefits. In both cases (non-taxable SSI and veterans’ payments), you should enter the amount on Line 20a of Form 1040 or Line 14a of the Form 1040A. Please note that Line 14a of the Form 1040A and Line 20a of Form 1040 are designated for Social Security. However, these lines should also be used to include any veterans’ benefits.

An Example of a Form 1040A

2008 "Results" So Far...

2008-02-08T22:26:00Z

2008 "Results" So Far... Opens in its own window/tab - allows capture of MSNBC widget for your own use. http://www.clearspring.com/widgets/4784ed20097ccb96?p=4784ed20097ccb96...(read more)

My Long Island Dot Com Veterans Column

2008-02-08T12:46:00Z

My Long Island Dot Com Veterans Column

Folks -

Need something to put you to sleep, tonight? Want to read more of what I've written, elsewhere?

I write a weekly column for Long Island Dot Com.

My weekly column can be found at: (http://experts.longisland.com/veterans)

My past columns are at: (http://experts.longisland.com/veterans/archive.php)

And about what I've written there; I'm not offering personal advice. I don't represent you. The information I provide is for educational and explanatory purposes only. It may or may not apply to your particular circumstances. It should not be interpreted as a substitute for qualified professional personal guidance. When it comes to your own situation, you should always consultant your own representative(s) (Attorney, CPA, OD, MD, VSO, etc.) before you make a decision.

--- REgards, wschmidt@oysterbay-ny.gov - Walt Schmidt - TOBay's VSD ---
- - Town of Oyster Bay Veterans Services Division - Nassau County ---
- -   Long Island - New York - "Let No Veteran Ever Stand Alone!"   - -
---     Phone & 24/7 VoiceMail 516.733.8414 - Fax 516.733.8415    ---
- - IV Corp Viet Nam - RM2 - RiverSquadron 57 - Oct '67 to Dec '69 ---
- -             http://www.waltsdorsai.net/tobayvet.htm             - -
Ken                                                                 Sun

To Start off...

2008-01-29T16:48:00Z

To Start off...

My profile tells a little. As with us all, there is much more. So as a place to start...

After three decades as a CPA in public practice, for the last four years I've worked helping my fellow Veterans as a VA accredited Veteran Service Officer. As it is a labor of love, I'm continually looking for avenues to "spread the word." It's a simple concept spoken of by many. My version...

"Let No Veteran Ever Stand Alone!"

'Till later... be well.