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Welcome to the Tax Resource Center

Visit the Mobile Tax Service Resource Center regularly for income tax help, news and more. This online resource provides the information you need to understand the tax issues that may affect your income tax return.
 
 
Frequently Asked Questions about the 2008 Economic Stimulus Plan

 

What is the Stimulus Payment?

The Stimulus Payment, also known as the Economic Stimulus Payment or Rebate, is a refundable rebate credit for eligible individuals.  The rebate credit will be sent to eligible taxpayers beginning in May of 2008 and will be based on their 2007 tax return. MobileTax Service Inc. tax professionals can assist you in navigating the tax process and help you get the rebate you deserve.

How much will I get?

Most taxpayers will get the maximum amount of $600 ($1,200 for those who file a joint return).  The minimum payment is $300 ($600 for those who file a joint return).  There is an additional $300 for each child on the tax return that has a Social Security number and is a qualifying child for the Child Tax Credit.

 

The payment is limited to a maximum of $600 ($1,200 if filing a joint return) or the total tax liability on the return, whichever is less.  The payment is subject to maximum income limits and will be reduced by 5% of the amount of income in excess of $75,000 ($150,000 if filing a joint return).

 

If your income is less than $3,000 and you have other qualifying stimulus income, you will receive the minimum payment of $300 ($600 if you are filing jointly).

 

If your qualifying income is below $3,000 you are not eligible for the Stimulus Payment.

How do I get my check?

Most taxpayers need to do nothing other than file their 2007 tax return as they normally would. The IRS will determine individual eligibility and the amount of your rebate check based on your 2007 tax return. Your payment will be issued to you by the IRS in the same manner your refund check was issued. If you would like to receive your check by direct deposit, you can request this on your tax return.

 

If you received a bank product such as a Refund Anticipation Loan from your tax preparation firm, the IRS will mail a check to the address on your tax return. 

 

If you have moved and will receive your Stimulus Payment check in the mail, make sure you file Form 8822, Change of Address, with the IRS and submit a change of address with the U.S. Post Office.

 

For more information about the stimulus rebate and to check the status of your rebate visit the IRS website

 

IRS Forms and Publications

 

 

IRS Forms & Publications*
State Forms & Publications

 

Have you tried to find tax forms lately? Maybe you went to the post office or the library? No luck? We've got you covered. Visit one of our locations or click the link below to download tax forms.

 

*Please note, Adobe® Reader® is required to view downloadable forms. You can get the software here.

 

Tax Tips for Preparers and Taxpayers

Introduction to Form W-2 (Wages & Tax Statement

Employers are required to send their employee a W-2 by january 31st for the prior year income. Copies of the W-2 are sent to the employee, the IRS, and the Social Security Administration. Sections of the W-2 is are used to prepare the taxpayers' returns. Read More

 

Earned Income Credit 101

The Earned Income Tax Credit (EITC) is for people who workd but did not earn enough money. The credit is meant to encourage low income worker to stay in the work force and to help them lower their tax liabilities. A tax payer qualifies for the credit if his or her income is below certain income level and s/he meets certain other tests including age, relationship, and residency. Want to learn More?

  

Amendment 1040X

If you discover that you've made a larger error after your return has been filed, you may need to amend your return. you'll need to amend a return if any of the following were reported incorrected: filing status, deduction or credit, and total income. Want to learn more?

 

 

Federal Tax Rates

 
10%
bracket
ends at-
15%
bracket
ends at-
25%
bracket
ends at-
28%
bracket
ends at-
33%
bracket
ends at-
35%
bracket
ends at-
Married
filing
separately
$7,825
$31,850
$64,250
$97,925
$174,850
Over $174,850
Single
$7,825
$31,850
$77,100
$160,850
$349,700
Over
$349,700
Head of
Household
$11,200
$42,650
$110,100
$178,350
$349,700
Over
$349,700
Married filing jointly or
Qualifying
widow(er)
$15,650
$63,700
$128,500
$195,850
$349,700
Over
$349,700

Source(s):
J.K. Lasser's - Your Income Tax 2008, IRS.gov, wikipedia.org

 

 

 

Financial Calculators
Calculators to help you assess your financial position and better manage your money. Read More
Planning Tools
Forms and tools to help you organize and manage your personal finances. Read More

 

 

 

 

Changes in the tax laws 

This section covers the significant

changes for tax year 2007.

 

» Alternative Minimum Tax

» Charitable Contribution

» Child & Dependent care

» Economic Stimulus Package

» Exclusion on Gain of Sale

of personal Residence of

Intelligence Officer

» Frivolous Tax Submission

» IRS Clarification Regarding

Dependent Dependency Issues

» Mortgage Debt Forgivenness

» Mortgage Insurance Premium

Deduction

» Section 179 Expensing

IRS Clarification Regarding

Dependent Dependency Issues

» Retirement Plan rollover of

After-Tax Contribution 

» Rollover of Non-Spouse

beneficiaries

» Retirement of Distributions of

Retirement Public Officers

 

Want to learn more? Call your MobileTax professional today. 


 

Important Links

 

 Federal Government

State Government

Tax Information

 

Other resources

  • Form 4506, Request for Copy of Tax Return http://www.irs.gov/pub/irs-pdf/f4506.pdf

    •  

  • Form 1040X, Amended U.S. Individual Income Tax Return http://www.irs.gov/pub/irs-pdf/f1040x.pdf

    •  

  • Form 1040X Instructions http://www.irs.gov/pub/irs-pdf/i1040x.pdf

    •  

  • Form 8822, Change of Address http://www.irs.gov/pub/irs-pdf/f8822.pdf
    •  

     If you need additional forms or publications, you can:

    • Download forms from www.irs.gov
    • Dial 703-368-9694 from your fax machine to have the IRS fax you the forms.

    Order forms or publications at no cost by calling 1-800-829-3676