The Budget Fashionista

I’m a financial planner/tax pro in small-town Florida.  If anyone has some specific financial questions, I will do my best to answer truthfully and objectively.  I too like to save all I can, either to put something new and cool in my closet (usually on my feet) or to put something away in my 401K.  If you have questions, be specific because the answers to general questions can be longwinded and I don’t have a lot of free time right now during tax season!!!

Awesome Keetagirl—I hope some of our forum members take advantage of your generous offer. In the meantime, I have a question—looking ahead, how will my tax rebate, coming this spring, affect my tax return for next year?

Angela, The federal rebate checks going out, are not taxable for the year 2008. They are rebates (actual money back). The intent in giving them out, is that they be spent to kickstart the economy. A few guidelines as to who will get them of course.

Thanks lovefinance, I had heard somewhere that the checks were actually some kind of advance on next year’s returns, which doesn’t really make sense to me, but thought I’d throw the question out there . . .

I remeber a few years ago getting these so called rebates from the government and thought that it would not effect my return that following year.  Turns out that they did in fact include that rebate in my taxable income.  I do hope that it will not be the same this year.  I had a gross year tax return wise and I am hoping to get a better one next year!

saving dough?? yeah it’s hard. i usually break down where my money will go when i get my pay but can’t seem to fight the temptations of racks and racks of beautiful clothes and shoes!

I have no problem saving, it’s just that I can never save enough for it to really make a difference. By the time I get done with all of my monthly expenses, I’m lucky if I am able to save $100.