Great Info Tips

Wake up, America! Obama gave us all an extra $13 each pay week. Well, guess what? Come income tax time next year, you are going to pay some of that back! New tax withholding tables issued by the IRS could cause millions of taxpayers to get hundreds more than they are entitled to which will result in money that will need to be repaid to the IRS next April.

Those at risk include married couples in which both work, workers with more than one job, retirees who have federal income taxes withheld from their pensions payments and Social Security recipients with jobs that provide taxable income. The IRS has done nothing to warn the average taxpayer, even though they do acknowledge the problems of the withholding tables. The tax credit was designed to help boost the economy by giving consumers more money to spend. The new tax tables went into effect on April 1, 2009.

Obama has said this is one of the biggest achievements of his first 100 days in office. He said 95% of working families will qualify in 2009 and 2010. Some achievement!

The Social Security Administration is sending out checks starting in May to more than 50 million retirees as part of the stimulus package. Payments will go to people who collect Social Security, Supplemental Security Income, railroad retirement and veteran’s benefits. These payments are to supplement the people who did not qualify for the stimulus checks millions received last year. Checks will be for $250, less than the original stimulus checks sent.

So, America, be aware the “free” money from the government won’t be all that free. At least part of it will need to be paid back. (Gathered from an article INSIDE WASHINGTON: Taxpayers to get rude surprise).