So i was thinking,what is everyone planning on doing with the rebate checks were promised to get?? Well,for me i was thinking to use part of it for the megan racing coilovers,or a Header.
Remember that the "rebate" checks are an advance from the government. The income is fully taxable at YOUR tax rate. i.e. if you are in the 25% tax bracket $150 ($600 x 25% = 150) of the check goes right back to the govenment. My advise, don't blow all of the money unless you are sure that you are going to be getting a refund in excess of whatever your liabiliy is.
hold up a sec...we're getting taxed on money that they are giving us? What the crap is that. Well, can't complain too much cause its taxable free money or nothing. Taxguy: where do you find out how much you will be getting? Is there a site or formula for this?
