Putting extra green in your pocket - KAIT Jonesboro, AR - Region 8 News, weather, sports

Putting extra green in your pocket

JONESBORO (KAIT) How many times have we said, "If only I had a few more bucks in my check!"

It could be a real possibility very soon as part of President Obamas' multi billion dollar stimulus package.

About 288 Billion dollars is earmarked for tax relief.

Part of that will be credit for workers, in other words most of us that work, will see a little extra in our paychecks but it's not free money.

Chris Robinson, Owner of Liberty Tax in Paragould says, "It's just money that you are already going to earn you'll just be taxed on it at a lower rate."

Basically the tax tables have been revised to that a married person should see about 40 dollars a paycheck, and a single about 30. And yes it is taxable, because you are earning it.

Robinson, "They're not taxing you on money that they're giving y ou free. It's money you were already making at your place of employment."

President Obama has asked employers to have the new tax tables in place by Wednesday.

Robinson, "Where before they held out 30, 40 dollars for federal income tax now they may hold out 10 dollars less or 15 dollars less."

One problem could occur when both spouses are working and each receives the credit money.

Robinson, "They actually could receive too much money which means they could actually owe that back when it comes tax time."

So it all boils down to this, it's not free money, it's your own.

Robinson, "You're just not owing the IRS as much money as you typically did on the same amount of money. You're just getting a little more back weekly for you to spend, hopefully to stimulate the economy a little bit."

If you want to know if you are eligible the best thing to do is consult with the person who prepares your taxes.

 

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