lbo-talk-digest V1 #4653

Leslilake1 at aol.com Leslilake1 at aol.com
Fri Jul 27 18:46:40 PDT 2001


In a message dated 01-07-27 10:45:59 EDT, M. Sawicky writes:

<<Q: ...does that mean that,come April when I do

my form and have $600 coming back to me, that none of it will come back

because I already got it now (this August?)

les>>

That's exactly what it means, keeping in

mind that 'coming back to me' means an

offset to your tax liability. In other

words, suppose under old law you would

owe $1,000 next April. Under new law,

you only owe $400, but since Uncle George

gives you $600 now, in April you pay

$1,000. Your net obligation is still

the same -- $400. You've gotten an

interest-free loan on next year's tax

cut. Have a happy.

mbs

------------------------------ >> Whoa. I knew there was something tricky about it. Thanks for helping me understand what it was...

Les



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