Just passing on information ( income tax)

[Falls1]

ear Client.....News you can use.......

WASHINGTON (CNN) -- Congress has passed some weighty legislation
since the September 11 attacks, designed to bail out the airline industry,
support the use of force and revitalize the entire economy. Lawmakers
have
also introduced many other bills, which while smaller in scope, have an
equally important purpose -- encourage the nation to heal and resume a
sense of normality. One idea would encourage Americans to travel again by
giving them a tax credit. All taxpayers would have to do is prove they
went more than 100 miles away from home for fun. "As long as you pay for
the travel, the hotel accommodations, the train or plane
ticket or whatever it might be before December 31, you will be able to
take on this year's taxes, a credit," said Sen. Jon Kyl, R-Arizona. ** A
tax credit results is a dollar for dollar reduction in your year end tax
bill. Thus if you normally owe $4,000 on April 15 and you spent $1,000
on a vacation in 2001, then you would owe only $3,000. Likewise your
refund amount would increase by $1,000 if the same scenario applied but
you normally receive a year end refund from the IRS. **

 

[LOVETHATMOUSE]

DOES THIS MEAN, THAT EVEN IF MY TRIP ISN'T UNTIL JAN/FEB 2002, AS LONG AS IT IS PAID IN FULL BY 12/31/01 I GET THE REBATE?

 

[CarolMN]

This bill (known as the Travel America Now bill ) has NOT been passed yet. I'm sure that if it does get signed into law, there will be plenty of details and explanations all over the news.

Until the President signs a bill into law, anything you may hear/read about what will be in it is only speculation. I for one am not getting excited about it until it passes both houses of Congress and is signed by the President. But I sure am hoping some form of it will pass. My tax credit (if I get one) will all go to the Mouse!

 

[mom2boys]

If this bill passes, we MAY not have to cancel our Dec trip. I am keeping my fingers crossed. As for the details, they might be a problem. You see, Congress passes the bills but Treasury/IRS has to "interpurt" them. It could take time (past 12/31) for IRS to interpurt Congressional intent if the bill's wording is not specific.

 

[tink2dw]

does this mean a trip any time in 2001?? or a trip after 9/11/01??

I am hoping for whole year,that would really help as i spent too much for WDW trip!!
and gwtting a tax break would REALLY Help!!!

 

[Cindy B]

The Tax Credit is specific dates. From the date of passage to the end of this year.

Not after 9/11, or anything like that. Say if it passes 11-25, it would go from 11-25 to 12/31

And it is only travel, (gas, plane, train, etc) and lodging. THe tickets would not be inclueded.

 

[tink2dw]

by the time they pass this it will only be good for 3 days!!This is a JOKE roflbo!!!

 

[lcmtam86]

your right by the time it goes into effect it may only be for 3 days like tink2dw just said.

 

[Ladygator]

If that's the case then there will be a lot of couples taking $1000 trips the last 3 days of the year!

 

[frost5000]

If it passes with only a few week window - it's Disney for Christmas!! I might hold off on buying Christmas gifts for my kids until I hear if it passes or not.... We live off of very little so it would be Disney (with a tax rebate promise) or gifts - but we really don't need anything - Except a vacation, of course!!

 

[tink2dw]

frost5000, us too,but would love to eeck out 2nd trip on our AP's.
But Airfare from northwest is $900.00!!

and then it takes all one day to get there!! and Back![thats 2 days waisted]

So, it seems a shame to go for less than at least 6 days plus the 2 = 8 days. but then it takes 2 days to do Epcot and 2 For MK and I would like to see everything at MGM so 2 more days that =6.

But we missed Sea World last time so thats 2 days[with the FREE day]that =8 days and as long as we are there I want to retun to IOA for Spiderman and the 1/2 of IOA we never got to and the shows.that = 9 days + 2 fly days= 11 days

Now we need a 2 bedroom Suite,cheap for 10 days.

And food money runs $100.a day = $900. for in park days,and $50 each 2 for fly days=$1000

$900. Airfare+taxes
$1000. Food+taxes
$276. Tickets SeaWorld & IOA[we have AP's for WDW]
$550.Buena Vista Suites - 2 room suite, free buffet breakfast each morning and complimentary transportation to all Disney parks - now $55 per night for a Queen Suite!!
=
$2726
opps need a rent-a-car
$350 EA National
=
$3076 not so cheap and I don't have that kind of cash on hand.

Any legitamate Idea's to get the price down???? Please I need help?

 

[disneefamily]

Disnee Dad Says...................................................... Can't help too much, that is a good budget. You may save a little on airfare. Southwest to Orlando is $178 + tax if you fly on certain days. I'm sure other carriers have similar deals, try travelocity or Orbitz. You don't really need to add a day to return home. You can use AP during last day quit about 2pm and catch a 5pm flight home, get back by 9 or 10. We are leaving at 10pm from west coast and will get to Orlando at 7am. We won't do parks that day, but if I had an AP I would go. Not to ride all the rides because after flying through the night you will be tired. But even tired you could do shows, parades and fireworks. That cuts almost two days off your trip with very little loss of fun. I would cut out Seaworld, sorry but the world of budget cutting is brutal!Cutting it to eight nights will save you $110 for rooms, $200 for food. You can rent a car from National at the airport for your trip for under$200, gotta sacrafice size.That saves $150. Skipping Seaworld saves maybe $125.00 for tickets. KNocks total of trip down to $2491.00 less anything you can squeeze out of the airline tickets which is probably another $100 or so. Good luck!!!

 

[disneefamily]

Disnee Dad Says........................................................ Just went to orbitz and checked out Portland to Orlando from Dec1, to Dec 11 just as an example and found Continental had fifteen combinations to get there at $171 + tax round trip!

 

[bubbleprincessmom]

We recently booked our preChristmas trip to Disney (Dec. 18-24th) on Continental and got what I thought was GREAT rates. Roundtrip for $131(X3=$393) used priceline for a hotel 6nites at $15 a nite ($109 this includes taxes and priceline fee) rental car at Hertz for an amount that was made available to us because my husbands business does SO much business with them ($10 a day for compact car=$60). We get our passes through the military so save a bundle there as well and as for food, well I'm happy as long as it doens't come in a paper bag with a toy!! I find that it is possible to take a disney trip and not break the bank. We'll have a great time and ride all the rides that those who spend thousands ride and the kids will even bring home a few treasures! Of course we do this "instead of " Christmas toys under the tree, we've found that the presents get lost and forgotten but the time spent as a family is memories made forever!!

 

[KJMAX1]

I just worked on a committee to pass this same type of credit for adoption. I am almost positive this will pass. From what I can understand from friends who work at the capital, they are trying to push through the part where it will be retroactive to September 11th. However, they are unsure for the amount of time that this will be effective. Normally it will be in effect for at LEAST one year. Otherwise it becomes too complicated for the IRS and our economy needs a boost. So I am pretty much counting on a one year credit. Call your local legislators, and senators and tell them YES, you want this to pass, and you would take a trip if this passed.

We sent in over 100,000 requests to pass the adoption credit, and it passed!

 

[Minnie's Mate]

I e-mailed both Senators and my Congressman requesting that they all support this legislation using the site below:

www.congress.org

Maybe if enough people will do the same, this might just get passed.