Michael Mare’s provides this week’s update.

• US Congress – rebate checks in May 2008 depending on their filing status and number of dependents as credit against their 2008 taxes.
  • General rule – equal to lesser of an individual’s tax liability or $600 or $1,200 for married filing joint
  • Special rule – no less than $300 x # qualifying children
  • Phase out for individuals $87,000 or couples @ $174,000
• Section 179 deduction was once again increased to $250,000, phase out begin at $800,000
• IRS Revenue Ruling 2008-7
• And much more…