Ann Perry recently wrote this article and we originally posted it on the TurboTax blog that I thought would be very helpful for AccuQuoteblog readers. Enjoy.

Tax Rebates - What's the Catch?

That's been a common question from our customers at TurboTax ever since the Economic Stimulus Act became law Feb. 13. It's not surprising. We've all doubtless been warned: "If it's too good to be true, then it probably is." In fact, Google lists 50 million variations of this adage.

Then how could it be true that the government wants to give most of us what is essentially free money? The simple answer is, because the federal government wants to put money in our pockets so we'll spend it and help stimulate our slowing economy.

Under the act, some 130 million Americans will receive what's known to most as a tax rebate starting in May. You might hear the IRS call it a stimulus payment, It will be worth at least $300 and as much as $1,200 or more per household this year. Furthermore, it won't reduce your 2007 tax refund, need to be repaid later, or be taxed in another year. It won't lower any government benefits you normally get. And if you're likely to get a stimulus payment, the IRS will send you a letter telling you how you can (you may have already received this). Hint: You have to file a 2007 tax return, even if you don't normally need to.

So go ahead and get your share. Learn here if you qualify.

Unfortunately, you might not get a rebate if your 2007 income is too high or too low. But, wait, you won't necessarily miss out. If you didn't get a payment or got a partial payment because your income was too high or too low, you'll get a do-over next year. You can use your 2008 income to qualify, when you file a 2008 return in 2009.

Conversely, what if your 2008 return shows you would get you a lower payment than you did with your 2007 return? No worries. Just keep the difference -- really. Also, if you have a baby or adopt a child in 2008, more good news. You could still get a stimulus payment for that child on your 2008 return.

What if you owe federal income tax from a previous year, student-loan debt or back child support? This is where your "luck runs out" (only 372,000 Google listings) because as it does with regular tax refunds, the IRS will turn your free money into a payment of those debts.

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If you haven't filed your taxes already, April 14 is right around the corner. There are many tax deductions you can take and for the first time you can claim your mortgage insurance premiums on home loans that closed in 2007.

The tax deduction was first approved by Congress in late 2006 and applied to loans with mortgage insurance that closed in 2007. In an important move to further assist borrowers, Congress voted in December of last year to extend the mortgage insurance tax deduction through 2010. Extension of the tax deduction for mortgage insurance premiums was part of the Mortgage Forgiveness Debt Relief Act of 2007.

The deduction allows households with an adjusted gross income of $100,000 or less to deduct the full cost of their government or private mortgage insurance premiums on their federal tax returns. Families with incomes between $100,000 and $109,000 are eligible for a reduced deduction. For more information about the new deduction visit www.privatemi.com.

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Wisconsin Soccer Association is upset that they will have to provide unemployment compensation insurance for their referees, coaches, and trainers.

The Department of Workforce Development determined in 2003 that these paid positions meet state requirements to be considered "employees" rather than independent contractors.

A hearing by Daniel Wolter, state administrative law judge, ruled that referees are not employees, but coaches and trainers are. The WSA appealed to the Wisconsin Labor and Industry Review Commission, who then determined all three paid positions are officially considered employees.

Now the soccer association has filed suit in Milwaukee County Circuit Court asking that the decision be reversed. Having to provide unemployment insurance "would be costly, but more importantly, it would detract from the mission of getting kids and their families involved in the sport," said Peter Mariahazy, president of Wisconsin Youth Soccer Association.

Mariahazy is also concerned the decision would require state and federal taxes (like social security and Medicare) to be withheld from paychecks, which must be matched dollar for dollar by the club itself. He criticized the decision saying, "For the most part, these are volunteer-run organizations, and these requirements would detract from making it a positive experience for the players and their families."

Which leaves me wondering how paying your taxes can be more costly and more distracting than, say, filing a lawsuit?

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AccuQuote has teamed up with TurboTax in order to provide you with an easier way to do your taxes. TurboTax has 4 products to choose from to help you to accurately do your taxes, save you money and e-file.

TurboTax products feature:

· A step-by-step interview with easy-to-understand questions

· Forms automatically filled out using your answers

· 100% accurate calculations guarantee

· E-file at no additional charge, plus a faster refund

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Getting married, divorced or losing your spouse has a tremendous impact on your taxes. TurboTax helps ease the transition by walking you through the changes in your tax situation and explaining how to deal with them.

Here are some tax saving tips from TurboTax:

• Most married couples save thousands by filing jointly rather than separately.
• Single parents with kids pay lower tax rates when they file as head of household.
• After divorce, the "custodial" parent gets to claim the kids and take dependent exemptions.
• As a qualifying widow(er), you can still file jointly (and enjoy lower tax rates) for 2 years after your spouse's death if you have a dependent.

I found this article from Kiplinger's Personal Finance on car leases that I thought was very insightful. I don't think many people realize that you can negotiate a better lease and that you can get a tax break for your lease. Interesting stuff!