Do you have to file a tax form to receive the federal tax rebate recently approved by the government?

Q: Do you have to file a tax form to receive the federal tax rebate recently approved by the government?

A: Well, in a way, yes. You need to file your 2007 federal tax return. The Internal Revenue Service will use information on your 2007 return to determine how much a taxpayer you're eligible to receive.

The IRS will begin sending payments in May. Taxpayers who file late or after filing an extension will receive payments later. No rebate checks will be issued after Dec. 31.

If you don't normally file a return, it's still important that you file this time. Recipients of Social Security, specified railroad retirements and certain veterans' benefits should report those amounts on Line 14a of Form 1040A or Line 20a of Form 1040. Taxpayers who already have filed but failed to report these benefits can file an amended return by using Form 1040X.

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Changes to your last name

Maria from Tulsa, OK asks,
Q: Do I need to change my maiden name to my married name on my Social Security card for my husband and I to file jointly?

A: You can file under the ''Married Filing Jointly'' status without changing your name with the Social Security Administration. However, be sure to show your maiden name on the tax return instead of your married name.

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Tax deductible education expenses

Remy T. of Seattle, WA asks:

Q: What types of higher educational expenses are tax deductible?

A: Some deductible educational expenses include amounts spent for tuition, books, supplies, lab fees, and similar costs.

Deductions also include the cost of correspondence courses, as well as formal training and research done as part of an educational program.

Transportation and travel expenses to attend qualified educational activities also may be deductible.

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Tips for rental property taxes

Rental income is defined as any revenue you receive from the occupancy or use of residential property. Rent, obviously, is included in that revenue. Many owners are surprised to learn revenue also includes rent advancements, expenses paid by a tenant and any security deposits not returned to the tenant. In fact, revenue can also include amounts paid to cancel a lease, even if you had to sue the defendant to get it.

What Can I Deduct?

Tax deductions associated with rental properties are similar to those found in any business. Technically, you can deduct any expense reasonably necessary to "manage, conserve or maintain" the property. Obvious deductions include mortgage payments, cleaning expenses, insurance premiums, service payments such as landscape maintenance, repairs, maintenance, etc. Overlooked rental property deductions include:

1. Expenses incurred in finding tenants

2. Commissions paid to third parties that arrange for tenants

3. Paying your accountant and/or lawyer

4. Mileage for driving to and from the property

5. Depreciation of the property,

6. Depreciation of items in the property such as washing machines, furniture, etc.

Imaginary Rent Deduction

A few creative property owners have suggested that they should be able to deduct their customary and standard monthly rent if the property is empty. The argument goes, "If the property is empty, I am not making revenue and should be able to deduct the $1,500 that I am missing out on."

The IRS disagrees. Since you are not receiving revenues, your total revenues for the year will be reduced by the loss rent. You can’t double dip by deducting the $1,500 from the already reduced yearly revenues. The only things you can deduct are the expenses you incur during this period, and only for so long as you are actively trying to rent the place.

Rental properties are a great investment. Even more so if you stay on top of your taxes.

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