Update: Tax Rebate Checks Being Sent A Week Early
Start checking your accounts….
President Bush announced Friday that the Federal Government will begin depositing tax rebate checks into the accounts of taxpayers a week earlier than previously announced. Rebate checks are being sent early in an effort to push more money into the economy. The government is hoping that taxpayers will spend their rebate checks as soon as they get them so that the country can prevent moving into a deeper economic recession.
Not every one will be getting their rebate checks early. If you owe back child support or a past due student loan bill…expect your rebate to be reduced by the amount you owe or be taken all together.
Another thing to keep in mind: taxpayers who received their 2007 income tax refund by direct deposit will receive their tax rebate check by that same method. Taxpayers who received their 2007 refund by check should expect to receive their rebate check by the same method.
Check out the article we wrote a few weeks back for more information on the tax rebate payment schedule and calculator. Use the information in the article to see when you can expect your rebate. Push it up by a week early and that should give you a good estimate for when you might expect to see your funds.
With today’s record gas prices, high food & utility bills…what plans do you have for your rebate check? Will you pay off a bill, save it or buy a new t.v. or other electronic item?
Tax Filing Deadline A Few Hours Away
The deadline to file your tax returns is today. Filers have until 12 midnight tonight to file their federal taxes.
If you can’t file your return by the deadline then you should file for a six month extension by midnight tonight using form 4868 which can be downloaded from the IRS website or can be filed electronically through tax preparation software or sent through the mail. This will give you a 6 month extension to file your tax returns until October 15th. Filing an extension does not forgive any taxes you may owe and interest will be due on any amounts not paid by April 15th.
If you fail to file your return by the end of tonight, you will not receive your economic economic stimulus payment according to the published IRS Rebate Calendar. Your payment will be delayed and won’t be received until after your 2007 federal income tax return is processed.
Many post offices will stay open late tonight to accommodate the rush of last minute filers., many will stay open until midnight. Contact the US Postal Service at 1-800-USPS to find out the names/location of post offices with extended hours.
Be sure to check out the article we wrote last month on the Economic Stimulus payments to find out when you should expect to receive your rebate check should you qualify.
Happy Filing!
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Update: I.R.S. Releases Tax Rebate Calendar and Calculator
As previously announced, the I.R.S. will begin sending tax rebate checks to taxpayer homes beginning in the month of May. Payments will be sent starting on May 2 and will be forwarded to taxpayers using the new payment schedule that has been published:
DIRECT DEPOSIT
| Last two SSN digits: | Payment will be transmitted: |
| 00 through 20 | May 2 |
| 21 through 75 | May 9 |
| 76 through 99 | May 16 |
PAPER CHECK
| Last two SSN digits: | Payments will be mailed by: |
| 00 through 09 | May 16 |
| 10 through 18 | May 23 |
| 19 through 25 | May 30 |
| 26 through 38 | June 6 |
| 39 through 51 | June 13 |
| 52 through 63 | June 20 |
| 64 through 75 | June 27 |
| 76 through 87 | July 4 |
| 88 through 99 | July 11 |
It is important to note that taxpayers who received their 2007 tax refund via direct deposit will receive their economic stimulus payment “tax rebate” within the first rounds of payments being sent on May 2 - 16. Taxpayers who received their tax refund via check deposit should expect to receive tax rebate payments after the May 16th time frame as noted in the calendar. In addition, people who file after April 15th will not receive rebate checks according to the time table established in the payment calendar. Those taxpayers should expect payments to be delayed by two weeks.
If you want to know how much you are eligible to receive the I.R.S. has published a calculator that will give you an estimate of how much you will receive based on answers you provide.
Remember: you may be eligible to receive the tax rebate payment even if you do not normally file but you must fill out a 1040 this year for 2007 to receive the payment.
The 2007 Tax Rebate Payments Are Coming
In February 2008, Congress passed the $168 billion economic stimulus plan which is aimed at providing an economic boost to the sagging U.S. economy.
Starting in May 2008 the Internal Revenue Service will begin sending out tax rebate checks to all eligible U.S. taxpayers. In addition, citizens who aren’t normally required to file tax forms each year may be eligible to receive the tab rebate check in certain instances (ex. social security and veteran benefit recipient(s), along with certain eligible low-wage workers).
In order to receive the rebate check you must have:
- A valid Social Security number
- At least $3000 in income
- Filed a 2007 federal income tax return
Tax returns should be filed as soon as possible but no later than October 15, 2008 to receive the rebate check before the end of this year.
- I.R.S. Stimulus Payment F.A.Q.s
- Basic Information on the Stimulus Payments
- 2007 Information About Economic Stimulus Payments for Social Security, Veterans and Other Beneficiaries
