Where’s My Rebate Check!?!
May 1, 2008
The IRS started sending rebates out on Monday April 28.
If you haven’t gotten yours yet, or you’re just wanting to check to see when you can expect to receive it, the IRS has added a “Where’s My Rebate” feature to their website.
This is an interactive feature that allows you to enter your
personal information (Social Security number, filing status, and number
of exemptions on your 2007 tax return) to find out the status of your
rebate.
You can also review the payment schedule and visit the Economic Stimulus Payments Information Center for more information about the rebate check.
IRS Will Start Sending Rebates On May 2
March 19, 2008
Okay… you know the IRS will start sending out rebate checks in May. But when will you get YOUR check?
The first rebate checks will be mailed out starting on May 2, and will be
based on the final two digits of your Social Security number, as well
as when you file and whether you elected to receive any refund by
direct deposit or snail mail.
The IRS says most people will get
their checks by July 11, but if you want to know exactly when to expect
your rebate, here are the details:
What to Do With Your Tax Refund or Other “Found Money”
February 26, 2008
Garrett Planning Network Provides Thirteen Smart Ideas
(Lee’s Summit, MO) February 24, 2008 - After concluding their tax
preparation activities, many people will see that they are entitled to
a refund from Uncle Sam. “Whether you refund is large or small, you are
wise to determine now what you will do when that check arrives,” says
Sheryl Garrett, CFP®, author of Personal Finance Workbook For Dummies®
(Wiley, November 2007) and founder of the Garrett Planning Network (www.GarrettPlanningNetwork.com). “Don’t fritter it away or spend it on a whim.”
On a recent teleconference, network members brainstormed thirteen ways taxpayers can put this “found money” to work:
1. Put the entire amount, up to the maximum allowed by law ($4000
for an individual in 2007 unless you are age 50+, then the maximum
contribution is $5000; $5000 for an individual in 2008 unless you are
age 50+, then the maximum is $6000), into a Roth IRA assuming your
income falls below the government thresholds (the phase out for singles
in 2007 is $99-$114,000 and in 2008 it’s $101-116,000; for married
couples in 2007, the phase out is $156-166,000 and in 2008, it’s
$159-$169,000).
Continue Reading What to Do With Your Tax Refund or Other “Found Money”
You Have to File Your Taxes Before You Can Get Your Rebate
February 18, 2008
By now you’ve most likely heard about the tax rebate that was passed by President Bush last week, with the intention of jump-starting the economy.
But what you may not know is that you have to file your 2007 tax return before you can get your rebate check.
This was not good news to me, because I’m one of those people who waits until October to file (hey, I don’t get paid to file my tax return, and paying clients come first!).
It also means my workload this tax season will be quite a bit heavier because all of my usual stragglers will be getting their tax info in on time this year to make sure they get their rebate checks (sigh…).
Okay, back to the rebate… If you haven’t heard the details yet, here they are:
The IRS is expecting to start mailing out checks in May.
Continue Reading You Have to File Your Taxes Before You Can Get Your Rebate
What will you do with your rebate check?
February 6, 2008
By now you’ve probably heard about the tax rebate plan that is still being hammered out in Congress.
A plan passed by the House would provide rebates of up to $600 for singles and $1,200 for married
couples, with an additional $300 per child. The tax rebates would begin phasing out for individuals earning more than $75,000 and married couples making more than $150,000.
A Senate version would provide up to $500 for individuals and $1,000 for couples, plus $300 per kid. The rebates would start phasing out at roughly twice the income limits in the House plan. The Senate bill would extend rebates to seniors living on Social Security and disabled veterans.
The purpose of the tax rebate is to get consumers spending to stimulate the economy. Early polls show that most people will pay down debt or save the money rather than spending it.
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