Over the past few weeks, the tax professionals at the Roni Deutch Tax Center® have gone to great lengths to clear up any confusion regarding the economic stimulus program. Below are snippets from some of the recent stimulus related blog entries, click on the title to read the associated entry.
Top 10 Ways to Support the Economy with your Stimulus Check
People across the country are beginning to get their stimulus checks in the mail, or directly deposited into their bank accounts. But remember that the goal of this free money is to help stimulate the economy, so consider these top 10 ways to support the economy with your check.
Will I need to report my economic stimulus check as income?
No. Many rumors have been floating around about the economic stimulus checks, and most of them are misconceptions. When you file your 2008 tax return you will not need to include your refund as part of your adjusted gross income.
What if I have not received my economic stimulus check?
First of all, do not worry. The Treasury Department will mail most of the stimulus checks based upon the IRS schedule, but not all. If you filed your return late, then your check will be mailed out after the initial batch of checks are sent out. Additionally, if you filed your return close to the April 15, then it is likely that the IRS did not process your return before the deadline so you might be lumped in with the checks for late filers.
When will I get my economic stimulus check?
If you filed your return on time then you should expect to get your check according to the data below. However, if you did not file your return until after April 15, 2008 then you can expect to receive your payment at least two weeks later than your scheduled date. In addition, please note that if you do not file a return before October 15, 2008, then you will not receive a stimulus check this year.
Studies Show Consumers Not Likely To Spend Rebates
According to the San Francisco Gate, studies show that taxpayers are not likely to spend the refund checks they will receive from the federal government this spring. According to the results people are much more likely to save the money or use it to pay off previously acquired debts. This may help individual taxpayers take better control of their own personal finances, but would not stimulate the economy the way Congress is hoping.
Do I Need to File a Return to get my Stimulus Check?
Yes. The IRS will automatically send out the economic stimulus checks this spring based on 2007 federal income tax returns. In order to get your check you must file a return with the IRS. Even if you do not pay taxes or have any federal tax liability, such as seniors living off of Social Security checks, you still need to file. However, if you owe past due back taxes you may not receive a check as the IRS will deduct what you owe from your rebate.
Economic Stimulus Package: Clearing Up Any Confusion
With the recent passage of the 2008 Bipartisan Economic Growth Package, hundreds of taxpayers have been left scratching their heads. Between the current tax season, two different versions of the package, and inaccuracies in the media, not too many people fully understand what is going on with these new “rebate checks.” Fortunately, the tax professionals at the Roni Deutch Tax Center are up to date on all tax laws and have compiled the following list of common economic stimulus FAQs.