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Carver Communications - Index

Carver Communications - 4.1.08 - Index

Vol.XXVI, No.21 © Carver Communications, Inc. April 1, 2008
Don’t Miss Out On Your Stimulus Payment - aka Tax Rebate Check
By Fred Flores and Michele
Rowe
Starting this spring, the
Treasury Department will begin
distribution of the tax rebate
checks which are part of the 2008
Economic Stimulus Package.
The majority of people who
qualify for the payment will not
have to do anything other than file
their 2007 income tax return in
order to receive the payment. The
IRS will use the 2007 tax return to
determine eligibility and calculate
the amount of the rebate check.
The tax rebates are a onetime
rebate check of up to $600
for single filers and for those filing
joint returns you may receive
up to $1,200. The rebate begins
to phase out if your adjusted gross
income exceeds $75,000 if you are
single and $150,000 if you are
married filing a joint tax return.
Filers with children may also
receive an additional $300 for
each child on their income tax
return, if the child also qualifies
under the Child Tax Credit.
P.O. Box 33862
San Antonio, Texas 78265
For those people who normally
are not required to file an
income tax return, but are eligible
for the tax rebate, they will have
to file a 2007 tax return. This
includes those who receive Social
Security benefits, Veterans’ disability
compensations, pension or
survivors’ benefits from the VA,
Railroad retirement and lowincome
workers. These taxpayers
will be eligible to receive a rebate
of $300 ($600 on a joint return) if
they have at least $3,000 of qualifying
income.
Rebate checks will be
direct deposited for taxpayers who
selected direct deposit when they
filed their returns. For those of
you who haven’t filed your returns
yet, what are you waiting for? The
longer you wait to file your return
the longer it could take for you to
receive your check. The quickest
way to receive your refund and
rebate check is to electronically
file your return and select direct
deposit.
Most taxpayers will receive
PRSRT STD
U.S. Postage
PAID
San Antonio, Texas
Paid Permit #1957
two notices by mail from the IRS.
The first is a general notice
explaining the stimulus payment
program and the second will confirm
eligibility, the payment
amount and the approximate time
table for the payment.
Here is an approximate
payment schedule. Of course
everything is dependent on filing
your return.
Stimulus Payment Schedule
for Tax Returns Received
And processed by April 15
Direct Deposit Payment
Last 2 Digits of SSN / Sent To
Bank
00 - 20 May 2
21 -75 May 9
76 – 99 May 16
Paper Check
Last 2 Digits of SSN / Mailed On
Week
00 - 09 May 16
10 - 18 May 23
19 - 25 May 30
26 - 38 June 6
39 - 51 June 13
52 - 63 June 20
64 - 75 June 27
76 - 87 July 4
88 - 99 July 11
Please be aware that identity
thieves are already at work. They
are pushing scams involving stimulus
payments. The IRS has
reported that at least one telephone
scam is making the rounds
using the proposed rebates as bait.
A reminder to those individuals
who will be filing an extension;
the Internal Revenue Service
allows you an extension on filing
your return but it is not an extension
for paying your taxes. You
must pay the majority of what you
owe by the filing deadline to be
granted an extension. There are a
series of rules that determine what
you must pay. Please consult your
tax adviser.
As an additional note for
those of you who have not filed
your past income tax return(s) and
have a refund coming, you only
have a limited time to collect your
refund. For example, anyone who
has not filed a 2004 tax return, the
dead line to file and receive a
refund is April 15, 2008. Don’t
lose out!
If you have any further questions
please do not hesitate to give
us a call at 210 340 8855 or visit
our website at
www.FredFloresCPA.com