If the idea of receiving a $300–$600 tax rebate check is burning a hole in your pocket, here’s some sisterly advice for you -— put your tax rebate check to good use. You have every reason to feel like you’ve won the lottery, because in a sense you have. At the same time, you must be cautious and wise.

You know the old saying, “Easy come, easy go.” Don’t let this money slip through your hands like grains of sand. Put a plan in place to ensure that you spend (or save) your money wisely. If you don’t have a savings account, open one. Have you thought about using your rebate money to receive a tax break next year? Consider three tax-deductible options; donate it to a church, charity or your favorite political candidate.

Let the Countdown Begin
The Internal Revenue Service (IRS) estimates that they will begin sending the first rebate checks on May 2 to individuals who have a valid Social Security number, have filed their 2007 tax return and have an income of at least $3,000. An individual filer’s adjusted gross income (AGI) must be below $75,000 to receive the $600 payout (joint filer’s AGI must be below $150,000 to receive the $1,200 payout). Individual filers whose AGI is above $75,000 ($150,000 for joint filers) can use the IRS’ online calculator www.irs.gov/app/espc to determine eligibility. The good news for parents is that they can expect to receive $300 for each eligible child under age 17. To qualify, a child must meet the critieria outlined in the Child Tax Credit and have a valid Social Security number.

The IRS has released the stimulus payment schedule for tax returns received and processed by April 15, 2008. Individuals who choose direct deposit on their federal income tax returns can expect to receive a check between May 2 and May 16, (refer to Table 1). Individuals who don’t choose an electronic payment can expect to receive their checks between May 16 and July 11, (refer to Table 2). Taxpayers who file after April 15 can expect a stimulus payment about two weeks after they receive a refund. Taxpayers have until Oct. 15, 2008, to file in order to receive a stimulus payment yvette caslin

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