With the president signing the economic stimulus package into law recently, many taxpayers may be unclear how and if they qualify for the stimulus payment. This has been one of the most asked topics at our weekly tax tips workshops. Based on information from the IRS, the return must show at least $3,000 in qualifying income. Low-income workers, Social Security recipients, disabled veterans and retired railroad workers who might not otherwise need to file a tax return must do so in order to receive the tax rebate.
Tax rebates checks will range from $300 to $600 for individuals and $600 to $1,200 for joint filers. Taxpayers may also receive $300 for each qualifying child. In most cases, low-income recipients will get $300 each, or $600 for joint filers.
What are you going to do with YOUR rebate check?
Check out what personal finance guru Suze Ormam thinks (not a bad idea either IMO)
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