We had just received this Notice from IRS today about our Stimulus Payment. For those who are living here in the US, perhaps most of you knows about this new law. United States Congress and President George W. Bush just signed into law the Economic Stimulus Payment Act of 2008, which provides for economic stimulus payments to be made to over 130 million American households. Under this new law, you maybe entitled to a payment of up to $600($1,200 if filing joint return) plus, additional amounts for each qualifying child. And it is Tax-free. Believe it or not, the US Government is truly giving us a gift. This happens only in America, folks. I wish there is something like this in the Philippines, government giving money to poor people instead of crocodile (buwaya) officials putting the money in their wallets.
They will begin sending the one-time payments starting May. To be able to receive payment in 2008, individuals who qualify will not have to do anything more than file a 2007 tax return. So, fellow tax payers its clear that if you filed and got your refund, all you have to do is just sit and wait. The IRS will determine eligibility, figure the amount, and send the payment. This payment should not be confused with any 2007 income tax refund that is owed to you by the federal government. Income tax refunds for 2007 will be made separately from this one-time payment.
I wonder how the people will spend it ( I heard a few people talking about buying a car, and new furniture. Some saves it for special reasons) from what I understand, the idea behind these rebates is to spend the money and stimulate the economy. But while the reason for getting the checks is clear, exactly who gets what and why?
Remember your check will be mailed to you or direct deposited to your bank account.
