Stimulus Rebates Ahead of Schedule
In her article, Bell also noticed that in this first round of rebate checks will be mailed out during the 4th of July week. "How convenient that the last of the mailed checks will go out Independence Day week. Surely that's just serendipitous ... Not!" And the Associated Press has noticed that the President discussed the rising cost of gasoline and groceries, a shift from his earlier comments about boosting consumer spending. "By saying expressly that people could use these one-time checks to pay for such necessities as food and gas, Bush underscored the deepening challenges facing the economy."
Personally, I have a pretty good idea of what I'll use my own rebate check for. It will sit in my savings account for month or so, and then go right back to the feds when I pay my second quarter estimated taxes. Other friends, clients, and business colleagues have said they will use the rebate either to pay their taxes or pay down their credit cards. And this echoes the results of a poll conducted by About Financial Planning. When asked "What would you do with the proposed tax rebate?," forty-five percent of respondents said they would use the money to pay off debt.
For the official information about the rebates, see the following IRS Web pages:
The smart folks are paying down credit cards with their rebates… unfortunately the folks I talk to think they “deserve” to spend their rebate on fun things like going on vacation or out to eat. And this is one of the many reasons there are record numbers of accounts in collections today – and it probably aint gonna get better any time soon.
http://www.imadebtcollector.blogspot.com
My husband and I still owe the IRS for previous years so it’s going to go right back to them, thats if they don’t just keep it as payment, I don’t know since we are making payments.
what the IRS failed to tell it’s tax payers is that you have to make over a certain amount and under a certain amount before they will even entertain the idea of a “rebate stimulus check”- the people who make less are the ones that need the “stimulus”- ALWAYS a catch to it when the IRS is involved-
what ever happened to all the checks wouldbe direct deposited be 5/2/08???/ was that a screw up or what??
I agree that it’s a smart idea to pay down debt instead of buying something fun. But some of my clients are saying things like they aren’t sure where this money is coming from, so they aren’t sure if it’s wise for them to spend it. And like Marie said, you do have to make over a certain amount and under a certain amount, and certain types of income to qualify. I’m still not sure why recipients of SSI benefits don’t get the stimulus, as it would surely help them.
This is May 5th and we still haven’t received out rebate. We have direct deposit. According to the schedule we should have already received it..What’s going on?
People like me who are on SSI do not get the stimulus rebates because we do not file taxes on SSI payments
I would like to have somebody explain to me why people on SSI do not get the stimulus payment. Other forms of Social Security benifits qualify even though recipients are not taxed.