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The Online Advisor

September 2008


What's New in Taxes

Stimulus payment deadline approaching


The IRS has issued billions of dollars in tax rebate checks as authorized by the Economic Stimulus Act passed in February of this year.

The law provided for payments of up to $600 for singles and $1,200 for married couples filing joint returns, plus $300 for each qualifying dependent child. The rebates phased out for individuals with adjusted gross income over $75,000 (over $150,000 for married couples). Payments were computed by the IRS based on income reported on 2007 tax returns.

Individuals not required to file 2007 returns because their income didn't meet the filing threshold could still qualify for a rebate of $300 ($600 for married couples) if they had at least $3,000 of qualifying income and filed a modified version of the 2007 tax return.

The IRS is reminding taxpayers that to receive a rebate in 2008, a 2007 tax return must be filed by October 15, 2008. Those who do not file a tax return to obtain a rebate this year may still receive their stimulus payment by filing a 2008 tax return in 2009. The stimulus payment will then be based on the taxpayer's 2008 qualifying income.

For details or for assistance with your tax planning, give our office a call.

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