Congress is Studying Ways to Improve the Economy

January 24, 2008

Congress reached an agreement on a new plan to stimulate the economy today.  The plan will give 4300 to persons working but paying no taxes and up to $1,400 to those working families that pay tax, more to those with children..   The IRS is to find a way to get the checks in the mail by June.  Congress is also discussing lowering taxes for business through incentives for purchasing equipment and other items.  I have linked to the IRS site to give you more information about the rebates below. 

One important note is that you need to file a return for 2007 to be eligible for the rebates except in special circumstances.  For those that may not file because your income is non-taxable (social security or Veterans benefits) you may need to now file in order to get the rebate.  If you are a dependent of someone else, you will not qualify for the rebate, so you may need to do some planning before filing your 2007 returns.

Rick