The IRS will be sending income tax rebate checks to all taxpaying citizens to stimulate the economy to progress. They started sending the checks last May 2008. They released their statement last February and all the taxpayers have to do to qualify is to pay their income tax return of the year 2007. Over 130 million taxpayers are estimated to receive tax rebates.
The IRS will be responsible in determining who will qualify to receive the income tax rebate checks. Those who paid their income tax for 2007 will definately qualify for a tax rebate. The amount would equal whatever paid for the previous year and an additional $ 300 for each child. Some may think that the government is just giving us fish for a day, and that those amounts would not last us until winter. True, but at least they are giving something back. A small amount of rebate is better than nothing at all. And in this day and age, when financial crisis is affecting millions of people, every cent counts.
For all those who are qualified to receive the income tax rebate checks, make sure that you have your Social Security Number ready and also your dependents that is considered valid and this would be to your advantage.
For those individuals who did not pay their taxes for the year 2007, some of you will still be qualified to get rebates. Individuals that received low-income, beneficaries of war veterans and people who are receiving Social Security benefits are among this category. They will still be able to receive income tax rebate checks but for a smaller amount than the taxpayers. But they will still get $ 300 for every dependent that they have.
If an individual falls on the category of non-paying citizens, they must notify the IRS of their status by filing for an income tax return for the year 2007. They may not need to file but this year they have to; to let the IRS know of their qualifying income and that they too are qualified to receive tax rebates.
Due to hard times, they are a lot of reported tax rebate scams going around. Do not entertain calls that ask for personal information especially bank information. IRS will not call your house and ask you question, all communication will be made through mail, so be weary of callers claiming to be with IRS. There will be two notices that an individual should receive; the first one is to explain about the income tax rebate checks and the second one is the conformation of the eligility of the individual and the amount that one will receive including the timetable of the tax rebate. So it is very important to keep your address with the IRS updated.