We finally received our Economic Stimulus check in the mail today! Three weeks after we thought we’d get it and it came in the mail instead of being direct deposited, but it’s here none the less. I wondered why though it wasn’t direct deposited even though we had our tax refund direct deposited so I went online and found much more information than I remember hearing in the news when this was all going on.
- Taken out a refund anticipation loan or “rapid refund”;
- Used a service such as TurboTax and had the transmission fees taken out of the refund amount;
- Had their refund deposited across two accounts;
- Allowed their tax preparer (such as a CPA) to deduct their fee from the refund amount.
The website also explains who is eligible for a rebate(You MUST have a SSN. If anyone on the tax returns has a Individual Taxpayer Identification Number, ITIN, all of those on the tax return CANNOT receive a rebate. This was to keep the rebates out of “illegal workers” hands.) what businesses get out of it(offers businesses a one-time depreciation tax deduction equal to 50% of the cost of specified kinds of new investment during 2008) and how much individuals would get based on different factors(number of children, net income tax liability vs no net income tax liability).
All of this was proposed in January and signed into law February 13, 2008 as a way to “ward off” a recession and stimulate the economy through targeted government spending and tax incentives. That was 6 months ago. Now we’re facing $4 a gallon gas, increased food costs, increased energy bills, and they want me to take this money and buy, oh, a TV or some other big ticket item to stimulate our economy? How about I pay any number of my bills with it or put it away for an emergency fund. How about I use it to pay for my son’s preschool next fall? I would rather they had passed legislation to lower my taxes all together! Anyone else have feelings about this? Am I going to turn down money, of course not, and I know that a lot of people really need this money. I just hope that it helps as much as Congress thinks it will.