May brings with it the nostalgia of Mothers' Day, The onset of summer with the Summer solstice, and this year, as we all know In February of 2008, the United States Congress approved a $168 billion economic stimulus plan to help stave off economic recession. The bill includes measures to provide tax rebate checks of up to $600 per working individual and $1,200 per married couple, plus $300 per child for families with children and new tax incentives for job-creating business investments.

IRS TAX REBATE TOP 10 QUESTIONS!

What do you think is the question that in the minds of most Americans? Let me qualify that question, most Americans that bothered to file their 2007 taxes?

If you thought or said when do I get my tax rebate check or How much will I get for my tax rebate, you are well on your way, here are some of the popular queries and their variations!

1. When will the tax rebate checks be deposited? (Money, money money!) You know what they say Good things come to those who wait, But Tax Rebate Checks come to those who filed.

2. Who is eligible for tax rebate checks? (hmmm either they in a high tax income bracket or you didn’t file or, made under $3,000 in ’07)

3. Who receives tax rebate checks coming out in May? (hey at least we know the month)!

4. Amount of tax rebate checks for senior citizens? ( In my humble opinion they senior citizens should get a huge cut, after all they are the ones who contributed the most so we could have the privileges we enjoy today)!

Senior citizens who would normally NOT file a return will need to have filed in 2007 in order to qualify for the rebate. The last version of the law included senior citizens. Keep in mind that they will only need to have filed a federal return in most cases. A state return is not necessary.

5. When will tax rebate checks arrive? ( I know the feeling, saw a hub on must have shoes, and I must have a pair on that hub now).

According to the IRS website, (http://www.irs.gov) Rebate checks will be mailed/or direct deposited (starting in May, 2008 and continuing through the summer months.

*Direct deposit will occur if you provided information to direct deposit information when filing your 2007 return.

*Checks or direct deposit will be remitted based on the order of 2007 tax return filings meaning you be receiving your check based on your 2007 return in the order 2007 returns are processed. The sooner you filed the sooner you get a check.

6. When do I get my tax rebate incentive checks? (Incentive is right, Where is my incentive to shop till I drop…bargain shopping for $600 anyone?)

7. Tax rebate checks will I get one? (Just to recap, did you file? Did you make more than $ 3000 in 2007, but under $150,000? Do You have children? Alright, you are good to go!)

8. Who gets the tax rebate checks

9. When will tax rebate checks be mailed? ( I don’t know when you will get it, But…I do have a number of ideas on what you should do and what you shouldn’t do)!

10. Here is what I would like to hear people asking, What oh what should I do with my tax rebate check? How can I truly use my tax rebate check to stimulate the economy today, tomorrow and forever if possible?

Blow it?? Invest it?? Pay Bills??

Rebate checks are designed as you already know to jump start the economy and minimize the impact of a recession this year.

Econ 101 a. Spending increases demand, demand increases supply and we are in business

Econ 101 b. Those with cash in hand are more likely to spend, than those who have assets!

Econ 101 c. Those who invest in liabilities (e.g., me with my shoe craze), these are the people that run the economy).

Econ 101 d. To stimulate the economy get consumers to spend again, get the money cycling.

So what is the tax rebate break down?

Rebate checks will undoubtedly vary in amount. Most people will receive amounts per the following computation, once again estimated on your 2007 tax return information. Individuals Ranges from $300 -$600

Married filing jointly Ranges from 600-$1,200

Qualifying children Generally an additional $300 per child

Phase out based on income begins at $75,000 for single individuals at $150,000 for married individuals

There will be a $1,200 family maximum. Most individual taxpayers will receive a $600 check, with another $300 per child ( I think this one of the few times I understood the concept of children as a tax break, which I had some)!

So it would appear that the Government is involved in Cash Gifting…which seems to be the new money making phenom!

Hmmm…not quite!

Think of your tax rebate check cash gift, more like a cash advance for 2008 tax cuts! You will not have to pay income tax on the checks.

The rebate check is an advance payment against a credit which will be calculated on your 2008 tax return. In most instances, the net impact on your 2008 return will be zero. However, when the actual calculation is done, it may result in you getting additional rebate against your 2008 tax or possibly even a reduction in the amount you should have received - thus causing you to owe some of the rebate check when filing your 2008 return. There is an income based phase out of the credit. If your income should increase for 2008, you may get the rebate check based on 2007 return information and be disqualified when the computation is made on your 2008 return. (Marie A. Jakubiak & Associates, P.C)

You know what they say, opportunity knocks once, if it knocks again you can bet your touche it is the Jehovah’s Witnesses.

So, are you going to do with your tax rebate check? BLOW IT? OR TAKE ADVANTAGE OF IT? You mother was right, don’t spend all your money in one place!

You could pay of debt, buy stuff, put your money in the bank at 1% interest. But we all know the value of the dollar, adjusted for inflation… it won't go very far in today's economy AT ALL!!

What about INVESTING your tax rebate check??

And reap returns from your investment all next year...AND IMMENSE TAX BENEFITS OF HAVING A BUSINESS, (AND NOT JUST A BUSINESS THE TAX BENEFITS ARE HUGE – I WILL LEAVE THAT FOR ANOTHER DAY, STAY TUNED)!

There are many successful home based business opportunities available, that you can get started in for anywhere from $300 - $1300.

Advantanges of Investing In Yourself via The Home Based Business Approach:-

i) Low Investment

ii) High ROI

iii) Low Overhead

iv) Ideally should be run out of the comfort of your home, using the computer.

v) v) So you are able with the right training & Mentorship to market your product &/or services to millions of potential customers!

The globalization of the economy makes it such that the world truly is our oyster!

According to, Sandford C. Botkin, tax lawyer, CPA, former IRS attorney, "You would be brain dead not to start a home-based business. If You Don't Have a Home-Based Business, Start One Today!”

By investing your monies from the tax rebate check money you have a chance at increasing our income this year. If you do with your tax rebate check, what the Pres. Bush's Economic Stimulus and Tax Rebate Plan expects and blow it at the mall, which is what Uncle Sam wants then you are no better off than you were last year AND WORSE STILL, YOU WILL PAY TAXES ON IT NEXT YEAR!

[Taxation], It's a game. We [tax lawyers] teach the rich how to play it so they can stay rich--and the IRS keeps changing the rules so we can keep getting rich teaching them.-- John Grisham

The IRS Tax rebate check you are getting is your chance to play like the rich. Cash In, You Deserve it!