The tax rebate checks that many Americans have been talking about for months and looking forward to are on their way out a little earlier than expected. The first direct deposits have already been made, with about 800,000 Americans receiving their payment by direct deposit earlier today. The direct deposits were initially supposed to begin going out this coming Friday, but the government readied things a little quicker than expected, so the stimulus is coming out early. 
Who will be the first to receive their tax rebate checks? The initial schedule is posted here. The payments are being sent out based on the last two digits of your social security number. Those whose last two digits are 00-20 should have received a direct deposit today, so if you fit the bill, check your bank account!
It isn't just the direct deposits that are going to be going out early. The first paper checks, which were slated to go out on Friday May 16th, will instead go out on Friday May 9th. Those with Social Security numbers ending in 00-09 will be in the first batch of paper checks.
It is likely that the entire schedule for tax rebates will be sped up, so the dates posted on the tax rebate schedules will likely be changed to a slightly sooner date almost across the board.
As RSS Feed readers of GrowYourFunds know, for a long time there was a debate as to whether this rebate check would have to be paid back, or if it would be taxable. The IRS has since answered both of these questions with a clear no. This is a rebate, not an advance, and the check isn't taxable.
Please make good use of your tax rebate, and do what is best for your personal situation. Sure the government wants you to spend it and put it back in the economy, but if you need to pay off the bills, always do that first before splurging on unecessary items!
GrowYourFunds has profiled the tax rebate/economic stimulus package many times before, check out these articles for more detailed information on this topic:
» 5 Stocks that should benefit from economic stimulus spending from GrowYourFunds
Since the economic stimulus checks have either been received or will soon be received by almost all Americans, I wanted to take tonight to look at five stocks that should benefit quite nicely from those checks. We all know that... [Read More]
Tracked on: June 16, 2008 11:03 PM | Permalink to Trackback