Make sure to file taxes and receive tax rebate

I wanted to spread some helpful information about the new economic stimulus package that was recently passed.

Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million individuals. Tax rebates are an economic tool used periodically by the federal government to encourage consumer spending when the economy is lagging.

The IRS will use the 2007 tax return to determine eligibility and calculate the amount of the payment. Those who qualify for the rebate will receive between $300-$600 ($600-$1200 for joint filers) plus $300 for each qualifying child (subject to income phase-outs).

To qualify for the rebate you need a valid Social Security number. You also need to have $3,000 of qualifying income. Wages, earnings, SSA, railroad retirement, and certain veterans benefits may count for this requirement. To qualify, you cannot be a dependent on anyone else's return and you must file a 2007 tax return. If you are not required to file, please file anyway. For the purpose of the rebate, the return must reflect the qualifying income.

Of course every taxpayer has a different situation. Call your tax professional to get any information depending on your circumstances.

DONALYN DOVALE-BROWN

Sandpoint