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Industry News Economic Stimulus Payment Schedule Announced; Online Payment Calculator Available Economic Stimulus Act of 2008: Business Tax Incentives
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Economic Stimulus Payment Schedule Announced; Online Payment Calculator Available The IRS has announced that it will begin sending more than 130 million taxpayers economic stimulus payments starting May 2. Payments will be deposited or mailed weekly through July 11. Taxpayers can determine the projected amount of their payment by using a calculator located on the IRS website at irs.gov. Taxpayers will need to input information from a completed 2007 tax return to make the calculation. The payment schedule depends upon the last two digits in the taxpayer's social security number and whether the taxpayer chooses a direct deposit on their 2007 return. In the case of joint filers, the first social security number listed on the 2007 return controls the payment date. A small percentage of tax returns will require additional time to process and to compute a stimulus payment amount. For these returns, stimulus payments may not be issued in accordance with the published schedule, even if the tax return is processed by April 15. In addition, an economic stimulus payment may be applied to back taxes or certain other debts of the taxpayer, such as delinquent child support and student loans. In such cases, the IRS will send a letter to the taxpayer explaining the offset. Individuals who file tax returns after April 15 and receive a refund can expect to receive their economic stimulus payments about two weeks after receiving their tax refunds, but not before the date they would have received their payment if the return had been processed by April 15. To ensure taxpayers receive their stimulus payment this year, they must file a tax return by October 15. Payment Schedule DIRECT DEPOSIT
Economic Stimulus Act of 2008: Business Tax Incentives Click here to download pdf (50 kb)
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