As you know President Bush signed an economic stimulus package into law earlier this year. The IRS has reached out to Corporate Voices to pass on some information about the package to our members to clear up confusion that you or your employees are having. The most important piece of information that you need to know is in order to receive a stimulus payment you must file a 2007 Federal Income Tax Return.
Even if you aren’t normally required to file a federal income tax return, you must file one if you want to be among the 130 million individuals who will receive a check from Treasury beginning in May of this year. The IRS will use information on the 2007 tax return filed by the taxpayer to determine eligibility and calculate the amount of the stimulus payment.
In most cases, payments will range from $300 to $600 for individuals and $600 to $1200 for joint filers. Parents and anyone else eligible for a stimulus payment will also receive an additional $300 for each qualifying child (subject to income phase-outs).
For more information on this subject we encourage everyone to visit the IRS website for updated information.
By Susan Holbrook