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ECONOMIC STIMULUS PAYMENTS

By now, you have probably heard about the economic stimulus package being offered by the United States Treasury. Beginning in May, the Treasury will begin sending economic stimulus payments to more than 130 million individuals.  These payments will go out through the late Spring and Summer.

The IRS will use th 2007 tax return to determine eligibility and calculate the basic amount of the payment. In most cases, the payment will equal the amount of tax liability on the return with a maximum amount of $600 for individuals ($1,200 for taxpayers who file a joint return) and a minimum of $300 for individuals ($600 for taxpayers who file a joint return).

Even those who have little or no tax liability may qualify for the minimum paymentif their tax return reflects $3,000 or more in qualifying income. For the purpose of the stimulus payments, qualified income consists of earned income, such as wages and self-employment income, as well as Social Security, and certain other income. However, supplemental social security income does not count as qualifying income for the stimulus payment.

The IRS website is the best source of information and answers to questions regarding the stimulus payments. Please visit that website at www.irs.gov or call our office, and any of our staff would be happy to answer your questions.