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Saturday, October 11, 2008

Deadline approaching for filing for the economic stimulus payment

With the Oct 15 extension deadline for filing taxes approaching soon, the IRS has issued a warning for people who haven't or who don't have to file taxes. They will miss out on the economic stimular payment if they don't file their taxes by Oct 15.

The IRS estimates that as many as 4.3 million recipients of certain Social Security and Veterans Affairs benefits who may be eligible for the economic stimulus payment have not yet claimed their stimulus payments. People must file an income tax return in order to receive an economic stimulus payment.

For people who have no tax liability and who have no requirement to file a tax return because their income is too low or nontaxable, there is a stimulus payment of up to $300 ($600 for married couples), plus a $300 payment for each qualifying child.

After filing for tax extension earlier this year, we filed our tax returns in summer. Within 3-4 weeks, we had received and used up our stimulus check payments. It didn't take much time for our checks to evaporate, considering the high gas, energy and food prices. Given the current stock market meltdown, job losses and depleted account balances, I and many people through out the globe won't mind receiving another stimulus check payments.

For related article, see:

WebCPA.com: IRS Warns of Stimulus Payment Deadline

posted by Ruby @ 3:29 AM

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