IRS Tax Rebate - Get your Tax Rebate Online from IRS

The IRS also announced the availability of a new online calculator to help people determine the amount of their stimulus payments.

A news release from the IRS stated the stimulus payments will be made by direct deposit to those who choose to receive their 2008 income tax refunds through direct deposit. All others will get a paper check.

“To receive an economic stimulus payment, people just need to file their tax returns as they usually do,” said IRS Acting Commissioner Linda E. Stiff. “The payments will be automatic for the vast majority of taxpayers."

"Some lower-income workers and recipients of certain Social Security and veterans benefits who don’t normally need to file a tax return will need to do so in order to receive a stimulus payment,” Stiff said.

IRS officials said the stimulus payments will be sent out in the order of the last two digits of the Social Security number used on the tax return and because of that, some may receive their payments at different times than neighbors or family members. On a joint return, the first Social Security number listed will determine mail-out time.

The IRS expects to make about 34 million payments within the first three weeks after the payment schedule begins May 2. With more than 130 million households expected to receive stimulus payments, more than 25 percent of the payments will be made in the first three weeks.
Taxpayers who choose direct deposit on their federal income tax returns can expect to receive their economic stimulus payments between May 2 and May 16 provided their returns were received and processed by April 15, 2009.

For taxpayers who did not choose direct deposit on their tax return but whose returns were processed by April 15, the paper checks will be in the mail starting May 16, with the initial mailings completed by around July 11.

The IRS also announced Monday the availability of an online calculator on IRS.gov to help taxpayers determine if they are eligible to receive an economic stimulus payment and, if they are, how much they can expect.

Anyone who has prepared a 2008 income tax return can use the calculator. It will ask taxpayers a series of questions, so they should have their 2008 tax returns handy. After answering the questions, the calculator will provide the projected dollar value of the payment.

We are all crossing our fingers that the money is on the way. Now, why are we all so excited? For some, it is because they will finally be able to buy that 52" HDTV without having to dip into their savings account.

For others, it means their savings account will finally hold more than just a few bucks, since every dollar is being used to pay off bills. For those of you who haven't already spent the money, here are a few things to think about that. These spending ideas will both help the economy (that is the reason behind this all) and create a better lifestyle for you.

The first spending idea for your tax rebate is to use it for home improvements. If you have the desire to make this money last without dumping it into your savings account, you can use it to update your home with materials that will last forever. Materials like tile, hardwood flooring, and even metal siding last a lot longer than some cheaper materials.

If you own an older home, you might think about updating your windows and appliances to those that are energy efficient. Go ahead and stock up on those new funky light bulbs as well. Not only will you be following the plan of jumpstarting our economy but you will feel great about "going green" as well.

Spending your money on items that are energy efficient will lower your power and heating bills. This probably seems like a great idea now, doesn't it. But don't forget about your other options.

You might use your money to stock up on food that you use often. There is nothing wrong with having a surplus of flour, sugar, and those canned foods you regularly use. Be sure to properly store any extra food your buy to ensure it will last for a long time.

If stocking up on food isn't your thing, you might consider spending the money on exercise equipment or even on a gym membership. Either choice is something that will last for more than just a few months. If you buy vitamins, use your tax rebate to stock up for a year.

The last idea for spending your tax rebate is not going to save you money on your power bill or help you go green, but you might consider it as well. Take your tax rebate and go on a shopping spree. Buy anything that you will need in the next 12 months.

You could buy off season clothes for you kids or even stock up on make up and other items you or your spouse is constantly buying. You can even get most of your holiday shopping done this summer, just don't forget where you hide them when the holiday's roll around. Spend you money at a number of different local merchants to help our your local economy.

It is obvious that there are more than just our two options of savings or spending our tax rebate. If you want to help out, spend this money on items or services that will last for a long time. Do your part as a citizen to boost our economy by not digging a hole in your back yard and burying your tax rebate.