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Rebates: one down, one to come?

July 16, 2008

The bulk of the rebate checks have been delivered. Can’t you just feel the economic stimulation. (I hope that last sentence doesn’t cause any content filter problems.)

And just as we taxpayers, if not necessarily the economy, recover from the sometimes confusing, often frustrating rebate process, some lawmakers are planning round two.

Steny_hoyer_2
CQ Politics reports that Majority Leader Steny Hoyer (D-Md.; pictured at left) is expecting the House to consider a second economic stimulus package by the time Congress adjourns in late September.

Hoyer’s Republican colleagues and Dubya say it’s too soon to think about another attempt to jump start the struggling economy. They argue that we just need to chill and wait for the full effects of the most recent rebate checks.

The Democratic House leadership, however, is determined to push for a package that would include, among other provisions, funding for infrastructure, heating assistance for low-income individuals, food stamps and state Medicaid programs.

And another round of individual rebate payments could be part of the proposal.

Stimulus, part 2, pleas: If the rebate sequel does indeed happen, I have two requests.

First, please don’t send us costly mailings saying we’re going to get the money and then a second one that says the check is in the mail. We’ll take your word for it in order to save the country a few bucks.

And second, don’t promise us delivery dates. I know it was done with the best of intentions, but many folks were frustrated when their rebates didn’t synch up with the payment schedule.

Stimulus_payment_logo
Stimulus, part 1, status:
The Treasury Department says it has delivered $91.8 billion to taxpayers via 112.4 million economic stimulus payments.

That accounts for the bulk of the rebates, but Treasury says checks will continue to be sent out to eligible recipients throughout the end of the year.

The reason for the straggling stimulus payments? Checks can’t be cut until taxpayers file their 1040s. And millions of us (yes, us; I still haven’t finished our filing paperwork) got an extension so we have until Oct. 15 to complete that task.

But the fall deadline is the rebate drop-dead date. If you don’t get a return in by then but still qualify for a stimulus payment, you can get the money when you file your 2008 tax return next year. 

For more rebate scoop, you can peruse my previous rebate bloggings, or go straight to the IRS’ Economic Stimulus Payment Information Center.

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TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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