Good news…

File your 2007 US federal tax return, you may receive a rebate!

What is the rebate?
In February 2008, Economic Stimulus Act of 2008 was signed into law and starting in May, the Treasury will begin sending economic stimulus payments to millions of US taxpayers.

• It's one-time payment
• It is not taxable
• It won't reduce your 2007 or 2008 refund
• It won't increase your 2008 tax
• It is a separate payment from your tax return
• It can't be applied to 2008 estimated tax

Are you eligible?
Yes, if all of the following applied to you:

• Have filed or will file your 2007 US federal income tax return by October 15, 2008
• Have a valid SSN (not ITIN, ATIN) for each qualified individual
• Can’t be claimed as a dependent on another taxpayer’s tax return
• Have either a net income tax liability or "qualifying income (mostly earned income)" of at least $3,000
• Adjusted gross income is not in excess of the income limitation, which has phased out the rebate you are entitled

What if you are not eligible in 2007, but will become eligible in 2008?
you may claim the economic stimulus payment next year on your 2008 tax return.  

How much can you get?

• Individual taxpayer:    $300-$600
• Family tax payer:        $600-$1,200, plus $300 for each qualifying child under age 17

Adjusted Gross Income (AGI) is more than $75,000 ($150,000 if married filing jointly), the payment amount will be reduced or totally phased out. The combination of the payment is reduced by 5 percent of the income above the AGI thresholds.

Estimate your rebate using IRS rebate calculator: http://www.irs.gov/app/espc/

How to get it?

• File your 2007 federal tax return by Oct 15, 2008,even you are exempt from filing due to low income
• The IRS will assess the final payment
• The IRS will send you a check or directly deposit it to your bank account as scheduled

When to get?
The Treasury Department began sending the payment in May, 2008, and most payment will be sent between May to July 2008. Payment will be delayed for some returns will need additional time to process.