Factoring Blog - For Small Businesses

If you are wondering about all the details of the U.S. tax stimulus package, the IRS has a helpful Web page describing the stimulus payments.

Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million individuals. The stimulus payments will go out through the late spring and summer.

The vast majority of Americans who qualify for an economic stimulus payment will not have to do anything other than file their 2007 individual income tax return to receive their payment this year. They will not have to complete applications, file any extra forms or call the Internal Revenue Service to request the payment, which is automatic. The IRS will determine eligibility, figure the amount and issue the payment.

Stimulus payments will be direct deposited for taxpayers selecting that option when filing their 2007 tax returns. Taxpayers who have already filed with direct deposit won’t need to do anything else to receive the stimulus payment. For taxpayers who haven’t filed their 2007 returns yet, the IRS reminds them that direct deposit is the fastest way to get both regular refunds and stimulus payments.

The publication goes on to note that the payments will range between $300 - $600 for individuals, and $600 - $1200 for those who filed joint returns.

While this is not strictly a business tax issue, I thought you might be interested to know about it.

This entry was posted on Wednesday, February 13th, 2008 at 12:56 am and is filed under Business Tax. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.