RETURN TO HOME
I know i am not suppose to revise blog entries after posting, but it looked naked without a photo. Saw this today and loved it. So forgive me for adding it now. …..
I received a letter (copy below) from our Government last week. It is all about the economic stimulus package and how the government is going to help get the economy back on the right track after mortgage brokers like me completely shot it to hell!
I was so excited to receive my $600 and help stimulate the economy!
Government officials have made suggestions on what to do with the money. I cannot decide if I want to go to Best Buy and purchase a brand new 42†flat panel TV or do I want to buy a new (hybrid) car? If I buy the car, I can help the environment while helping to stimulate the economy!! Well, now that I am thinking about it, I already have a 26†flat panel which is big enough and I drive a Saab, which gets 28 miles on the hwy. So, maybe I should spend my wad of dough on something else…..how many Lattes can I buy at Starbucks? I can buy lunch for all for my friends! I can donate money to one of Angelina Jolie’s charities! Maybe she and I will become friends.
**Or, maybe I should use the money and pay down a credit card or an electric bill or make a mortgage payment or what about….save it! What are you doing with your big windfall?
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Dear Taxpayer:
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 We are pleased to inform you that the United States Congress passed and President George W. Bush signed into law the Economic Stimulus Act of 2008, which provides for economic stimulus payments to be made to over 130 million American households. Under this new law, you may be entitled to a payment of up to $600 ($1,200 if filing a joint return), plus additional amounts for each qualifying child.
 We are sending this notice to let you know that based on this new law the IRS will begin sending the one-time payments starting in May. To receive a payment in 2008, individuals who qualify will not have to do anything more than file a 2007 tax return. The IRS will determine eligibility, figure the amount, and send the payment. This payment should not be confused with any 2007 income tax refund that is owed to you by the federal government. Income tax refunds for 2007 will be made separately from this one-time payment.
 For individuals who normally do not have to file a tax return, the new law provides for payments to individuals who have a total of $3000 or more in earned income, Social Security benefits, and/or certain veterans’ payments. Those individuals should file a tax return for 2007 to receive a payment in 2008.
 Individuals who qualify may receive as much as $600 ($1,200 if married filing jointly). Even if you pay no income tax but have a total of $3,000 or more in earned income, Social Security benefits, and/or certain veterans’ payments, you may receive a payment of $300 ($600 if married filing jointly).
 In addition, individuals eligible for payments may also receive an additional amount of $300 for each child qualifying for the child tax credit.
 For taxpayers with adjusted gross income (AGI) of more than $75,000 (or more than $150,000 if married filing jointly), the payment will be reduced or phased out completely.
 To qualify for the payment, an individual, spouse, and any qualifying child must have a valid Social Security number. In addition, individuals cannot receive a payment if they can be claimed as a dependent of another taxpayer or they filed a 2007 Form 1040NR, 1040NR-EZ, 1040-PR, or 1040-SS.
 All individuals receiving payments will receive a notice and additional information shortly before the payment is made. In the meantime, for additional information, please visit the IRS website at www.irs.gov.
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