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Jim Addresses Several Questions Related To The Upcoming Tax Filing Deadline And the Mailing of Tax Rebate Checks.

1.  What is the filing deadline this year for a federal tax return?

April 15.

2.  Can I get more time if I am not ready to file by April 15th?

Yes, you can file IRS form 4868 and request an extension of up to six months to file your return.

3.  What if I owe money and can not pay at the time I file my return?

If you owe money to the IRS and can not pay that when filing your return, you should still file anyway.  Additionally, you should submit IRS form 9465 (request for installment agreement).  This will allow you to propose a payment plan to pay your taxes over time.

4.  When will I receive my tax rebate check?

Rebate check direct deposit or mailings will be made according to the last two digits of your Social Security numbers as follows:

Direct Deposit: Depending on the last two numbers of your Social Security Number, your rebate should be deposited by:

00-20: May 2
21-75: May 9
76-99: May 16

By Mail: Depending on the last two numbers of your Social Security Number, your rebate check should be mailed by:

00-09: May 16
10-18: May 23
19-25: May 30
26-38: June 6
39-51: June 13
52-63: June 20
64-75: June 27
76-87: July 4
88-99: July 11

If you do not file your tax return by April 15, you can expect a delay in receiving your tax rebate.  Those filing extensions may not receive their tax rebates until late in the year.

5.  Will my tax rebate check be reduced by my tax refund?

Your tax rebate and tax refund are two separate payments and are unrelated.  There have been rumors about the tax rebate being an advance of a taxpayers 2007 or 2008 tax refund.  This is not true.  You will receive a tax refund if you are entitled to one and separately a tax rebate.

6.  I have heard that my tax rebate will be taxed by my state as income, is that true?

The latest information I have on this issue is that some states are still considering taxing the rebate as income.  This would be an issue to contact your state government about for more details.

7.  If I owe money to the IRS, will my tax rebate be used to pay that debt?

Yes, if you owe the IRS money the tax rebate will be used to offset your tax debt.  This is the same policy that applies to tax refunds when a taxpayer has an outstanding debt with the IRS.  Any money owed to you will be applied first against your outstanding IRS debt prior to any distribution being made to you.

Add your thoughts and suggestions, click on comments below.

Helping you make the most of God’s money!

James L. Paris
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