It’s Not too Late to Get Stimulated!
After last week’s wild stock market ride, but before the federal government steps in with a taxpayer funded bailout this week that will be recognized by future generations as a fundamental change in the American economic system, let’s take a minute to think back upon those halcyon days of five months ago, when the IRS began distributing those $600 economic stimulus checks designed to save our sputtering economy.
I’d hate to be the PR guy saddled with the impossible task of spinning that Hail Mary effort as effective. As of August 29, the IRS has issued $93 billion nationwide—and yet, here we are.
Nevertheless, there’s still good news for many New Yorkers. Roughly 537,000 state residents received extensions to file their returns last April. The IRS estimates that an additional 346,000 people across the state receive some form of Social Security or Veterans Affairs benefits and are potentially eligible for money back from the government to, um, prop up the economy.
If you fall under the latter category, or know someone who does, you can obtain a 1040A-3 form and send it in.
The deadline to file if you want to receive money back this year is October 15, the same day you’ll start paying penalties if you’re one of those who asked for an extension and owe money.
If you require assistance, visit the IRS Website. Remember, Washington is talking $700 billion to bail out greedy lenders who are likely to walk away with lucrative compensation packages for screwing things up for decades to come. If you’ve not yet filed for it, don’t you think you deserve a $600 slice of Uncle Sam’s pie? There’s still a little left.
April 28, 2008
The Skinny on Your Stimulus
You’ve collected your receipts, you’ve done your math, you’ve run to the mailbox or clicked on the mouse before April 15. Now there’s one burning question in your tight-budgeted mind: When will I get some money back from Uncle Sam?
Our friends at the IRS have come through again with some helpful info…
The Internal Revenue Service has begun to transfer economic stimulus payments to millions of Americans, some of whom will see payments in their bank accounts as early as today.
April 17, 2008
Get Stimulated!
Our friends at the I.R.S. sent us these handy tips…
1. When will I get my refund? Visit IRS.gov and click on “Where’s My Refund?” You’ll need to input the primary Social Security Number on your return, your filing status (Single, Married Filing Jointly, etc.) and the amount of refund you expect. If you don’t have Internet access, call 1-800-829-1954 to check on your refund.
2. When will I get my Economic Stimulus Payment? “If you requested Direct Deposit on your tax return, you will get your stimulus payment between May 2-16 and paper checks will be in the mail from May 16- July 11. Check out the Stimulus payment schedule on IRS.gov which is based on the last two digits of your social security number,” IRS New York Spokesperson Kevin McKeon said
3. Not happy with the amount of your tax refund? Fix it now for next year by adjusting the amount you pay in. If you’re an employee, use the IRS’s online Withholding Calculator to figure the correct status and number of allowances. Then adjust your withholding by filling out a new Form W-4 with your personnel office. If you’re self-employed, adjust your estimated tax payments. And if you’re not making estimated tax payments, you can start on June 15, the next due date, using Form 1040-ES. Visit IRS.gov for details.
4. I made a mistake when I filed my return, how can I fix it? The IRS may correct math errors and may accept returns with certain forms or schedules left off. But if, for example, you left off reportable income, you can file a Form 1040X to amend your return. The form is available at IRS.gov or by calling 1-800-TAX-FORM. .
5. I’m too busy to file by April 15, how do I get an extension? “If you need more time, e-file your request for an automatic extension electronically by April 15. E-filing a request for an extension is convenient, safe and secure, and taxpayers receive confirmation to keep with their records. The extension gives taxpayers until Oct. 15 to file the tax return. Those who owe taxes should make a payment when they file the extension either by mailing a check or by several electronic payment methods, such as electronic funds withdrawals from bank accounts and credit card payments,” McKeon said..
…but come to think of it, we wish we’d known that last one two days ago.
