Friday, April 25, 2008

Tax Rebate

So are you ready for that nice fat tax rebate stimulus check? If you e-filed your tax return, it should be direct deposited into your account between May 2nd and May 16th. If you filed a paper version of the federal tax return there is a different schedule from May 16th to July 11th. When you receive the rebate is determined by the last two digits of your Social Security Number. Check the IRS website to find out when you'll receive the rebate.

Now, the government's idea is for you to go spend the check to help simulate the economy. Whether this will actually measurably affect the overall economy remains to be seen. However, an even better way to affect your personal finances is to use it to pay off debt if you currently have any, use it to start or build on an emergency fund, invest it in a Roth IRA account. Even if you choose to spend a portion of the rebate, try to at least use some of this serendipitous bonus for financially healthy goals.

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