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Dear Friends:
Tax Day -- April 15 -- is right around the corner. Have you filed your 2007 income tax return yet? Even if you wouldn't typically be required to file a tax return, think twice before you answer this question.
In February, Congress moved quickly to pass an economic stimulus package that would get money into the hands of Americans who are struggling daily with high energy costs, a declining housing market and rising health care costs.
This stimulus will provide tax relief to approximately 130 million Americans with qualifying incomes of $3,000 or more. I am pleased that Congress acted to ensure that 20 million seniors and 250,000 disabled veterans will be eligible for the stimulus rebate.
Most middle-class Americans will receive up to $600 per individual ($1,200 for those filing jointly), and an additional $300 credit per child. Tax relief is phased out for individuals with incomes above $75,000 and for married couples earning more than $150,000. Most Americans should receive their checks in May.
But to get your stimulus check, you must file a 2007 tax return. I encourage everyone who is eligible for a rebate to file an income tax return. This is important: even if you would not ordinarily need to file a return, you will need to do so this year to receive your rebate. And don't worry, filing a tax return when you do not owe any taxes will not change your tax status and will not affect Social Security or VA benefits.
For more information, go to the IRS website at www.irs.gov or call 1-800-829-1040. I want to make sure that no one misses out on this opportunity that Congress has provided, so file your tax return now.
Sincerely,
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