Tax Relief

Few events can give you the same feeling you get when you get back some of your hard earned ‘dinero’ from the government. For many, this may soon be a reality, with the recent passing of the Economic Stimulus Act of 2008. This Act is expected to pump a little over 150 billion dollars into the American economy. Millions of taxpayers are expected to receive rebates this year and, therefore, there’s anticipation of tax relief for many.

Two segments of taxpayers can receive these rebate checks. You will need to choose the group which will give you the higher rebate. This is because if you qualify for both groups, you can only claim under one group.

The first group are those who paid taxes in 2007 and the second group comprises senior citizens, disabled veterans and widows of veterans. Others, particularly estates, trust, non-resident aliens and dependents, are not included in the rebate group.

For those in the first group, the maximum rebate is $600 for individuals and $1200 for joint filers. Please note that these are the maximum amounts possible and do not indicate how much you will actually get. There is also an additional $300 per qualifying child and there is no limit on the number of qualifying offspring. Now, that’s a significant tax relief!

For those in the second group, the highest figure for a rebate is $300 for individuals and $600 for couples filing together. There are certain stipulations to qualify for this group and more details can be obtained from a tax professional.