Economic Stimulus Package provides Tax Rebate

ECONOMIC STIMULUS:  Pursuant to the Economic Stimulus Act of 2008, individuals filing 2007 tax returns may be receiving a stimulus payment.  The rebate payments are set at $600 per individual with an additional $300 per qualifying child under the age of 17.  If your single and make more than $75,000 or if you're married and make more than $150,000 the payments will be reduced (phased out) depending on your income. According to the IRS, "[t]he payment, including the basic amount and the amount for qualifying children, will be reduced by 5 percent of the amount of income in excess of $75,000 for individuals and $150,000 for those with a Married Filing Jointly filing status." So the more income you have over the limit the less of a payment you will receive.  (See the following web address for a payment calculator:  http://www.irs.gov/app/espc/).  The payments will go out between May 2 and July 11.

Remember today is Tax Day, so either file your taxes or file an extension.

John Thomas

Certified Mortgage Planner

www.DelawareMortgageLoans.net