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Uncle Sam the new Santa Claus?
12/09/08
Uncle Sam the new Santa Claus?
IRS has been unable to deliver some $160 million dollars to taxpayers. This money is a part of the economic stimulus package designed by President Bush. The President has signed H.R. 5140 (called Economic Stimulus Act of 2008)
“Helping our economy requires us to take action, it is equally important that we not overreact. Our economic success is not the result of the wisdom of politicians in Washington, but of the collective wisdom of the American people. Shopkeepers, farmers, laborers, entrepreneurs in the private sector have given us the most the strongest and most resilient economic system in the world.” Said President Bush.
Under this act:
Individuals and families are eligible to receive up to $600 for individuals and $1,200 for couples. A minimum of $300 per person and $600 per couple would be available to those with at least $3,000 of earned income. This relief would be available to everyone with adjusted gross income less than $75,000 for singles and $150,000 for married couples filing jointly. It will be phased out for taxpayers above those income thresholds. Taxpayers may qualify by filing a tax return for 2007 and including a valid Social Security number on their tax return.
Everyone eligible for this relief would also receive an additional $300 per child. For example, this would mean up to $1,800 of tax relief for an eligible couple with two children.
Recipients of Social Security and certain veterans' benefits are also eligible for rebates. Those who receive at least $3,000 from any combination of benefits from these programs will receive rebates. The IRS and Treasury Department will be working closely with the Department of Veterans Affairs and the Social Security Administration, along with beneficiary organizations, to ensure that all eligible individuals are able to receive their payments.
However with the IRS unable to deliver some of this money due to various database errors. Much of these errors can be attributed to incorrect mailing addresses. As such IRS has setup a hotline that you can call to claim your money.
With Christmas around the corner, a gift from Uncle Sam would be a very nice gesture. So don’t delay, call the IRS hotline at 1-866-234-2942. As always don’t forget to search for any missing money on our website as well.
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