Show Me the Money: Where Is My Money?

Many of you who filed taxes this year may have already noticed that the tax refund checks and electronic deposits sent rather quickly by the IRSthis year. But for those who should receive a rebate and have not as of yet, where are the rebate checks?

I have heard this question almost every day for the past few weeks. I know individuals who even filed their taxes in January and February of 2008 but have not yet received their rebate. Many have received their rebates already, but there are still several tax payers who have not yet received the money. Why? I found a very interesting article today entitled "Where's My Tax Rebate Check?" on Aol.com that addressed this issue.

Well, the tax refunds were mailed out quickly, but that had no impact on the speed that the rebates were sent out. The rebates are still on the scheduled timeline. The refund checks are being mailed out on a schedule that is based on the last 2 digits of your Social Security number:

For those who will receive a rebate check (paper check) the dates are as follows:

00-09 May 16
10-18 May 23
19-25 May 30
26-38 June 6
39-51 June 13
52-63 June 20
64-75 June 27
76-87 July 4
88-99 July 11

For those receiving funds through direct deposit, most of the 45 million electronic rebates have already been deposited. The last round of direct deposit rebates will be placed in accounts no later than May 16, 2008. The final set of deposit will be for those direct deposit tax payers whose Social Security numbers end in 76 through 99.

If you do not receive your rebate by May 16th and you electronically filed or if you do not receive the paper check on the scheduled dates listed above then what is the next step. If you have not received your paper check a week after you were scheduled to receive it, then check the IRS's Where's My Stimulus Payment tool. This nifty tool actually gives you the date you should receive payment and the amount of your rebate. The tool even specifies a date that you should contact the IRS if you do not receive your payment. To use the tool, you must have your Social Security #, filing status, and total number of exemptions handy. These are the only 3 items you will have to fill out.

In the event that you do not receive your rebate at all this year, don't worry:

You'll get your money when you file your 2008 return next Spring. Remember, the rebate is really a prepayment of a tax credit on 2008 returns. Taxpayers who don't get their money this year will collect next spring. Aol.com

For those of you who are still unsure as to whether are not you will receive a check, these are the items that will keep you from receiving the rebate:

1. If you are a dependent

2. If you are single and make more than $75,000 or a married couple and make more than $150,000

3. If your spouse lacks a Social Security number

4. If you do not file on time (*You can still get a rebate but you will either get it extremely late or next year when you file your 2008 taxes)

So, there you have it. Your money is on the way. You just have to be a little more patient. Checking your account balance every morning and evening and running to your mailbox every day will not make the rebate come any faster. So sit still, be patient, and know that your rebate is on its way. If it does not come a week after its scheduled time, then contact the IRS as soon as possible to get the matter resolved. Let's think positively. This just gives you a little more time to plan how you will spend or save the money.

Gas Prices Rising Quicker Than Salaries

A few months ago, I was sitting in my review with my manager, anxious as to how much my salary increase would be for the year. I was hopeful that the company would take into consideration the fact that gas prices, food, insurance, and the cost of living in general are all quickly rising.

Once my manager showed me my increase, I realized that my hopes were shattered in a sense. I did get an increase, which was good. However, when I calculated the increase in my living expenses and the estimated gas budget that I now have to keep, the figures showed me that the increase had no impact on my income whatsoever.


The question now is, "how do you save if the cost of living is increasing faster than your income?" In addition to the increase in the cost of living, companies are trying to find new ways to cope in this economic disaster. Sadly, no one will really admit to the fact that we are in a recession, trends are happening that yell recession. Recently, I have noticed that retail stores are having several sales, and items go on clearance quicker than they even hit the stores. This is because these companies are getting hit by this economic low just like everyone else. They cannot keep merchandise on hand too long and they need to make profits in order to keep stores open.

For all of us to feel some relief, what can be done to fix the economic state? Because I'm more concerned at the personal level, I have some suggestions that will help individuals increase their own income by decreasing their spending habits.

1. Take advantage of the Economic Stimulus Tax Rebate. The tax rebate should be expected in many households this year, and it couldn't come at a better time. I have decided to take my rebate and put it in a separate account for gas, since gas prices are increasing ever so quickly. Another suggestion would be to put the money in a CD or savings account, because times are getting unpredictable.

2. Save a dollar a day to build a multi-million dollar retirement. I can't promise that everyone will make millions from saving a dollar a day, because it all depends on when you start to save. However, saving a dollar a day can still give you a comfortable retirement, and a comfortable savings plan. Even if you don't save a dollar a day, companies like Wachovia and Bank of America have wonderful programs out there to help you save while making daily transactions.

3. Cut costs. There are so many things that we do everyday that are wasteful, and we don't even notice. Cut down laundry loads. Turn off lights that aren't needed. If you are not in a room, then turn the light off. Review your bills to determine what can be decreased and/or eliminated. Charge less. Your credit card bills could be eating away at your income. Use energy efficient light bulbs. Carpool or take the bus to work. Take your lunch to work. Cut coupons!

4. Don't shop as frequently as you did before. If you are a shopper like me and love clothes, shoes, fine jewelry and anything the retail world has to offer, don't fall for the tricks. The sales and clearance events are appealing, but you are on a budget. I know these businesses need to stay in business, but not at the expense of our livelihood. I'm not saying to eliminate shopping altogether. Just spend wisely. Otherwise, you will have a wonderful wardrobe but no electricity or gas to get to work.

There are so many options for saving money. Some are time consuming and others are as simple as changing out your lightbulbs. Each of these things will help you to save little by little over time, and remember that it's the little things that count.

Let's save money and not let the current economic state get the best of us. Our forefathers were not as wasteful as we are today. Make the most of what you have, and your retirement can be enjoyable.


For those of you more interested in finding information regarding the tax rebate, visit the following links:

Tax Rebate Calculator

Tax Rebate Schedule