- Days left
I'm generally opposed to this whole idea of sending checks to people courtesy of the IRS. I don't care if you call them "tax rebates" or "economic stimulus." It's a crazy redistribution of money that isn't fair to those who really pay all the taxes.

Half of all American households pay no income tax, but most of those are going to get the checks anyway. How can it really be a rebate if you haven't paid anything in the first place? It can't, but that's not stopping anyone. And many of the households who do pay a large proportion of the income tax won't get one of these checks because they "make too much money" to qualify for one. I know there's nothing I can do about it, but I at least feel better if I publicly complain.

So for those who are lucky enough to be getting a check, you should know that they're going out early! Checks will be mailed starting Monday, a full five days before their planned mailing. And if you had your tax refund direct deposited this time around, you'll get your economic stimulus money even faster because it will be direct deposited to your account.

The government is hoping that you spend your $600 or $1500 or whatever your family is receiving. I'm hoping (not so secretly) that you do something responsible with it like pay down some debt, establish a savings account for emergencies, or otherwise buy something that your family really needs (not just something that they really want).

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

Increase your money and finance knowledge from home

Advice for Recent College Grads

Prepare yourself for the "real world".

View Course »

Introduction to Preferred Shares

Learn the difference between preferred and common shares.

View Course »

TurboTax Articles

What is Schedule F: Profit or Loss from Farming

If you earn a living as a self-employed farmer, you may need to include a Schedule F attachment with your tax return to report your profit or loss for the year. The Internal Revenue Service defines ?farmer? in a very broad sense?whether you grow crops, raise livestock, breed fish or operate a ranch.

5 Tax Tips for Single Parents

Filing taxes as a single parent requires coordination between you and your ex-spouse or partner. Usually the custodial parent claims the child as a dependent, but there are exceptions. A single parent is allowed to claim applicable deductions and exemptions for each qualifying child. Even though you claim your child as a dependent, she may still have to file her own tax return if she has income, such as from an after-school job.

Add a Comment

*0 / 3000 Character Maximum