Tax Refunds & Advice

If you have been keeping up with the news you are probably aware of talks about a second economic stimulus package. The question is: will this come to fruition anytime in the near future? As with the last package, there are some people who are for this and others who strongly oppose it. Over the next few weeks it is safe to say that talks are going to heat up.

On one side, Fed Chief Ben Bernanke says that a second economic stimulus package is greatly needed. With the economy falling even further and a recession looming (if it is not already here), a second package may be able to halt the slide. There are many people within the government who agree with Bernanke, and are hoping to rush a proposal forward as soon as possible.

A second economic stimulus package may sound simple on the surface, but this is not the case. Thinking that the government can simply hand out money to better the economy is ludicrous at best. The question that needs answered is: how will this economic stimulus package be structured? Will it look the same as the last one? Will consumers benefit in the same way?

At this time, it appears that President George Bush is against a second economic stimulus package. Dana Perino, White House spokeswoman, said earlier this week the president is open to all good ideas, but that officials have not seen any new proposals that would give the economy a boost.

Keep an eye on the news over the next few weeks. More and more people will be talking about a second economic stimulus package and how this can or cannot benefit the economy.

By now, you have probably received your economic stimulus check from the IRS. The question is: do you still have this money, or did you spend it? If you spent this money, you can look back and determine if you did so in the proper manner. Some people put their economic stimulus check to good use, but others spent it frivolously. Which group do you belong to?

On one side of things, there are millions of people who took their economic stimulus check and paid down their bills. This is not what the IRS had in mind, but the money was yours to spend in the way that you wanted. If this meant paying down bills, you probably had a very good reason for making this decision.

Of course, there are just as many consumers who listened to the IRS and spent their economic stimulus check on something “fun.” This includes everything from a vacation to the beach to a flat screen plasma television. If you spent your money in this way, or on something similar, there is no doubt that you helped to get the economy moving in the right direction.

But I still have the money from my economic stimulus check? Believe it or not, some people still don’t know what to do with this money so they simply saved it. There is nothing wrong with this, and in the long run it may be the best idea.

All in all, there is a good chance that your economic stimulus check is long gone. Hopefully you spent this “free money” in the best way possible. Chances are that the government will not be issuing another economic stimulus check act in the near future. 

According to the IRS, approximately 105 million economic stimulus checks have been mailed to qualifying Americans. That being said, there are still approximately 19 million more to be mailed in the weeks to come. Have you received your check or are you one of the people who are still waiting anxiously to claim this free money? If you have yet to receive your payment, there is no need to worry just yet. There is a good chance that you are on the list of the remaining 19 million or so checks to be sent in the near future.How much money has been sent? Brace yourself! So far, the 105 million economic stimulus checks that have been mailed have totaled nearly $86 billion. And while this is a huge number, there is another approximately $24 billion that is yet to be issued.If you feel that you should have received your check by now, make sure that you filed a tax return for last year. Those who did not do this, no matter their situation, are not eligible to receive a check. Believe it or not, this is a mistake that many people are making despite all of the warnings and media coverage.What effect have the economic stimulus checks had on the economy? Most experts agree that they have positively affected the economy, and have done a good job increasing sales at the retail level. That being said, it is difficult to note the exact successes and failures at this point. By the end of the year, things will become clearer.All in all, more than 100 million economic stimulus checks, totaling approximately $110 billion, will have been sent out by the end of 2008.