North Charleston, SC (PRWEB) October 5, 2008
Peter Hukki, Enrolled Agent with JK Harris and Company, the nation's largest tax resolution company, reminds taxpayers the October 15th deadline for filing to get a stimulus rebate is fast approaching.
"Many Americans still have not filed for their economic stimulus payment," said Hukki. "Those that qualify should file for their payment soon, as checks will not go out after December 31, 2008."
According to the IRS, the majority of taxpayers who filed a 2007 income tax return qualify and many people who do not regularly file a return may also qualify. If you have a valid Social Security number, cannot be claimed as a dependent on a tax return, and you have a tax liability or "qualifying" income of at least $3,000 you are eligible to file for payment. There are, however, upper income limits and the payments phase out at certain income levels.
"Qualifying income includes any combination of earned income, and certain benefits from Social Security, Veterans Affairs, or Railroad Retirement," said Hukki. "You must be aware that SSI, or Supplemental Security Income does not count as qualifying income for the stimulus payment."
To receive the stimulus payment, file your return by October 15, even if you do not normally file due to the filing threshold. If you do not normally file a return, you can file using the tax package 1040 A-3 that includes everything you need to file the tax return.
"If you do not file in time to get your stimulus check, but you do qualify, or if you did not qualify in 2007 but you do qualify in 2008, you may take the credit on your 2008 tax return," said Hukki. "Chances are, a taxpayer's situation may change for any variety of reasons and they may end up qualifying for the credit in 2008."
For more information on the stimulus payment, visit the IRS' newsroom.
About JK Harris:
JK Harris & Company, LLC, (http://www.jkharris.com) based in North Charleston, S.C., is the nation's largest tax resolution firm and has served over 225,000 customers since its founding in 1997 by John K. Harris. JK Harris consultants are available to meet with consumers in over 425 locations nationwide by appointment only. The company also provides services for student loan debt, fee-based financial planning, tax return preparation, and audit representation.