Good News! Your Tax Rebate won’t be Taxed (Again)

Am I the only one who hadn’t started worrying about this, yet?

Not a problem, however, because Paula Ross of the Oklahoma Tax Commission explains that the rebates are not considered income at the Federal or State level, and will not be taxed as such. However, if you already owe the government for back taxes, child support, or student loans, the rebates are fair game.

When? The A.P. is reporting:

The rebate checks are expected to start being mailed out in May with most Americans getting checks of $600 for individuals and $1,200 for couples filing their tax returns jointly. In addition, families with children will get an extra $300 per child.

One word of caution: You aren’t the only one who’s trying to figure out how to get your hands on your money. Industrious criminals are already using e-mail and phone scams. According to the IRS:

The goal of the scams is to trick people into revealing personal and financial information, such as Social Security, bank account or credit card numbers, which the scammers can use to commit identity theft.

Typically, identity thieves use a victim’s personal and financial data to empty the victim’s financial accounts, run up charges on the victim’s existing credit cards, apply for new loans, credit cards, services or benefits in the victim’s name, file fraudulent tax returns or even commit crimes. Most of these fraudulent activities can be committed electronically from a remote location, including overseas. Committing these activities in cyberspace allows scamsters to act quickly and cover their tracks before the victim becomes aware of the theft.

For more information on how to protect yourself from identity theft go here, and on the IRS rebates, go here.

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