A friend shared the latest on the life of her accountant friend. Typically, accountants are super busy starting in March, as people finally drag themselves in to do their taxes. This year, he got busy in the middle of January. As soon as his clients had all their paperwork collected, they were filing their tax returns, because they needed the money.
While that story serves only as anecdotal evidence that people aren’t going to splurge on luxury items come the arrival of rebate checks, polls aren’t looking so upbeat either.
Only 18 percent of respondents said they will spend their rebate on purchases, while slightly more than three in 10 said they prefer to use the money to pay off debt, and a third said they’ll pocket it.
Personally, I’m torn between the savings camp and the bill-paying camp. While I’d rather not be accruing credit card interest, I also wouldn’t mind a bigger pillow for unexpected expenses. What do you plan to do with yours?
As an FYI: Rebates will be processed based on the last 2 digits of your social security number, as well as whether you filed a paper or electronic return. Online returns will be processed during the first half of May; paper returns will follow through mid-July. The IRS has posted their intended rebate cutting schedule, so you’ll know when to expect your mad money.
No related posts.
0 Response to “That tax rebate may be less of a stimulus than expected”