IRS will start sending out the advance payment checks for the rebates starting on July 23rd under a new law that was recently passed by the government. The new law has lowered the 15% tax rate bracket to 10% tax rate bracket. The congress wants to hurry this money into the pockets of taxpayers so they can spend it and help reenergize the economy. These checks will be based on a letter that will be sent by the government to taxpayers informing them of the amount and the week their checks will be sent out. They will also be informed of any debts that they owe to the government, the tax liability will cut into the amount of the check.
IRS wants to make things simpler for the taxpayer under their modernization objectives and sending out a letter outlining all the necessary information about the checks is definitely a step forward.
Single taxpayers could receive up to $300, head of households could get up to $500, and married couples could receive up to $600. The advance payment checks will be sent out July 23rd to taxpayers whose social security end in 00 to 09.
