This year, there are millions of people who are not required to file a tax return but who must file a 2007 income tax return to let the IRS know they are eligible for a stimulus payment.

According to Becky Brown, CPA at North Georgia Accounting Consultants (www.ngacinc.com) in Cumming, “Most individuals do not have to do anything special this year to receive their payment. However, many Social Security, Veterans' and Railroad Retirement benefits recipients, and low-income workers who don’t normally need to file a tax return will need to file one for 2007 to receive a stimulus payment.”

Becky notes that “Filers must have received at least $3,000 of qualifying income to receive a stimulus payment. Qualifying income includes Social Security benefits, certain Railroad Retirement benefits, certain veterans’ benefits and earned income, such as income from wages, salaries, tips and self-employment.  People who are filing solely to receive their stimulus payment can file a simpliefied 1040A return.”

The Internal Revenue Service is urging taxpayers eligible for the economic stimulus payment to file their tax return now in order to get their payment in a timely manner.

This applies to taxpayers yet to file their 2007 income tax returns as well as retirees, disabled veterans, low-wage workers and others who normally are not required to file a return but who must do so this year to receive an economic stimulus payment.

“The quickest way to receive your refund and your economic stimulus payment is to file early, file electronically and use direct deposit,” said IRS Commissioner Doug Shulman.
tarting in May, the IRS will begin sending economic stimulus payments of up to $600 ($1,200 for married couples) to people who earn less than $75,000 ($150,000 for married couples). There is also is an additional payment of $300 for each eligible child younger than 17.

People who have no tax filing requirement may still be eligible to receive a payment of $300 ($600 for married couples) if they have at least $3,000 in qualifying income. Qualifying income includes any combination of earned income, nontaxable combat pay and certain benefits from Social Security, Veterans Affairs and Railroad Retirement. Individuals in this category may also be eligible for the additional $300 payment for each qualifying child.

The IRS recommends not waiting until the 11^th hour on April 15 if you want your stimulus payment on time. Your tax return must be processed, not just received, by April 15 for you to receive your payment according to the payment schedule. 

Becky and her partners would love to help you with your taxes this year. If you need help, or are a new filer and aren’t sure where to turn, contact Becky Brown at NGAC (www.ngacinc.com) on Tribble Gap Road at 770-888-7700, and Happy Filing!