Everyone knows you never get something for nothing.

Right? Well, that is usually true. But hold on to your hats, people. Not only are you going to get some MONEY for nothing, it's coming from the least likely place of all - the federal government!

What, you say? How can this be?

Here's how: the U.S. government, in all its generosity, has decided that in order to try and help what appears to be a looming recession, they will issue rebate checks to somewhere around 117 million people. Even if you earned money last year but not enough to pay taxes on.

Here's how it will work:

-Most people will get somewhere between $600 and $1,200, although there will be exceptions to this. For example, some individuals may only get $300, but that would be true only if they made at least $3,000 in 2007 but didn't pay any federal income taxes on it.

-To get the maximum $600 per individual, or $1,200 per couple rebate, you must have paid federal income taxes in 2007 and made at least $3,000.

-If you have children, you will get an additional $300 per dependent child.

-The rebates start phasing out if you are an individual with an adjusted gross income of over $75,000, or a couple with adjusted gross income of over $150,000. Note that these income thresholds are slightly higher if you have children, but the exact threshold numbers have not yet been released.

-The government will issue checks based on the returns filed in the spring of 2008 for tax year 2007.

It was announced that the checks are tentatively set to start being mailed in May of 2008. It would, therefore, be in your best interests to prepare and file your federal income tax return as soon as possible. The longer you wait to file, the longer you will wait for your rebate check.

If this isn't a good reason to prepare and file your federal income tax return early this year, what else is? Look in your mailbox in a few months for that nice freebie, and don't spend it all in one place!

Make sure you file your taxes early so you can get your rebate quickly. Click here to find out how H&R Block's TaxCut will have you getting that rebate check quickly and easily. They have a great federal (and state, too, if you need it) income tax preparation software program that will hold your hand and walk you right through it.

Labels: federal income tax rebate information, get your tax rebate check sooner