Are you getting a federal tax Rebate?

If you had any net income tax liability for the 2007 tax year, you will get some money back.

So will individuals who last year had earned incomes of at least $3,000 but who owed no taxes. This provision, added by the Senate to the original proposal drafted by the House and the administration, means that around 20 million lower-income older Americans who rely primarily on Social Security payments, and 250,000 disabled veterans (and those who receive their survivor benefits), will get a rebate.

Some parents also will get an extra payment for each eligible child.

Before you rush out and use your money on frivolity, remember that most experts are cautioning people to either bank their check or use it to pay off unsecured debt. Everybody should have an emergency fund, and if you have never been able to establish one, this would be a great way to start a small savings account. It would also be a good way to put a dent in that credit card balance you can never seem to pay down. Either way, it could give you some breathing room in case you do need to rush that kid to the emergency room or buy new tires so you can get to work!

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