Want Your Stimulus Check This Spring?

The IRS has announced the timeline for releasing the stimulus checks. The best way for you to get your payments early: file electronically with direct deposit information included, and do so early enough for the return to be processed by April 15.

The exact date that you will get your stimulus payment depends on the last two digits of your social security number or the first one, if filing jointly.

DIRECT DEPOSIT

Last Two           Payment
SSN digits:        Date:
 00 through 20     May 2
 21 through 75     May 9
 76 through 99     May 16
 
PAPER CHECK

Last Two           Payment
SSN digits:        Date:
 00 through 09     May 16
 10 through 18     May 23
 19 through 25     May 30
 26 through 38     June 6
 39 through 51     June 13
 52 through 63     June 20
 64 through 75     June 27
 76 through 87     July 4
 88 through 99     July 11

If you file near or after the April 15 deadline, expect an additional two weeks to the schedule above.

Florida Joins Clemson, Auburn on Georgia Roadways

The University of Florida is joining the ranks of Clemson University and Auburn University as the only out-of-state colleges with Georgia license vanity plates.

Hopefully, the Gator faithful can help defray the impact of the reduced state tax collections. In January, tax collections were down 7.1% or about $140 million from a year ago. Sales and income taxes account for the majority of the State's tax revenues. If tax collections do not increase, then the state could be looking at not being able to meet its budget for the fiscal year. The budget is approximately $20 billion for the fiscal year July 1, 2007 - June 30, 2008.

Important Numbers for 2008

The highest estate tax rate remains at 45% and the exemption amount (the tax free part) also remains at $2 million. Meanwhile, in an effort to reduce your estate, you may give $12,000 under the annual exclusion.

For retirement plans, you can defer up to $15,500 through a 401(k) and $10,500 through a SIMPLE plan. Meanwhile, the IRA contribution limits increase to $5,000. All three retirement plans have higher limits if you above 50 ($20,500 for 401(k), $13,000 for SIMPLE, and $6,000 for IRA). Remember that you must have earned income to be eligible for those plans.

Speaking of earned income, the Social Security taxable wage limit has increased to $102,000. It'll be a little later in the year, if ever, before you see those taxes disappear from your check. If you are under the age of 65 and retired (lucky you!), you can earn up to $13,560 without losing your benefits.

Meanwhile, the kiddie tax is coming after your little ones that don't actually work for their income. The threshold increases to $1,800 for children up to the age of 19 unless they are full-time students, in which case the age limit is 24 years old.

But if you have a nanny or household help, you have to withhold taxes on wages over $1,600.

Self-Employed Want Insurance Deduction

The Atlanta Business Chronicle has a story today about the health-care costs for the self-employed.

Other types of businesses can deduct health insurance costs as a normal business expense. Sole proprietors can deduct these costs when they calculate their income taxes, but not when they calculate the 15.3 percent self-employment tax, which covers Social Security and Medicare... The average self-employed individual pays $12,106 a year for family health coverage, according to the Kaiser Family Foundation. He or she could save $1,852 in payroll taxes if these costs were deductible.

Rep. Ron Kind, D-Wis introduced H.R. 3660 that would provide the tax deduction for the self-employed. It was referred to the Committee on Ways and Means.

Catching Up After Labor Day...

Here's all the items of interest from around the state over the past several days:

Atlanta:

Coca-Cola is in the midst of a reorganization of its North American division. During this reorganization, Coke will cut at least 125 jobs, mostly in the Atlanta headquarters, by year's end. These are the first layoffs since 2003 when they cut 1,000 jobs in North America and in 2000 when they cut 5,200 jobs world-wide. See the "local newspaper."

Rubinstein Atlanta Perimeter LLC has asked DeKalb County to rezone an area around Perimeter Mall to allow for redevelopment to add a hotel and office space on Perimeter Center Parkway. See the Atlanta Business Chronicle.

East Point: The City of East Point and Georgia Power have come to an agreement that will allow a 19-mile natural gas pipeline to carry gas to a Smyrna area plant. See the Marietta Daily Journal.

Gwinnett: A local man is filing a $25 million lawsuit against the city of Duluth because Wal-Mart has been unable to get required building permits for a store it planned to build on the man's land. Currently, the city has a moratorium on all buildings larger than 75,000 square feet. Jack Bandy, the local landowner, is being represented by former Georgia Governor Roy Barnes. Gwinnett Daily Post

Rome:

After bar owner Doug Pedrick admitted buying liquor and wine for two of his establishments in Rome from one of his establishments in Cartersville, the Rome Alcohol Control Commission voted to revoke the two establishments 2007 liquor pouring licenses. Pedrick is expected to file a lawsuit in federal district court soon. See the Rome News Tribune.

Rome is also following the lead of Kennesaw and several other Georgia cities in amending local ordinances that prohibit weapons at city parks.

Major development is slated to happen on the stretch of U.S. 411 near the Wal-Mart. The Sembler Co. has a contract on one corner, which could house Target, Publix, Dick's Sporting Goods, and/or a Best Buy. See Rome News Tribune.


Georgia:

The Public Service Commission adopted a policy where residential customers facing disconnection will not be cut off if the high temperature for the day is forecasted to be 98 degrees or higher or the heat index is forecasted to reach 110 degrees or higher. The protection order takes effect in ten days. The rule applies only to Georgia Power, the only regulated electric utility in Georgia, which already had the same internal operating policy. See the Savannah Morning News and a "local newspaper."

House Speaker Glenn Richardson is proposing a shift to a broader sales tax and away from property taxes. Lt. Gov. Casey Cagle wonders if a cut in the state income tax may be more beneficial. See The Political Insider. State Senator John Wiles from Kennesaw said that the proposal would take away local control of tax funds. See the Marietta Daily Journal

U.S. Rep. Paul Brown voted no on the Microloan Amendments and Modernization Act. See Georgia Politics Unfiltered.

New food safety rules go into effect on December 1. The scoring system adds letter grades and the reports must be posted near the entrance as well as in drive-through windows. Also, employees must use gloves or utensils when touching ready-to-eat food and the restaurant must keep a food saftey certified manager on staff. See the "local newspaper."

Elsewhere:

Shaquille O'Neal, basketball star, has filed for divorce from his wife in Miami, Florida. Fox Sports with the report.

Audit Clears Department of Revenue

Back in June, legislators asked if the Gov. Sonny Perdue had the Department of Revenue hold income tax checks in order to support his veto of the $142 million property tax rebate.

Now, a state audit has concluded that there is no evidence that the Department of Revenue delayed cashing the income tax checks. See the "local newspaper" coverage.