Credit and Debt Blog

The Economic Stimulus Act of 2008 has provided working families with a boost to help with soaring costs. The purpose is to reduce the effects of recession. The payments we received certainly are helpful. However, will we be taxed on these payments?

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Former Major League Baseball star Jose Canseco is walking away from his mortgage. His $2.5 million Encino mansion has been foreclosed after Canseco stopped making monthly mortgage payments.

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The economic stimulus payments received by households in 2008 is intended to increase consumer spending. It was designed to soften the recessionary pressures caused by the credit crunch. Many consumers, however are using it to catch up on late bills. Debt collectors are finding that many consumers are receiving substantial stimulus payments, which could be [...]

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On April 30, the Internal Revenue Service announced that taxpayers who had their stimulus payments deposited into any account that has favorable tax treatment may withdraw the funds without penalty. Announcement 2008-68 by the IRS details the special allowance that the IRS has made regarding stimulus direct deposits.

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