Remember that **FREE** money you got from the IRS last year?  Most of you probably don't because you spent it so fast that it is nothing but a faded memory now.  Well, if you did get a check, you need to be aware of how to report it correctly on your tax return for this year.  Please see this article for some common errors being made: Stimulus Checks.  Make sure you report it on the correct line of your return, otherwise, it could cause some problems.

If you talked to a tax advisor last year when you got that money, the smart thing would have been to adjust your withholding so you didn't get a refund at all this year.  My advice is always to make your withholding so you don't get a huge refund, it is such a waste.  I understand that some people use that as a means of savings because they can't seem to force themselves to save.  However, it is not smart money management, see this article: Why I Hate Income Tax Refunds.  You are basically letting the government use YOUR money, interest free, for the whole year, then they just give it back to you.  If you, instead, change your withholding and get more money on your paychecks, then put that extra money in an interest-bearing savings account, your money will be working for you and you will actually earn interest on it.  If you don't know how to calculate your withholding, you should consult with a CPA who can help you do some tax planning, or you can try to figure it out yourself using this: IRS Form W-4.

You should be aware that you could potentially qualify for a check this year, which would be determined on your 2008 tax filing.  Please see this article for more information: 2009 Tax Stimulus.  Since nothing has been finalized yet on the President's new stimulus package, you should keep checking for new information as it becomes available.