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Your check is not in the mail

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in Small Business Tax

Q. I haven’t received my economic stimulus check yet. Will this be mailed out soon? A.W., Lansing, Mich.

A.
No. Unlike the economic stimulus plan in 2008, you won’t be receiving a one-time payment from Uncle Sam. Instead, the “Making Work Pay Credit” will result in an adjustment in income tax withholding in your paycheck. Expect to collect about $45 more on a monthly basis ($65 for married couples). When you file your ’09 tax return, the credit will offset the reduced withholding.

Tip: In addition to certain other adjustments, self-employed individuals can decrease quarterly installments of estimated tax to reflect the Making Work Pay Credit.

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