IRS reminds taxpayers of October 15 deadline for requesting economic stimulus payments

The IRS reminded eligible individuals that the rapidly approaching date of October 15 is the deadline to file a 2007 income tax return and receive an economic stimulus payment for 2008. The IRS is not allowed to issue economic stimulus checks after December 31, by law. Taxpayers who have received an extension to file their 2007 income tax return are still eligible to receive an economic stimulus check this year.

Eligible individuals

Eligible individuals include retirees, disabled veterans and others who are not required to file a tax return because they have no income tax liability.

Common mistakes that delay payment

In related news, the IRS also released a list of common errors that individuals who have not yet filed a 2007 return should avoid in order to ensure that they promptly receive an economic stimulus check. To prevent delays in receiving an outstanding check, the IRS recommends that individuals avoid the following five common mistakes:

• Filing more than one tax return;
• Listing incorrect qualifying income;
• Failing to review a return for proper tax liability;
• Filing an amended return; and
• Filing without indicating the individual's most current address.

(IR-2008-109, IR-2008-103)