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Like kids at Christmas time, we baby boomers use to look forward with much anticipation to receiving our income tax refund. It used to take about 6 weeks to get your refund and around that time everyone started haunting their mailboxes. To most hard working families, the check in the brown envelope was an added bonus. What to spend it on became a topic for family discussion. However, that was yesterday, not today.

Today it is different. Electronics have sped the system along and you no longer have to wait six or more weeks and haunt your mailbox. However, at the same time, the expected tax refund of today is not much to get excited about. At least in the way of being able to spend it on anything you choose.

Recently, a report in the national news indicated folks receiving any tax refund this year, have already spent it. This is because this bit of money will go to pay for food and/or help with shelter expenses. In other words, the money is owed out and there will be no leisurely way to sit around and have the privilege to decide what to spend it on.

Also, in the news was an article indicating that the IRS, for the first time in its history, is receiving 3 times as many phone calls from frightened people who are in fear of being delinquent first-time taxpayers; after faithfully paying in every year what they owed. The article indicated, it was of such a concern the IRS felt sympathy for them.

Well, we older ones recognize and understand, the financial mess in the US was mostly born and bred on Wall Street, not Main Street. The reality is, it doesn't matter on which street you live, we are all going to pay more and receive less.

For instance, we just filed our taxes and will get approximately $500 as a refund this year. Where to spend it? Its for sure it won't be spent on a mini-vacation. More than likely it will go into the oil barrel for next winter's fuel.

Last year, most people received a stimulus bonus. That money was to help stimulate the economy. It was a help to all of us who needed it. However, there was no question or real choices as to where to spend that money. The majority of folks spent it on food, shelter and paid off owed bills.

Fast forward to the this year, 2009, and the tax forms indicate you may be eligible for another rebate, in our case $1,200. This is called the "Recovery Rebate Credit". However when you do the math and plug in the numbers, the truth is revealed. The reality is, there is no extra $1,200 coming our way or anyone else's way, if you received the stimulus from last year, you do not qualify this year. It is only for people to be able to get the original stimulus money, from those who did not get their's last year by applying for it.

So, how are you going to spend your income tax refund this year? That is the question, alright. The answer is, sadly, you probably will not have much of a choice. The majority of us won't. There will not be any jubilation in the way of looking at the tax refund with anticipation, rather it will be looked upon as a way to help survive this economic recession.

Learn more about this author, Victoria Rose Perkins.
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