There's no such thing as free money

Remember those checks that President Bush and Congress are dolling out to jump start our ailing economy? Be careful with them, because they're more important than you might realize.

An associate of mine who's a certified public accountant has verified the checks we'll receive in May are not "free money," but essentially advances on next year's federal tax rebates. So if you, as a single woman with no children, would get back $850 when you file your taxes in April 2009, you would instead get back $250 because you already received $600 of that $850 this year as part of the economic stimulous plan. Seriously. Check for yourself.

It boggles me that the Associated Press and other news outlets have neglected to publicize this aspect of the plan. (Conspiracy theorists, start your engines!) You can see a fairly good explanation, though, here at BankRate.com. Begin reading at the second question, the one concerning your 2008 taxes.

So remember: As much as politicians would like you to believe otherwise, there's no such thing as free money.