AD Singleton & Co, CPA, Inc.'s Watch Your Wallet! A newsletter for clients and friends. September 2008 | Published by ADSCPA A collection of practical tax and financial tips, articles, and resources targeted to help you watch your wallet and keep what you earn. Subscribe

If you filed a Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, you can still receive an Economic Stimulus Payment for 2008.

For those who filed for an extension, the deadline for filing a tax return is Oct. 15, 2008. Extension filers must use either Form 1040 or 1040A.

Filing the tax return is also the way to claim your economic stimulus payment, if you’re eligible for one. It will generally take a minimum of eight weeks after you file your return to get your stimulus payment.

If you’re due a refund, you can choose to receive it by direct deposit into a financial account, in which case your stimulus payment will later be deposited electronically to the same account. You can choose direct deposit even if you’re not due a refund or your return shows a balance due. If you don’t choose direct deposit, you will receive a paper check.

If you have a tax liability, you probably qualify for an economic stimulus payment. Even if you don’t, you qualify if you receive certain kinds of income. There is no change to the calculation of the economic stimulus payment for extension filers.