I hate to break the news to you, but it is now officially tax month. Taxes are due on April 15 again (not April 17, as they were last year). In case you were procrastinating based on last year's calendar, you can always request an automatic extension, anytime up to April 15. Here's a calendar of all the tax deadlines this year.

Now I'm going to give you something I don't usually bring to this blog: good news. You've probably heard already about the bipartisan "economic stimulus plan" that passed Congress recently. There's no April Fool's joke involved. As long as you've paid taxes, the U.S. government will send you a check in the mail. Most OurChart readers will probably get a check of $300 to $600.

The question, of course, is when. Here's a tip: If you want your stimulus rebate sooner, file taxes electronically by the April 15 deadline and select direct deposit for your refund. If you file this way, and depending on the ending of your social security number, you could receive your rebate electronically as soon as May 2. For filers who don't elect direct deposit, the IRS will start sending out paper checks from mid-May to July. The other bit of good news here is that married couples at the upper end of the rebate range will receive $1,200. In other words, you and your girlfriend each receiving your $600 rebates will, for once, receive the same tax benefit as the married heterosexuals.

But what is this all about, anyway? How are we getting free money? What's the catch?

On the personal level, there's no catch. As long as you file taxes and had some kind of income in 2007, you will receive free money this spring or summer from the government. For those of you who were working seven years ago, you may remember the 2001 tax rebates. These were also in the $300 to $600 range and represented an "advance" on the tax cuts that had been passed that year.

From the government's perspective, these rebates should provide a stimulus to the nation's economy. This kind of stimulus is called expansionary fiscal policy, as this money should expand the U.S. money supply. If you've heard of expansionary monetary policy, that describes the Federal Reserve's recent efforts to expand the money supply and bolster the economy. These efforts have included everything from lowering the Fed Funds rate to lowering the Discount rate to bailing out banks on Wall Street.

In other words, the government right now is making yet another effort to avoid a recession. But will it work?

The rebates will only expand the economy if Americans spend the money or put it in checking accounts. If the money goes to paying down bills or adding to savings accounts, the stimulus will not happen, at least not now. This is the sort of economic irony at play. The government essentially hopes that Americans will stay short-sighted for just another two or four months, not concerned about zero net savings and future uncertainty. There has been a lot of debate about the prudence of the rebate. Michael Bloomberg, mayor of New York City and almost presidential candidate, compared the tax rebate to "giving a drink to an alcoholic."

The money, of course, is yours to do with as you see fit. If you've just started making a plan for this year and the next few years, don't count on this money showing up again in 2009. The stimulus is a one-time deal. If you feel torn between being prudent with your money and contributing to the U.S. economy's struggle against recession, consider this: Putting your $300 to $600 in your checking account and managing not to spend would directly expand the money supply and provide a much-needed boost to banks, in the form of increased cash deposits. Many banks reduce or waive fees when a checking account maintains a certain minimum balance. This could be a good time to review your bank fees (monthly fees, ATM charges, transfer fees) and evaluate the lowest cost options available for your balance and money habits.

Of course, there's nothing wrong with going against the government's expectations by saving, instead, or bringing your credit card balances down a notch.