Ca$h in on Tax Rebate Check$

Tim Thiesing first saw an original oil painting in May and almost bought it, on the other hand balked at the $600 price tag. Then, a scarcely any weeks later, he got a alphabetic character from the IRS telling him he would receive a $300 tax rebate check in late September, and his mind quickly raced back to the painting."It took me about sum of two units seconds to decide how I would lay out the (rebate) check," Thiesing said.

The painting hangs at the Nielsen Frame Studio and Art Gallery in Minneapolis, a gallery near Thiesing's abode that he pops into about one time a month. While the $300 rule rebate will only cover half the require to be paid [i]or[/i] undergone Thiesing easily justified the additional $300 expenditure.

"To me the check is like set money. The IRS isn't known for giving gifts, and that's in what way I look at this. in like manner I'm going to spend it upon something nice," he said.

Words like that are music to all retailers' ears--including everyone in the art world. From framers to placard shops, this "found money" could extremity up in the tills of galleries as many retailers will be upon the receiving end of part of the $40 billion rebate.

Thiesing's idea to dispose of the money, not put it in savings, is exactly what the Bush administration wants Americans to do with the rebate. Bush confidences the rebates will jump-start a sagging economy. Undoubtedly, the art world will benefit from a certain number of of the rebate money. smooth if it's only one percent that's still $400 million.

individual thing is certain--if Americans stash the currency in a savings account, it won't do anything in the near-term for the economy. With hints from the president to lay out along with urges from economists, Americans might be programmed to part with the dollars. Plus, it's not like Americans at any time needed much of a propel to go out and shop

Lyle Sorenson, proprietor of Nielsen Frame Studio and Art Gallery, said the tax rebate check could be a discharge in the arm to his softening art sales. "Our framing business has been fair busy, but our art sales have been soft" Sorenson said. "I think race spent money on framing what they already have, not going on the outside and buying new pieces."

Sorenson's gallery showcases chiefly local artists with most of the works ranging between $300 and $1200 "A tax rebate check here could win you something nice, especially if it's combined for $600" he said.

greatest in quantity financial gurus point out that the check is really too small to save. level if it was worth investing, the new stock market performance isn't luring many investors. Also, the $300 (the maximum rebate) will do little in the way of interest bearing in a checking account.

for a like reason what's on the possible shopping list for those receiving the rebate? The $300 can take care of a framing throw someone has been putting not on for months (or years). Or, the rebate could be a nice down payment upon a serigraph on linen that retails for $1500

For pairs the options broaden. Pooling the rebate ensues in $600, which can take buyer further toward original works, plastic arts or commissioned art.

"It could be enough to push someone into a gallery," Sorenson said. "We also diocese some of the rebate going toward Christmas gifts for race looking just a little bit into the future"

COPYRIGHT 2001 Pfingsten Publishing, LLC

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