How Many Do You Qualify For?
President Obama’s Economic Recovery and Reinvestment Act (stimulus package) includes several consumer incentives and tax breaks designed to help Americans stimulate the economy.
So here’s the big question: How many of the following items will help you?
- Employee Tax Credit - Provides American workers with about $45 extra each month, up to $400 for single tax filers, $800 for joint filers.
- New Car-Sales Tax Deduction – From about the middle of February through year’s end, taxpayers can deduct the sales tax of their new vehicle on their 2009 tax return.
- Better Benefits for the Unemployed – Weekly unemployment benefits automatically increase by $25 for the entire year, up to 33 weeks. Also, the application period is extended.
- New Home-Buyer Tax Credit – If a new home is purchased before December 1, the home buyer is eligible for a tax credit of up to $8,000 which does not need to be paid back.
- Health Care Subsidy for the Unemployed – The government will subsidize 65% of COBRA coverage for up to nine months.
- AMT Tax Relief – The tax relief measure increases the income threshold by $500 for single tax filers and $1,000 for joint filers, so that 26 million taxpayers will avoid paying more.
- College Aid Gets Fresh Funding – Additional funds have been dedicated to certain college programs and grants.
