Obama Stimulus Package highlights
I hope you are seeing the light ahead. It seems like there are signs of our Economy slowly coming back. With the OBama stimulus package we have some things to expect to see this year and next year that can also help us out and the Economy. I feel if we all keep the Faith and look at the positive signs that we are seeing the sooner we can recover. Here are some highlights from the Stimulus Package:
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Reduction in Income Tax
The IRS is updating withholding tables to incorporate the Making Work Pay tax credit of $400 for singles and $800 for couples. When employers receive the new tables, the changes will be made.
First time homebuyer tax credit
Singles with incomes of up to $74,000 and couples earning up to $150,000 who buy their first home (or who haven’t owned a home in the last three years) can claim a tax credit of up to $8,000, or $4,000 for singles, which dies not have to be paid back. The home must be bought between January 1 and December 1 (not December 31) of 2009. This is an “above the line” tax credit, which means you don’t have to itemize taxes to get it.
New car tax credit in 2009
Individual taxpayers who earn up to $125,000 in 2009 ($250,000 for couples) will be able to deduct state taxes, local sales taxes and excise taxes paid for the purchase of any new car, light truck, recreational vehicle or motorcycle priced at up to $49,000.
One-time Check
One-time check for Social Security, Supplemental Security Income, railroad retirement benefits and veterans disability compensation: $250 checks are scheduled to be mailed in June 2009.
Unemployment benefits
Beginning on March 2, unemployment benefits increased by $25. For 2009, the stimulus plan exempts the first $2,400 of unemployment benefits from federal income taxes.
COBRA assistance
Those who lost jobs between September 1, 2008 and February 17, 2009 will have government assistance to pay for 65 percent of COBRA health-care coverage.
Higher education tax credit
The new $2,500 annual tax credit can be claimed on tax returns filed in 2010 and 2011. 529 plans and computer expense: Money withdrawn from a 529 college savings plan is taxable if not used for a qualifying expense. Under the stimulus plan, computer-related expenses are allowable. Source:Coventry Courts Newsletter
What are your plans for 2009
What are your plans with any extra money you may get this year? Are you going to pay off debt, go on a trip, fix up your house or something else? Let me know also any of your thoughts or ideas for future topics or send me things you feel should be passed on to help others. Also please join my facebook and Linkedin using my e-mail of mills.management@hotmail.com. Have a great day.
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