Do you Understand the Tax Changes in the Recovery & Reinvestment Act?
The Federal Stimulus Bill has made many changes to the way taxes need to be filed for everyday people like you. If you were or are unemployed than you definitely can’t afford to pay taxes on unemployment benefits that might not be due and you definitely cant afford to hire a tax professional to file your taxes. What you can do is use the quick and easy, proven TurboTax program that is updated to include and apply all changes made under the Federal Stimulus Bill that may apply to you!
Discover the #1 Way to Reduce Your Taxes
Tax credits are essentially easy ways that will greatly reduce the amount of taxes you are expected to pay. When you earn a tax credit, the amount comes straight off the top of your income. Do you know about all the new tax credits on the IRS platform? Of course not and Uncle Sam doesn’t make it easy! By using TurboTax to fill out and file your taxes you are being equipped with a powerhouse of knowledge about new tax credits as well as other areas of tax laws that can prevent your from over paying or not getting the refund you deserve! The best part is you can do it from your own home and TurboTax is designed to walk people step by step through the entire process. The easy question and answer series makes filing your taxes and earning your tax credits simple!
Federal Stimulus Bill Provides Tax Benefits
The American Recovery and Reinvestment Act also known as the Federal Stimulus Bill provides a number of new benefits for tax payers and the unemployed. Included in the new federal law is an AMT patch, First Time Home Buyer Credit, and a Car Buyer Tax Deduction.
The Alternative Minimum Tax continues to affect more and more Americans as salaries gradually increase over time and the tax law does not adjust or index to inflation. In the recently enacted stimulus bill, the federal government has patched the AMT law to keep levels similar to last year to protect millions from paying the higher tax rates.
First Time Home Buyer Credit
Congress and the President saw the need to increase home sales to refuel the economy and therefore included the First Time Home Buyer Credit in the new law. This credit unlike previous similar credits does not have to be repaid and goes as high as $8,000 when a home is purchased between January 1, 2009 and December 1, 2009.
Car Buyer Tax Deduction
Regardless of whether you itemize or use the 1040 EZ tax form, you can tax a deduction for automobiles purchased during 2009. The credit includes all state and all local sales and excise taxes associated with the car purchase.