Tax Tips - What's New for 2009

1.  New Making Work Pay Credit Increases Your Take-Home Pay
The Making Work Pay Credit will reduce your 2009 tax bill by up to a maximum reduction of $400 for singles or $800 for couples.
Read More or View IRS Making Work Pay Overview Video

2.  A Stimulus Boost for Some Earned Income Tax Filers
Families with three or more qualifying children can qualify for a bigger tax credit. Families can now receive a credit worth 45 percent of the first $12,570 of earned income, a maximum credit of $5,656.50
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3.  Health Insurance Assistance for Unemployed
A 65 percent subsidy for laid-off workers
If you would otherwise have to pay $1,200 a month for family coverage under COBRA, for example, your cost will drop to $420, The feds will pay the other $780
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4.  Taking the New 2009 First-Time Homebuyer's Credit
First-Time Homebuyer's Credit  has been increased to $8,000, and doesn't need to be repaid. For purchases after November 7, 2009, a $6,500 credit is also available to qualifying repeat buyers.
Read More or View IRS First-Time Homebuyer’s Credit Overview Video

5.  Deduct the Sales Tax Paid on a New Car
If you buy a new car, pickup truck, motorcycle or motor home this year you could qualify for a new sales tax deduction.
Read More or View IRS Deduct New Vehicle  Sales Tax Video

6.  Unemployment Benefits Get Big Boost
The 2009 stimulus bill extends the period of time that workers who have lost their jobs can collect unemployment benefits, and adds $25 a week to those checks.
Read More

 

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