The American Recovery Reinvestment Act of 2009 that was signed into law last week by President Obama has a portion of it that pertains to nearly $300 billion in tax relief for both individuals and business. Some highlights include the first time homebuyer credit, which is now $8,000 and after 3 years there is no repayment that is required to the IRS. Nice! Also there is going to be a deduction available on that tax paid for any autos that you purchase in 2009 (not lease). Another change is that the HOPE education credit can now be claimed for all 4 years while a child is enrolled in a 4 year accredited school, before you can only take the HOPE credit for the first two years of your college degree. Also you will start to see a bit more on your paycheck as your witholdings will decrease.
There is of course more than this, but in my eyes these are the highlights. These highlights may not be as important to you as others may be that are mentioned in the link below, so take some time to read over the material so you can know what is available to you and how it can benefit you in your particular situation.
http://www.cchsfs.com/email/pdf/House_Senate_Recovery_Act_2009.pdf
Again these tax law changes are for 2009 and do not apply for 2008.
If you would like to discuss, contact me direct at 908 868 0685
Thanks
Emanuel
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