Making Work Pay Credit

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Real Estate Agent with RE/MAX Executives VA0225060364, MD638478

The Making Work Pay tax credit, part of the American Recovery and Reinvestment Act of 2009, will give a 6.2% earned income credit max $800 for a married couple filing jointly and $400 for singles and other taxpayers. If married couples filing jointly have a combined Adjusted Gross Income (AGI) of $150-190K or above, the credit is phased out, as it is for other taxpayers earning modified AGI between $75,000 and $95,000.

New withholding tables have been released by the IRS and for those in the Military, they will be implemented by April 1, 2009. The credit will be spread out over the year.  Military members can expect to see a change in federal withholdings. Military members do not need to fill out a new W-4 to receive this tax credit.

If you have more than one job (such as a Reservist with a regular full-time job), you may want to review your W-4 forms to ensure enough withholding is held to cover the tax for the combined income.

The IRS also released new tables for computing the advance payment of earned income credit. These tables change the percentage formula to increase payments for some married military members. The new percentage formula was implemented in March 2009.

For more information see

http://www.irs.gov/newsroom/article/0,,id=204521,00.html

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Cathy Valdiviez Baumbusch, REALTOR. Licensed in VA, MD, and DC. 

Red Dress Realty at RE/MAX Executives

DIRECT: 202-630-2MOV 

8442 Old Keene Mill Rd., Springfield, VA, 22152

2704 Richmond Highway, Alexandria, VA 22301

Cathy has lived in the DC Metro area since 1996. She currently lives in West Springfield, VA. Licensed since 2001 and serves clients in Virginia, Maryland and the District of Columbia.

Cathy's service area includes Fairfax County, Alexandria, Arlington, Falls Church in Virginia and Prince George's, and Montgomery County in Maryland., and of course. 

Cathy has an excellent track record getting short sales approved and closed. Cathy can also facilitate buying and selling real estate anywhere in the world. 

Cathy is a VHDA Certified Trainer and she has taught classes on buying short sales, HUD homes, and foreclosures and social media marketing classes through Fairfax County Public Schools Adult and Continuing Education Program. 

Cathy is a retired Army Reserve Major and an accomplished singer with a rock band. She resides in Springfield, VA with her dog and cat.

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