Here’s a brief breakdown of how the new stimulus plan could help you!
- First-time homebuyers who purchase their homes before December 1, 2009 would be eligible for an $8,000 tax credit, and people who buy new cars before the end of the year can write off the sales taxes.
- College students-or their parents- are eligible for tax credits of up to $2,500 to help pay tuition and related expenses in 2009 and 2010.
- We can expect to see about $13 extra in our weekly paychecks, starting around June, thanks to the new $400 tax credit to be given through the rest of the year. Couples would get up to $800.
- Those receiving un-employmet benefits this year wouldn’t pay any federal income taxes on the first $2,400 they receive.
- For those who have lost their health insurance as a result of losing their job, the government will now pick up up the tab for 65% of the cost of continuing insurance through the COBRA plan for the first nine months while you look for a new job. COBRA is typically very expensive, often over $1,000 per month so this is a huge cost savings for job seekers.
- Homeowners who add energy-efficient windows, furnaces and air conditioners can get a tax credit to cover 30% of the costs, up to a total of $1,500.
Information from the Associated Press.