The American Recovery and Reinvestment Act of 2009 is an economic stimulus package that was enacted by Congress in February 2009 to offer help to American taxpayers. Many individuals such as homebuyers, parents, students, workers, and the unemployed can benefit when it comes to filing their taxes. Although some of these tax credits can be confusing and complicated to file, an online tax preparation service like ezTaxReturn.com provides guidance and automatic calculations to get the job done quickly and easily.
Here’s a rundown on some of the tax credits that may affect you:
- Making Work Pay Tax Credit – This tax credit increased the take-home pay for employees in 2009. Taxpayers will need to file Schedule M to claim this credit and to determine if they received the full amount of $400 for individuals or $800 for married couples.
- New Vehicle Purchases – The local sales and excise tax paid for certain new vehicles, motorcycles or motor homes can be deducted. Income limits apply.
- Education Benefits – Parents and students paying for college expenses can claim up to $2500 for each eligible student.
- Earned Income Tax Credit was amended to include families of 3 or more children.
- Child Tax Credit – Parents can qualify for this tax credit of up to $1,000 per qualifying child.
- Unemployment Benefits – Up to $2400 in unemployment benefits are tax free in 2009.
- Energy Incentives – Increased energy tax credit for homeowners who make energy efficient improvements to their homes.
- Health Coverage Tax Credit helps pay 80% of health insurance premiums for eligible individuals.
This list is not complete or comprehensive, and limitations or qualifications may apply. If you were affected by any of these tax credits in 2009, ezTaxReturn.com will address these issues and prepare your taxes as quickly and easily as possible.