2009 Tax Changes

2009 Tax Bills Passed:

• Worker, Homeownership, and Business Assistance Act of 2009  - an itemized summary of the first-time homebuyer credit extension, and other tax law amendments, extensions and changes signed by President Obama on November 6, 2009.

• American Recovery and Reinvestment Act of 2009  - an itemized summary of the tax cuts portion of the stimulus package signed by President Obama on February 17, 2009.

IRS Special Edition Tax Tip 2009-08:  "Six Recovery Tax Incentives For Individuals"

2009 Tax Changes of Particular Interest: 

• American Opportunity Tax Credit - six facts about this new education credit - straight from the IRS web site.

• Energy Credits - seven facts about these new tax credits.

• First-Time Homebuyer Credit -  some basic information about this tax credit - straight from the IRS web site.

• Extended First-Time Homebuyer Credit - ten facts about the new extended homebuyer credit that was passed into law on November 6, 2009.

• Making Work Pay Credit - a more detailed explanation of this credit, as well as how it may - or may not - affect you. 

• New Vehicle Sales Tax Deduction - seven facts about this new tax deduction.