Timely Benefits in Obama's 2009 Stimulus Package
As you are planning out your financial matters for the rest of the year, remember to look at the fine print on Obama's 2009 stimulus package, as there may be some benefits for you. After the economy went into a tailspin, the government decided that it needed to stimulate the economy in the areas where it was affected the most. The stimulus bill is geared towards the housing and car market, where much of the economic damage occurred.
For many people, one of the most generous changes in the stimulus package is the change to the first time homebuyer tax credit. While the tax credit was already a generous $7500 last year, the credit had a repayment requirement that meant that the taxpayer had to spread out the payments over fifteen annual payments.
The first time homebuyer tax credit has been expanded to $8000 and more importantly, the tax credit is now not required to be repaid. The biggest requirement to note is that people must stay in their homes for the first three months after the acquisition of the house. If the taxpayer purchases another home and decides to designate another residence as the primary residence, then the tax credit must be returned. Other than that, people who bought their houses in 2008 are eligible to file amended tax returns if they bought their house in 2008. People who buy their homes in 2009 can go ahead and follow their tax instructions. However, the home needs to be officially purchased before filing for the tax return.
New car buyers can also benefit from the stimulus package. For anyone who buys a car this year, there is a tax benefit available and buyers can deduct the sales tax on the purchase from their taxes. Cars need to be bought before the end of the year, so as to encourage people to buy the cars now.
About the Author:
For tips and facts about how you can benefit from Obama's Home Stimulus Plan - or to find out if you qualify, visit our no nonsense home stimulus guide: http://ObamasStimulusPackage.net
Author: Lindsy Emery
