Can You Benefit From Recovery Act Tax Credits?
Can You Benefit From Recovery Act Tax Credits
?
Many of the Recovery Act provisions are geared toward individuals:
Home buyers Credit. Home buyers who purchase by April 30, 2010, and settle by September 30, 2010, may be eligible for a credit of up to $8,000. Documentation requirements apply.
COBRA. Workers who lose their jobs between September 1, 2008, and May 31, 2010, may qualify for reduced COBRA health insurance premiums for up to 15 months.
Education benefits. The American Opportunity credit and enhanced benefits for 529 College Savings plans help families & students find ways to pay higher education expenses.
Home energy efficiency & renewable energy incentives.
Earned Income Tax Credit. The EITC is bigger in 2009 & 2010.
Additional Child tax credit. More families will qualify for the ACTC in 2009 and 2010.
Making Work Pay credit. This credit means more take-home pay for many Americans in 2009 & 2010.
$250 for Social Security Recipients, Veterans and Railroad Retirees. The Economic Recovery Payment was paid by the Social Security Administration, Department of Veterans Affairs and The Railroad Retirement Board in 2009.
Money Back for New Vehicles. Taxpayers who bought new cars and certain other new vehicles in 2009 can deduct the state & local sales taxes they paid as well as other taxes and fees paid in states with no sales tax.
Increased Transportation Subsidy. Employer provided benefits for transit and parking rose in 2009.
Up to $2,400 in Unemployment Benefits Tax free in 2009
Health Coverage Tax Credit. This credit increased from 65% to 80% of qualified health insurance premiums and more are eligible.
Information for Businesses
The following Recovery Act provisions affect businesses:
Making Work Pay Tax Credit. The 2010 withholding rates reflect reduced withholding. An optional withholding procedure is available for pension plan administrators.
Work Opportunity Credit. This expanded credit adds returning veterans and "disconnected youth" to the list of new hires that businesses may claim
COBRA: Health Insurance Continuation Subsidy. The IRS has extensive guidance for employers.
Energy Efficiency and Renewable Energy Incentives.
Net Operating Loss Carry back. Small businesses can offset losses by getting refunds on taxes paid up to five years ago. The Worker, Home ownership and Business Assistance Act of 2009 (WHBAA) expanded the five-year NOL carry back to most businesses.
Municipal Bond Programs. New ways to finance school construction, energy and other public projects.
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