Many Americans had a difficult 2009 because of factors like the recession and unemployment. However, various provisions in the federal stimulus bill are aiming to give people a hand this filing season while also providing a measure of support for the economy.
Some examples of the stimulus-related tax benefits available to people this filing season were laid out in a recent report from Kiplinger's.
The report noted that for those who received unemployment benefits in 2009, the first $2,400 can be excluded from tax obligations this filing season. Also, those who purchased new vehicles after February 16, 2009 and before January 1, 2010 may find that they can deduct the state, local or excise tax they paid as a result. Kiplinger's notes that this only applies to the first $49,500 paid on a vehicle, although people also have the option of deducting for more than one new vehicle.
Finally, the financial news provider adds that other deductions contained in last year's stimulus bill include a credit for up to $1,500 in eligible energy efficient home improvements, while a second credit reportedly benefits those who invested in renewable energy-related products at home.
Given the many benefits contained in the federal stimulus bill, consulting with a professional tax preparer may be an ideal strategy for maximizing one's deductions and benefits this year.
Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.