Friday, July 31, 2009

Obama's 2009 Stimulus Package May Benefit You This Year

When you review your personal finances this year, you may want to take the time to see if the Obama administration's 2009 stimulus package can personally help your bottom line. As the country's economy teetered on the edge of a collapse, the administration focused on stimulating the economy in both the housing and the car market - areas which suffered the biggest hits.

There are many who may be able to benefit from the changes brought by the stimulus package this year to the first-time homebuyer tax credit. Last year there was a tax credit of $7500.00. This credit was saddled with a requirement that called for taxpayers to make annual repayments over a 15 year period. Now the first-time homebuyer tax credit has increased to $8000.00. The best part is that there is now no repayment is neccessary.

One must stay in the home for at least three months after purchase. If one should buy another home or use a different residence as their primary home, they will have to repay the credit. Those who purchased their home in 2008 may file an amended return in 2009. Those who purchase a home in 2009 can take advantage of the credit, as long as the home is purchased prior to filing their tax return.

There is also good news in the 2009 stimulus package for car buyers. Those who buy a car this year may realize a tax benefit and may also deduct the sales tax from their return. So if you are in the market for a new car, you may want to go ahead and take advantage of these tax breaks this year.


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