fyi. 

Just sharing this information. 

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Hello,
 
There’s been a lot of talk about the ‘Stimulus Bill’, often in dribs and drabs, and sometimes right and sometimes wrong.  If you are interested in getting a better grip on what it really is and how it might impact you, I thought you might like to see a summary of the Bill directly from Congress.
 
President Obama signed the ‘Stimulus Bill’ today which includes a number of tax provisions that might impact you in 2009 and beyond.  It is also likely the first of many bills this year that impact the tax law.  I’ve included a link to a very good summary of the bill from the Senate Finance and House Ways and Means committees.  It is fairly lengthy, but easy to skim and pick out provisions that might affect you.  The Bill includes provisions such as :
 
. $400/$800 tax credits to working families in 2009 and 2010.  Income limitations apply.
 
. ‘American Opportunity’ Education Tax Credit.  Expands tax credits for college education.  Income limitations apply.
 
. Refundable First Time Home Buyer Credit of up to $8,000 for first-time home buyers between Jan 1, 2009 and Dec 1, 2009 that is non-refundable if the home is held for three years.  Income limitations apply.
 
. Sales Tax Deduction for Vehicle Purchases in 2009.  Income limitations apply.
 
. Temporary Suspension of Taxation of Unemployment Compensation – suspends federal taxation on first $2,400 of 2009 unemployment compensation.
 
. The AMT patch was extended through 2009 (this is the patch that Congress typically passes late in the year – every year).
 
. Extension of Bonus Depreciation for businesses through 2009.
 
. Tax Credits for Energy Efficient Improvements to Existing Homes.  Extends the $500 lifetime credit for home energy efficiency improvements to $1500, and increases the credit to 30% of eligible improvements from 10%.
 
http://finance.senate.gov/press/Bpress/2009press/prb021209.pdf
 
Jim
 
Jim Flexman CPA
4745 W 136th Street Ste 30
Leawood KS 66224
913.402.6096 (tel)
913.402.6001 (fax)
jim@flexmancpa.com
www.flexmancpa.com
 
This email may contain information that is proprietary in nature or otherwise protected by law from disclosure.  If you receive this transmission in error, please reply to the sender to advise of the error and delete this transmission and any atttachments.
 
IRS Circular 230 Disclosure: To ensure compliance with US Treasury Department regulations, we inform you that any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for purposes of(i) avoiding penalties under20the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

All I really care about is the free or afordable healthcare!!

Cause when i go off to college,I will be in need of it!

FYI,

don't expect a check of $400/800 in your mail.  It's nothing like the $600/900 we got from Bush last year (the best Bush did 4 us ) You are getting back $13.00 (tax break) more dollars on your weekly paycheck.  

Disappointed?? Look at it this way; it's enough to buy Halal food.  Sorry, I had to mention halal food b/c I had some this afternoon and it was off the hook (tasty)