The Economic Stimulus Package: What’s In It For You? (NAPSA)—Cristina Gardner, a 27-year-old accountant, and her husband Nick just purchased their first home. Like most people, they are feeling the pressure of the economy. “Buying your first home is always stressful and having our budget tighten makes it even harder,” Cristina said. There is good newsfor people like the Gardners. President Obama signed the American Recovery and Reinvestment Act into law in February. The stimulus package will benefit 95 percent of Americans, including first-time homebuyers such as Cristina and Nick. Whobenefits and how: Workers: The Making Work Pay Credit could mean up to an additional $40 a month in a worker’s paycheck, which adds up to as much as $400 for single tax- payers and $800 if married. New-Car Buyers: Taxpayers who purchase a new car between February 17 and December 2009 may be able to deduct some orall of their car sales tax. This deduction is available to taxpayers who itemize or who take the standard deduction. First-Time Homebuyers: The First-Time Homebuyers Credit could mean a credit of up to $8,000 to taxpayers who purchase their first home between January and November 2009. This is a credit and does not need to be repaid. College Students and Their Families: The Hope Credit for college costs, books and tuition has been increased to $2,500 per Many families may find themselves with more money thanks to recent tax law changes. college student and is now available for all four yearsof college. Families: Changes to the Earned Income Tax Credit (EITC) may mean more money to taxpay- ers who are married or families that have three or more qualifying children. * Homeowners: The EnergySaving Credit has been raised from 10 to 30 percent, which could mean up to $1,500 for taxpayers making energy-efficient improve- ments, such as doors, windows and water heaters, to their homes. “There are tax breaks out there for almost everyone,” said Bob Meighan, CPA andvice president of TurboTax. “It is important for people to make sure they are getting every dollar they deserve. Going online to TurboTax to prepare their tax return is the easy way to make sure they are getting every deduction and credit possible.” For more information on the economic stimulus package, you can go to www.turbotax.com.
