There are a number of issues in the act that may be of benefit to tax payers. For more information on these issues you may want to contact your tax advisor. Some of these issues are listed below.
The first-time home buyer's credit is increased to $8,000.
Sales tax on vehicle purchases is deductible towards AGI for 2009.
Alternative Minimum Tax relief is extended for 2009 and the exemptiions increased.
A number of changes regarding student expeneses.
The earned income tax credit will increase for 2009 and 2010.
The child tax credit refundability will increase in 2009 and 2010.
Cobra Premium assistance for the unemploed will change.
Executive pay restrictions will be in place for those in the TARP program.
NOL carryback period extended to five years.
The first $2,400 dollars of unemployment compensation will be excluded from income.
Changes have been made in first year depreciation.
Changes have been made in deductions for business meals away from home.
This is only a sample of what is in the act and does not cover other legislation, as a result tax planning will be very inportant in 2009.
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