Tuesday, January 27, 2009

IT KEEPS TURNING!

This just in -

Senate Finance Committee Chairman Max Baucus (D-Mont.) has unveiled the Senate version of the tax provisions for inclusion in the
American Recovery and Reinvestment Act of 2009.

They include –

· Making Work Pay Credit: an individual tax credit in the amount of 6.2 % of earned income not to exceed $500 for single returns and $1,000 for joint returns in 2009 and 2010.

· Seniors, Disabled Veterans and SSI: a one-time payment of $300 to Social Security beneficiaries and SSI recipients receiving benefits from the Social Security Administration and Railroad Retirement beneficiaries.

· Temporary Suspension of Taxation of Unemployment Benefits: federal income tax temporarily suspended on the first $2,400 of unemployment benefits per recipient.

· Expansion of the Earned Income Tax Credit: an increased credit for three or more children and additional marriage penalty relief for married couples.

· Expansion of the Refundable Child Tax Credit: increased eligibility for the refundable child tax credit in 2009 and 2010 by lowering the threshold to $6,000.

· American Opportunity Tax Credit: a $2,500 higher education tax credit that is available for the first four years of college

· Computers as qualified education expenses in 529 Education Plans: computers and computer technology to qualify as qualified education expenses

· Homeownership Tax Credit: modifies the $7,500 tax credit for home purchases that occur after 2008 and before July 1, 2009.

Hey – where’s the dreaded AMT fix?

I will provide more information as it becomes ava
ilable.

2 comments:

Jeff Rose said...

Robert-

I think somebody is reposting your info. Check out this site. http://thetaxforum.org/?p=1466

I just got this ping and I'm almost positive this was your post from a few weeks ago? Just wanted to make you aware.

Robert D Flach said...

Jeff-

Thanks for the info! I checked out the page.

I don't mind being "reposted" as long as I get full authorship credit up front and mention that "This post is from THE WANDERING TAX PRO" with a direct link to the current post. My name or blog was not mentioned anywhere on the page, although there was a link to the original post at the bottom.

There was no contact email address or "about" information on the site, so I left a comment asking, "What's the Story?".

Thanks again.

TWTP