Temporary credit for home buyers: make work pay credit

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The Senate and the House are trying to finalize a stimulus package for the rest of us that can really use it. It’ll help us save some money here and there on home purchasing, car buying and family stimulus checks. The final version of the bill will cover at least 10 different types of tax discounts and checks sending out to all of us according to our income. If they do send out checks, we will all be waiting.

One of the deal in the plan is to give home buyers a $15000 tax credit without repayment. Worker will get $500 credit per person and a $1000 credit per dual-earner according to CNN. Full credit will be paid to people making $70,000 or less or $140,000 per dual-earner couple.
If you don’t work you will get a $300 check for one time and those include disabled veterans.

If you have a high income and you’re from a high to middle income family, you will get a one year credit without having to pay the Alternative Minimum Tax. You would also get a car payment, sales tax payment deduction for a new car that you’ll be buying in 2009. If you make less than $125,000, you can deduct the full amount. If you’re a college student, you can get a $2500 credit for higher education expenses. The credit will be available if you make less than $80,000 a year or $160,000 for a couple.

Pell Grants will increase by $281 dollars in 2009-10 academic year and $400 in the 2010-11 years. Child care credit bill will be lower to the income threshold of $8,100. It looks like we’re getting a bit of a help for most categories and you should learn about it and claim your credit accordingly.

Source: http://money.cnn.com/2009/02/11/news/economy/stimulus_individuals/?postversion=2009021105

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