2009 Stimulus Bill – Tax benefits

CCH has published a summary of the 2009 Stimulus bill that President Obama is scheduled to sign Tuesday, February 17th.  Significant items include:

  • Making Work Pay: For 2009 and 2010, $400 per person tax credit for AGI under $75,000; phased out to $95,000 (double everything for married filing jointly).
  • One-time $250 payment to Social Security and other fixed income recipients.
  • AMT patch for 2009: increase AMT exemption amount from 2008 levels by $500 per person or $1,000 per couple. (Comment: this should have been separate legislation and didn’t need to be part of the Stimulus bill)
  • First-time home buyer tax credit: If you never owned a home in the last three years and your AGI is under $75,000/$150,000 (phaseout to $95,000/$170,000), and you buy a primary residence between Jan. 1 and Nov. 30, 2009, you get an $8,000 refundable tax credit, which does NOT have to be repaid if you hold the home for three years.
  • Expanded HOPE credit for education and renamed to American Opportunity Tax Credit.
  • For more details, please read the CCH summary.  Hat tip to TFB for the summary and link to CCH

    CCH Summary

    About the author

    Tim Kober, CFP®

    Tim Kober is the founding principal of Cedar Financial Advisors, LLC, an independent, fee-only financial planning firm based in Portland, Oregon. Tim specializes in providing Fee-Only financial planning, investment advice, and hourly consulting to individuals and families.

    Prior to founding Cedar Financial Advisors, Tim spent 18 years as a Director of Strategic Planning and other Senior Management positions at Intel Corporation. He played a key role in creating and managing several successful businesses and product lines, and was valued as a trusted advisor to executives and as a leader/mentor to his team.

    Tim has taken his passion for investing, solving problems and helping others and applied it to personal financial planning. He applies the same strategic thinking, problem solving, organizational, and communications skills that made him highly effective in a corporate setting to help individuals and families define and realize their personal goals.

    Recognizing the critical need for fiduciary financial advisors that help clients reach their goals using sound, academically proven investment strategies, Tim established Cedar Financial Advisors, LLC.

    Blessed with a wonderful wife and child, Tim loves outdoor activities such as hiking, cycling, alpine skiing, and tennis. In 2007 he rode in Cycle Oregon, an annual six day cycling adventure. He is active volunteer in his community and at his daughter’s school.

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