Get Your Share of the Stimulus Package

Obama’s American Recovery and Reinvestment Act of 2009 was aimed to provide tax relief to low and middle income taxpayers. However, there are numerous opportunities we can all use to our advantage. These include:

Tax Break for New Car Purchases: Tax payers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns.

Capital Gains Tax Break for Investment in Small Business:  Investors in small business who hold their investments for five years can exclude from taxation 75 percent of their capital gains.

First-Time Homebuyers Tax Credit: Qualifying taxpayers who purchase a home before Dec. 1 can claim 10 percent of the purchase price up to $8,000. 

Residential Energy Property Credit: The new law increases the credit rate to 30 percent of the cost of all qualifying energy efficient improvements and raises the maximum credit limit to $1,500.

Please consult your tax advisor to maximize your benefits from these provisions. To see a more complete list please click here, http://www.irs.gov.

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