R&R Income Tax Service Manager Tain Carwile said the new changes might allow taxpayers to see a lot more money coming back to their pockets this year.
The first $2,400 of unemployment benefits, received in 2009, is non-taxable on a federal level.
“Obama knows a lot of people are unemployed and he wants to help,” Carwile explained.
The green effort encouraged the next tax credit. The IRS is offering citizens an energy credit of up to $1,500 for anyone who changed out windows, doors, heating and air, roof insulation or hot water heaters to become more energy efficient last year.
The college credit has been extended for people who have decided to further their education.
“Obama extended the hope and lifetime credits,” Carwile explained. “Hope is for the first two years of schooling and lifetime is for the next two years of schooling. You receive a $2,500 credit for the first two years and $2,000 for the second two years. All of this is mentioned in the stimulus plan by Obama.”
As part of this, there will be a $400 credit for each person in a household who had an earned income of $6,450, or jointly an income of $12,903 for last year.
Social Security individuals could also see some perks on their tax paperwork.
An additional $150 could be earned for those who worked during 2009, and were still drawing SSI or Social Security. The only stipulation is the person must have earned $6,450 in 2009 to become eligible for the funds.
“Obama had already gave everyone $250, credited to their checking account in May,” Carwile said. “This will give people a chance to get an additional $150.”
Another perk for people filing is for families who made big purchases last year, like homes or vehicles.
“If you bought a new vehicle in 2009,” Carwile assured, “you can take off your tax and sales tax as part of the stimulus.”
First-time homebuyers will get up to $8,000 or up to 10 percent of the value of their home.
According to Carwile, the credit goes for people who bought a home, or who plan to buy a home from January 1, 2009 through June 30, 2010.
“This could be the year to get caught up on income and bills,” Carwile explained. “The end of year home buyer credit could allow you to recapture up to $6,500.”
Anybody who purchased a second home, or is planning to get a second home from November 6, 2009 through June 30, 2010 can receive a credit as well.
She urged though, that the person must have owned the initial home for eight years, and have lived in it for at least five of the eight to get the exemption.
For people who claim mileage on their tax forms, that rebate has increased as well. Employees are now eligible for .55¢ per mile.
The current exemption has also increased to $3,650 per person for households who earned under $44,000 last year.
Carwile wanted to remind people that electronic filing is not available until January 15 and goes through April 15.
For more information on what people can and cannot claim on taxes contact an experienced tax professional.
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