Thursday, February 19, 2009

Tax Changes in Stimulus Bill that may Impact You

Category:Tax Law and Planning

Well, the behemoth stimulus package has passed - what now?  And how will it affect you?  A summary of the tax law changes in the bill courtesy of
JH Cohn.

Economic Stimulus Bill Contains Numerous Tax Changes

On February 17, 2009 President Obama signed The American Recovery and Reinstatement Act of 2009 into law. The legislation commonly referred to as the economic stimulus bill is a close to $800 billion stimulus package that includes nearly $300 billion in tax relief. The major tax provisions are as follows.

Making Work Pay Credit - a tax credit calculated at a rate of 6.2% of earned income up to $400 for individuals and $800 for joint filers applied retroactively to the start of 2009 continuing through 2010. The credit will be claimed either through a reduction in wage withholding or in a lump sum when filing one's tax return. The credit is phased out at a rate of 2% above adjusted gross income (AGI) of $75,000 ($150,000 in the case of joint filers). Employer FICA taxes are not changed.

Economic Recovery Payment - a one-time payment of $250 to Social Security recipients, railroad retirees and disabled veterans (reduces any Making Work Pay credit that the individual is entitled to).

AMT Patch - what has become an annual legislative exercise in recent years; the 2009 AMT exemption amounts have been raised slightly above their 2008 levels to insulate approximately 26 million middle-income taxpayers from the grasp of the AMT.

First-Time Homebuyer Credit - for purchases of a principal residence between January 1, 2009 and November 30, 2009, the credit has been increased from $7,500 to $8,000 and does not need to be repaid unless the house is sold within three years of the purchase. The credit phase-out remains for taxpayers with AGI in excess of $75,000 ($150,000 for joint filers).

New Car Deduction - individuals purchasing new vehicles in 2009 on or after the date of enactment can deduct sales taxes and excise taxes "above-the-line" attributable to the first $49,500 of the purchase price of any one vehicle. This deduction will be phased out once AGI reaches $125,000 ($250,000 for joint filers). Sales taxes paid on a lease agreement are not included.

Unemployment Compensation - in addition to increasing and extending unemployment compensation benefits for various workers, the first $2,400 of unemployment compensation is excluded from income for 2009.

Bonus Depreciation - extended through December 31, 2009 allowing for 50% first-year depreciation.

Sec. 179 Expensing - the increased 2008 limits have been extended to 2009. The maximum Sec. 179 expense will continue at $250,000 and the phase-out will not begin until fixed asset additions exceed $800,000.

Net Operating Loss (NOL) Carryback - this measure was scaled back significantly from earlier proposals. A 2008 NOL can be carried back up to five years (current law permits a two-year carryback) but only for qualified small businesses with average gross receipts of $15 million or less.

Transit Benefits Parity - the current $120 per month income exclusion for transit passes and van pooling is increased to $230 per month starting in March 2009, thus equalizing it with the $230 per month permitted for parking.

Qualified Tuition Programs - for 2009 and 2010 distributions from Sec. 529 plans will be tax-free when used to pay for computers and computer technology, including internet access.

Residential Energy Property Credit - the new law increases the credit from 10% to 30%, raises the maximum cap to a $1,500 aggregate amount for 2009 and 2010 installations, and eliminates the $500 lifetime cap. There are other energy incentives including credits for electricity produced from renewable sources such as wind and for plug-in electric vehicles.

COBRA Benefits - an individual who is involuntarily separated from employment between September 1, 2008 and January 1, 2010 can elect to pay 35 percent of his/her COBRA coverage with the former employer paying the remaining 65 percent. The former employer will receive a credit against income tax withholding and payroll taxes it is otherwise required to remit to the federal government.

To find out how these changes impact you, contact your J.H. Cohn service professional at 877-704-3500.

Bookmark and Share


At 2/22/2009 2:29 PM, Anonymous Self Defense Products said...

Nice blog post....Nice information

At 5/18/2009 2:54 AM, Anonymous tax preparer for seniors said...

Thanks for the information. Our seniors will definitely get some ideas on tax saving through this post. For sure, anyone who stumble across this blog will have a smaller tax bill this tax season.

At 6/19/2009 4:09 PM, Blogger Walters and Ward said...

There is some good information in this post. There are California probate lawyers that can answer questions about estate planning.

At 8/18/2009 11:40 AM, Blogger sam said...

There's a great new report from The Wall Street Transcript that has lots of details on the economics of funeral homes and the whole death industry. It has lots of information that would help with advising your clients. You can get one of the interviews for free with this link:

At 9/12/2009 6:42 AM, Anonymous Market Research said...

Interesting text. You have a nice blog. Keep it up!

At 12/11/2009 9:04 AM, Anonymous Anonymous said...

Nice post as for me. It would be great to read something more concerning that matter. Thnx for giving this material.
Sexy Lady
UK escort

At 2/12/2010 2:29 AM, Anonymous Term papers said...

You and Yours Blog will stay alive for now with reference to business law issues that relate to entrepreneurs and closely held businesses. I appreciate you updating your reader and links. Happy reading!

At 3/04/2010 4:55 AM, Anonymous オテモヤン said...


At 7/20/2010 9:05 AM, Blogger Internet business at home automated system said...

Why do not you try to make money on the web!
Even if you do not know anyone
No friends, relatives, neighbors, or ... ..
Our system will help you find business partners
Start a free trial experience of automatic network system, visit the website
Thank you for your time reading, do not give up the chance to even know, know no loss to you!

At 9/19/2010 4:38 AM, Anonymous Anonymous said...

Intresting story you place here.
It will be useful to find anything more concerning this topic.
Thank for give that information.
With best regards Elena!
female Kiev escort

At 10/10/2010 6:17 AM, Blogger M. Daniyal Iqbal said...

Good Work! Dragon Ball, Dragon Ball z and Dragon ball GT Remastered Seasons Episode Saga Watch At

At 10/28/2010 3:07 AM, Blogger M. Daniyal Iqbal said...

SEO Stand For Search Engine Optimization. it most important to Traffic.
Get Free Seo Button and Traffic
Google Bot Visit Button
Yahoo Bot Visit Button
Msn Bot Visit Button
Page Rank
Google Indicator
SEO Monitor
Hits Counter

At 3/02/2011 8:28 PM, Anonymous Anonymous said...

That is very good comment you shared.Thank you so much that for you shared those things with us.Im wishing you to carry on with ur achivments.All the best.
|chat | chat sohbet|

At 3/24/2011 10:40 AM, Anonymous auto insurance quotes said...

Those tax stimulus worked well in the car sales and property sales. The problem is that people keep asking or hoping for more of them. There only so much these tax cut could insure a movement in the markets.

At 3/29/2011 5:23 PM, Blogger youlacka said...

At 3/29/2011 6:52 PM, Blogger youlacka said...

Hello to everyone who has blog.first I congratulate the blog owner.he is got excellent blog.That is really very good article. I am glad to know. Thanks for sharing !
kizlarla chatcetavrupa chatchat odalari
Mersin Chatsohbet odalari

At 3/31/2011 9:41 PM, Anonymous Anonymous said...

That is very good comment you shared.Thank you so much that for you shared those things with us.Im wishing you to carry on with ur achivments.All the best. |chat | chat sohbet| muhabbet

At 7/06/2011 1:16 PM, Anonymous irs back taxes said...

I could tell that we’re on the same interest and obsession. Good to know someone I could share my ideas. Looking forward to know and learn some more from you. I'll be glad to share my own thoughts to you soon. Thank you for sharing such valuable articles. More power!

At 7/19/2011 3:29 PM, Anonymous Yemek Tarifleri said...

Yemek Tarifleri Thanks for this post – I have struggled with this as I have NO comments yet on my blog and in some ways feel badly about that (until i read your posts about this) and yet I see there is more that I can do. thankss.

At 7/21/2011 7:20 AM, Anonymous vishal said...

thanks for the information,nice post.

At 8/17/2011 12:29 AM, Blogger anderson said...

thanks for your sharing! great helpful!!!Thank you
SEO Services Company
Guaranteed SEO Services
Dominican Republic Real Estate

At 8/23/2011 2:13 AM, Anonymous Apex said...

Very useful information.
Thanks for sharing.

At 8/30/2011 4:58 AM, Blogger E Accountants said...

Thanks for sharing nice blog post, i like it so much ,....

Accountancy Firms in London

At 9/07/2011 2:55 AM, Anonymous Logo Design Company said...

Thank you for sharing such valuable articles. More power!

At 9/21/2011 4:46 AM, Anonymous Accountants in London said...

You are focused on realizing all you possibly can about this. We're completely satisfied you discovered us.

On this site, we have introduced collectively an unlimited array of data and sources on this.

Accountants in London

At 11/05/2011 3:54 PM, Anonymous Anonymous said...

hello to everyone who has blog.first I congratulate the blog owner.he is got excellent blog.actually I read all your articles from weary and your writing very attractive waiting to continue thanks aşk şiirleri aşk şiirleri, aşk sözleri, chatroulette chatroulette türkiye yemek tarifleri yemek tarifleri sohbet sohbet, güzel sözler chat kanalları chat kanalları, okey oyna okey oyna, aşk şiirleri aşk sözleri, aşk sözleri aşk sözleri, şiir, omegle omegle türkiye temsilcisi, omegle türkiye omegle türkiye, omegle omegle, omegle omegle, omegle türkiye omegle türkiye, omegle türkçe türkçe omegle, chatroulette chatroulette, netlog netlog turkchat turkchat, turkchat turkchat, turk sohbet, turkchat turk chat, online film izle film izle film izle full film izle, bedava film izle bedava film izle chat chat, sohbet sohbet, video indir video indir, almanya sohbet almanya sohbet, almanya chat almanya chat, canlı okey oyna canlı okey oyna, online okey oyna online okey oyna, muhabbet muhabbet , sevişme sahaneleri sevişme sahneleri , seks partner seks partner

At 11/23/2011 12:32 AM, Anonymous credit repair texas said...

thanks for posting, it definitely takes a pro to keep up with all the tax rule changes year to year.

At 12/08/2011 1:59 AM, Anonymous Term papers writing services said...

The ideas are really realistic and work in the real, and the observations are really practical. Thank you for the text.

At 2/07/2012 8:58 PM, Anonymous Hotels In Times Square New York said...

great... I am also interested in this topic. I have spent a lot of time on searching this kind of topic. It is very informative. I really say thanks to you.

At 3/12/2012 6:55 AM, Blogger Hair Transplant in turkey said...

Comments made ??about the issues impressed me. I like your site.
fue saç ekimi fiyatları

At 3/14/2012 7:45 AM, Blogger Bob_Alfredo said...

I read your post and it was amazing , KEEP IT, great job.
Internet Marketing Agency

At 3/20/2012 6:54 AM, Blogger Algevis said...

A very nice page. I think the effort has passed, we have to thank you:))
Estetik Dis Beyazlatma Fiyatları

At 4/04/2012 12:57 PM, Anonymous fix credit said...

Increase credit score and save money. Your credit score largely determines the lenders available and the interest rate at which they will lend. Fix credit and expand the number of lenders willing to compete for your loan.

At 4/16/2012 10:02 AM, Blogger Adim said...

I like this post a lot and it contains a lot of great points and obsessions!

Restaurant Logo

At 4/26/2012 6:24 AM, Blogger justin albert said...

You have a very good blog that the main thing a lot of interesting and useful!

Custom Facebook fan page

At 7/28/2012 6:18 AM, Anonymous collarless mens shirt said...

"It is a pretty good post. This post contains useful information which helps us a lot. I have never seen such a great post. your wonderful post can inspire a lot and helps us. I visit your website often and share with my friends "

At 11/06/2012 11:16 PM, Blogger prasannasneha yadhavan said...

Hi there, awesome site. I thought the topics you posted on were very interesting. I tried to add your RSS to my feed reader and it a few. take a look at it, hopefully I can add you and follow.

Home Health Care in New Jersey NJ

At 4/16/2013 3:30 PM, Anonymous bedava sohbet said...

Very informative and trustworthy blog. Please keep updating with great posts like this one.
cinsel sohbet
I have booked marked your site and am about to email it to a few friends of mine that I know would enjoy reading
çet sohbet
Thanks for your explanation was very good effort, while health information in your hand

They look very nice, wonderful =)

chat odaları -
sohbet net -
yazgülü sohbet -
seviyeli sohbet -
adana sohbet -
kerizim -
çet sohbet -
yazgülü -
sohbet et -
yonja -
cinsel chat
cinsellik sohbet

At 5/14/2013 2:28 AM, Blogger colaveri d said...

i read the article its a nice article its have lot of information thanks author for the nice article.
maqbool Mirza | mirza maqbool

At 5/14/2013 2:29 AM, Blogger colaveri d said...

Admire the information published.its really informative and innovative keep us posted with new updates. it was really valuable
pakistani matrimony | pakistani matrimonial | pakistani matrimonial sites | pakistani dating

At 5/14/2013 2:30 AM, Blogger colaveri d said...

nice post and amazing information for us plz keep up that’s blog is amazing.
urdu newspaper | english newspaper | news from pakistan

At 5/14/2013 2:33 AM, Blogger colaveri d said...

Wonderful post. This is the most inspiring post. I love to read such kind of material. Blogger did a great job here.
Pakistani wedding stage | pakistani wedding planner | event management companies in pakistan

At 8/27/2013 10:05 AM, Anonymous Paper Writing Services said...

This post gives truly quality information. I'm definitely going to look into it. Really very useful tips are provided here. Thank you so much. Keep up the good works. Paper Writing Services
Thesis Paper Writing
Research Paper Writing
Letter Writing Services

At 3/25/2014 6:55 AM, Anonymous Coupon Blues said...

Thank you for sharing your new site. Keep up the great work. Amazon Promo Codes
American Eagle Promo Code
AutoZone Coupons
Barnes & Noble Coupon Code
Barneys Warehouse Coupons
bebe Coupon Codes
Bed Bath and Beyond Coupon
Best Buy Coupons
Bluefly Coupon Codes
Groupon Promo Codes
Haggar Coupons
JcPenney Coupons
Kohls Coupons
Light In The Box Coupons
Macy's Coupon
Next Day Flyers Coupon Codes
Overstock Promo Codes
Sears Coupons
SmartBargains Coupons
Target Promo Codes
Walmart Coupon Codes
Woot Coupon Codes

At 7/09/2015 2:54 AM, Anonymous Leena deep said...

Great post and informative content.Thanks for sharing,,,

At 11/21/2015 12:26 AM, Blogger PLC Training In Chennai said...

PLC Training in Chennai
PLC Training Institute in Chennai
PLC Training Center in Chennai
PLC Training Centre in Chennai
PLC SCADA Training in Chennai
SCADA Training in Chennai
Best PLC Training in Chennai
Best PLC Training Institute in Chennai
DCS Training in Chennai
Automation Training in Chennai
Automation Training Institute in Chennai
Process Automation Training in Chennai
Industrial Automation Training in Chennai
HMI Training in Chennai
VFD Training in Chennai
Final Year Projects in Chennai
IEE Projects in Chennai
Inplant Training in Chennai
Embedded Training in Chennai
VLSI Training in Chennai
IT Training in Chennai
AutoCad Training in Chennai
Web Designing Training in Chennai

At 3/30/2016 2:52 AM, Blogger Thanu Abi said...

Wonderful information.It is very useful for our future clarification.I think this is a amazing information to read this blog.It is used to different technology and is excellent.

dotnet training in chennai

At 5/20/2016 5:57 AM, Anonymous Best SEO training in hyderabad said...

thanku u for sharing..
Best SEO training in hyderabad all modules are clearly solved and practice with guide.seo training in hyderabadAnd clearly getting knowledge of seo.

At 6/16/2016 2:04 AM, Anonymous Maani kamili said...

A nice article here, i think that people who have grown up with the idea of using computers are showing more responsibility towards writing posts that are thoughtful, do not have grammar mistakes and pertinent to the post..

Digital marketing company in Chennai

At 6/16/2016 6:55 AM, Anonymous Maani kamili said...

I do agree with all the ideas you have presented in your post. They’re really convincing and will certainly work. Still, the posts are very short for newbies. Could you please extend them a little from next time? Thanks for the post..

Digital marketing company in Chennai

At 6/28/2016 3:11 AM, Anonymous Ranjan said...

Awesome..You have clearly explained …Its very useful for me to know about new things..Keep on blogging..
seo institute in chennai

At 7/28/2016 7:24 AM, Blogger Rekhila said...

Your content is awesome . You have done a great job and its very useful for me . I appreciate your effort and I hope that you will get more positive comments from the web users.
ROI Services in Chennai

At 7/29/2016 2:30 AM, Blogger Suseela Susiee said...

This information is impressive; I am inspired with your post writing style & how continuously you describe this topic. After reading your post, thanks for taking the time to discuss this, I feel happy about it and I love learning more about this topic.

Digital Marketing Company in Chennai

Digital Marketing Services in Chennai

At 8/23/2016 3:47 AM, Blogger Harini R said...

This blog explains the details of most popular technological details. This helps to learn about what are all the different method is there. And the working methods all of that are explained here. Informative blog.
Sharepoint Training Institute in Chennai

At 3/09/2017 1:41 AM, Blogger sathya said...

Great and really helpful article! Adding to the conversation, providing more information, or expressing a new point of view...Nice information and updates. Really i like it and everyday am visiting your site..

Hadoop Training in Chennai

Base SAS Training in Chennai

At 3/14/2017 8:48 AM, Blogger Evangeline Mitul said...

I read this content really awesome.You provided another one great article.I hope this information may change my business carrier.I can remember these things whenever taking the decision.

Tooth Braces In Chennai

Dental Hospital in Chennai

At 4/05/2017 5:37 AM, Blogger sonal garg said...

"Are you looking for Summer ECE/EEE/EN/EI Engineering Internship Industrial Training ? We are well known company for Summer Training, Industrial Training, Live Project Training, Winter Training for ECE/EEE/EN/EI engineering students.

At 6/05/2017 11:26 AM, Blogger Philips Huges said...

Wonderful blog.. Thanks for sharing informative Post. Its very useful to me.

Installment loans
Payday loans
Title loans

At 6/21/2017 3:02 PM, Blogger Merlin Maarit said...

It is very helpful for me. Keep blogging like this.

Healthcare Analytics Company

Finance Analytics Company

Telecom Analytics Company

Retail Analytics Company

Analytics Company

US IT Staffing Agency

At 8/17/2017 7:47 AM, Blogger Karthi Keyan said...

Interesting blog post.This blog shows that you have a great future as a content writer.waiting for more updates...
Digital Marketing Company in India

At 8/17/2017 11:32 PM, Blogger traverse jamaica said...

Thank you for taking the time and sharing this information with us. It was indeed very helpful and insightful while being straight forward and to the point. | |

At 8/19/2017 1:26 AM, Blogger Osman raheem said...

Hello Everybody,
My name is Ahmad Asnul Brunei, I contacted Mr Osman Loan Firm for a business loan amount of $250,000, Then i was told about the step of approving my requested loan amount, after taking the risk again because i was so much desperate of setting up a business to my greatest surprise, the loan amount was credited to my bank account within 24 banking hours without any stress of getting my loan. I was surprise because i was first fall a victim of scam! If you are interested of securing any loan amount & you are located in any country, I'll advise you can contact Mr Osman Loan Firm via email

First name......
Middle name.....
2) Gender:.........
3) Loan Amount Needed:.........
4) Loan Duration:.........
5) Country:.........
6) Home Address:.........
7) Mobile Number:.........
8) Email address..........
9) Monthly Income:.....................
10) Occupation:...........................
11)Which site did you here about us.....................
Thanks and Best Regards.
Derek Email

At 8/22/2017 1:12 PM, Blogger Isabella Olivia said...

This information is impressive; I am inspired with your post writing style & how continuously you describe this topic.

Pawn Shop

Pawn Loans

Pawn Shops

Pawn Loan

Pawn Shop near me

At 8/29/2017 9:41 AM, Blogger Philips Huges said...

Its a wonderful post and very helpful, thanks for all this information. You are including better information regarding this topic in an effective way.Thank you so much

Personal Installment Loans
Title Car loan
Cash Advance Loan

At 11/17/2017 12:59 PM, Blogger Onder said...

kızlarla sohbet

liseli chat

liseli sohbet

yetiskinler sohbet

yetiskin sohbet

gabile chat

gabile sohbet

sohbet odaları

sohbet siteleri

türkçe sohbet


kızlarla sohbet

seviyeli sohbet

cinsel sohbet

turk chat


sohbet odaları

mobil sohbet

At 5/29/2018 2:03 PM, Anonymous yahoo said...


At 11/01/2018 7:03 AM, Blogger sachin.ogeninfo said...

refrigerator repair in gurgaon

At 11/27/2018 2:20 AM, Blogger Nadeem Malik said...

nice topic which you have choose.
second is, the information which you have provided is better then other blog.
so nice work keep it up. And thanks for marketing company in delhi

At 12/04/2018 4:33 AM, Blogger Vikash Kumar said...

tile bonder manufacturer in delhi

At 12/05/2018 4:05 AM, Blogger Akash Thakur said...

Laminated Doors manufacturer in hubli

At 12/06/2018 2:40 AM, Blogger Amase LED Lighting said...

led lawn lights in delhi
Thanks for giving great kind of information. So useful and practical for me. Thanks for your excellent blog, nice work keep it up thanks for sharing the knowledge.

At 12/15/2018 6:21 AM, Blogger Praylin S said...

Really informative! Thanks for sharing such a read worthy article. Looking forward for more posts from you.
Tally Course in Chennai | Tally Classes in Chennai | Tally Training in Chennai | Tally Course | Learn Tally | Tally Institute in Chennai | Learn Tally ERP 9 | Tally Training

At 1/03/2019 10:15 AM, Blogger شركة صيانة تنظيف said...

شركة كشف تسربات المياه بالاحساء

At 2/13/2019 12:27 AM, Blogger franklinraj said...

Thank you for excellent article.

Please refer below if you are looking for best project center in coimbatore

soft skill training in coimbatore
final year projects in coimbatore
Spoken English Training in coimbatore
final year projects for CSE in coimbatore
final year projects for IT in coimbatore
final year projects for ECE in coimbatore
final year projects for EEE in coimbatore
final year projects for Mechanical in coimbatore
final year projects for Instrumentation in coimbatore

At 3/04/2019 6:00 AM, Blogger VRITPROFESSIONALS said...

Nice post. Thanks for sharing! I want people to know just how good this information is in your article. It’s interesting content and Great work.
Thanks & Regards,
VRIT Professionals,
No.1 Leading Web Designing Training Institute In Chennai.

And also those who are looking for
Web Designing Training Institute in Chennai
SEO Training Institute in Chennai
Photoshop Training Institute in Chennai
PHP & Mysql Training Institute in Chennai
Android Training Institute in Chennai


Post a Comment

<< Home