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Tax Law Changes for 2009

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Some of the provisions of the law primarily affect individuals.

bulletMaking Work Pay Tax Credit. This tax credit means more take-home pay for many Americans. To make sure enough tax is withheld from their pay, taxpayers can use the IRS withholding calculator. See Making Work Pay for more.

bulletFirst-Time Homebuyer Credit Expands. Homebuyers who purchase in 2009 can get a credit of up to $8,000 with no payback requirement. New legislation extends and expands this credit.

bulletMoney Back for New Vehicle Purchases. Taxpayers who buy certain new vehicles in 2009 can deduct the state and local sales taxes they paid or other taxes and fees they paid in states with no sales tax.

bulletEducation benefits. The new American opportunity credit and enhanced benefits for 529 college savings plans help families and students find ways to pay higher education expenses. 

bulletEnhanced Credits for Tax Years 2009, 2010. Find details on the earned income tax credit and the additional child tax credit.

bulletIncreased Transportation Subsidy. Employer-provided benefits for transit and parking are up in 2009.

bulletUp to $2,400 in Unemployment Benefits Tax Free in 2009. Individuals should check their tax withholding.

bullet$250 for Social Security Recipients, Veterans and Railroad Retirees. The Economic Recovery Payment will be paid by the Social Security Administration, Department of Veterans Affairs and the Railroad Retirement Board.

bulletEnergy Efficiency and Renewable Energy Incentives. See what individuals can do to reap tax rewards.

bulletHealth Coverage Tax Credit. The credit increases from 65 percent to 80 percent of qualified health insurance premiums, and more people are eligible.
 

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