IRS Information for Individuals

ARRA: It's not just for government anymore!

Actually, some of the ARRA provisions are designed to assist individuals, rather than governments and vendors. Part B programs include a variety of tax benefits that are available for individual taxpayers. The IRS has an online information center called The American Recovery and Reinvestment Act of 2009: Information Center that provides quite a bit of information, but here is a quick and dirty look at some of them (Some of which is quoted from the IRS web site):

The Making Work Pay Tax Credit means more take-home pay for many Americans. They have a withholding calculator on this site to help ensure enough is withheld from your check.

First-time homebuyers who purchase in 2009 AND close by November 30 can get a credit of up to $8,000 with no payback requirement under the First-Time Homebuyer Credit.

Taxpayers who buy certain new vehicles in 2009 (February 17 - December 31) can deduct the state and local sales taxes they paid or other taxes and fees (in states without sales tax - must be nice ;-)). Used cars do NOT qualify for this deduction.

The American Opportunity Credit expands the Hope credit program to help families and students find ways to pay higher education expenses.

Enhanced earned income tax credit and the additional child tax credit for 2009 & 2010.

Individuals may receive up to $2,400 in unemployment benefits tax free in 2009.

Social Security recipients, veterans and railroad retirees receive(d) an extra $250 in 2009. This is because of no cost of living adjustment (COLA) in 2009 - which happened because of no inflation, thus no cost of living increase.

Energy efficiency and renewable energy incentives.

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

There's more, so check out the IRS site if you think you might be eligible.