Greetings!
Details of the recently signed American Recovery and Reinvestment Act signed into law on February 17, 2009 continue to emerge. We know how very busy you are, but want to keep you abreast of the news as it breaks, so you may plan!
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First -Time Homebuyer Credit
2008 and 2009 rules
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 The 2008 First-Time Homebuyer credit provided for first time homebuyers to take a credit of 10% of the purchase price up to a maximum credit of
$7,500. These taxpayers are required to repay the credit over 15 years beginning
with their 2010 return. This was part of the Housing and Economic Recovery Act of 2008 and is applicable to Homebuyers who purchased a home between April 8, 2008 and July 1, 2009.
To make things confusing, we now have the First Time Homebuyer Credit of 2009 as part of the American Recovery and Reinvestment Act of 2009. Those first time homebuyers who purchased a home after December 31, 2009 are allowed an $8000 credit and are not required to repay the credit unless they do not use the home as a
principal residence for at least 36 months.
Call or email if you have any questions about this confusing twist in legislation!
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Social Security Stimulus Payments
One time $250 Social Security Payment
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 President Obama recently signed the American Recovery and Reinvestment
Act of 2009. This act provides for the one-time payment of $250 to
individuals who get Supplemental Security Income (SSI) or Social
Security benefits. The Social Security Administration expects that all who are entitled will receive their payments by late May. No action is required by recipients. Any questions, contact the Social Security Administration.
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Some Other Highlights You May Be Interested In
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 - Suspending tax-year 2009 required minimum distributions from IRAs and
qualified plans.
- Extending bonus depreciation and first-year expensing limits through 2009
- Creating a new "American Opportunity" tax credit for college costs
- Adding computers and internet access as eligible expenses for Section 529
plan distributions
- Enhancing credits for energy-efficient home improvements
- "Patching" the AMT for 2009
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