When it comes to tax credits, you have to act quickly!
ARRA Benefits: Act Now!
Have you been taking advantage of the benefits made available from the American Recovery and Reinvestment Act (ARRA) (link: American Recovery and Reinvestment Act)? As a taxpayer, the IRS wants to remind you that while many incentives come from this piece of legislation, most come with expiration dates, so, it is important to act as soon as possible!
Amongst many other benefits, the American Recovery and Reinvest Act provides incentives for first-time homebuyers, new car purchases, more efficient energy, and college tuition. As a reminder, the First-Time Homebuyer Credit allows you to get up to $8,000 in tax returns on a new home if you haven’t owned one within the past three years (AND if you buy one before December 1, 2009).
You can get credit for up to 30 percent of the cost of making energy-efficient improvements on your home, and as part of the American Opportunity Credit, tuition, related fees, books, and other materials for college can be covered up to $2,500 per student!
There are plenty of other credits and incentives to take advantage of as well, but it has to happen this year! For more on the Recovery provisions that may apply to individual taxpayers see the ARRA page of the Internal Revenue Service website.
Tags: American Recovery and Reinveestment Act 2009, buying a home, IRS, tax credit, tax preparation
August 12th, 2009 at 9:11 am
[...] recently encouraged you to take advantage of incentive benefits from the American Recovery and Reinvest Act s…. Now, you may ask, how can I reap these benefits and get the [...]