2009-02-27 / Columnists

Stacy's Tax Tips

Commentary By Stacy Sands, CPA

Here is some of what the new stimulus package will do for you:

1.If you earn under $95,000 ($190,000 for couples) there is yet more money coming your way. This time they have decided to have that cash ($400 per earner) come to you via your paycheck. Employers have to reduce your deductions giving most an extra $20 or so per week.

2. First time homebuyers will get an $8,000 credit on their tax return for purchases through November 30, 2009. It is also good for anyone who has not purchased a home within the last 3 years. If the home is kept for at least 36 months, nothing has to be repaid. Make sure your income level does not cause you to phase out.

3. The first $2,400 of unemployment tax compensation will not be subject to income tax. They are giving a little help to the unemployed.

4. You can now deduct new car state and local sales tax above the line for new car purchases up to $49,500 through the end of 2009.

5. The government will give a 65 percent subsidy that will lower the cost of Cobra premiums. This will apply to workers laid off between September 1, 2008 and December 31, 2009. Your cobra will cost as low as $130 for a single person.

Call or stop by my office for all of your Accounting & Tax needs! I can be reached at 718-318-8829 or by e-mail at ssandcpa@yahoo.com and my office is located on 438 Beach 129th Street, 2nd Floor.

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