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Bob Brandt
REMAX SUBURBAN
2311 West Schaumburg Road
SCHAUMBURG, IL 60194
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MANY EXTRA BENEFITS TO YOU, IN THE STIMULUS PACKAGE-USE IT TO SAVE MONEY!

2009 Stimulus: What you should know

I thought highlighting some specific parts of the legislation that may effect you and/or your clients would be of interest.

Taxpayer Relief

1. $800 tax credit for 2009 & 2010 for joint filers phasing out at $150k in AGI (Adjusted Gross Income). $400 credit & $75k phase-out for individuals.

2. First $2,400 of unemployment compensation federally tax free

3. Cobra Benefit Subsidy for 65% of health insurance premiums for up to 9 months for involuntary terminations 9/1/08 to 12/31/09.

Higher Education

1. 529 plans expand 'eligible' expenses for 2009 & 2010 to include computers/ laptops, related equipment & internet access expenses during education years. I shared this with clients who may immediately benefit.

2. HOPE education credit renamed American Opportunity Tax Credit. Provides tax credit up to $2,500 per student tuition & related expenses in 2009 & 2010. Phased out at AGIs of 80k for singles & $160k for joint.

Consumers Incentives

1. First Time Home Buyer (hasn't owned a principal residence in last 3 years): $8,000 refundable credit for purchases in 2009. AGI phase outs of $75k individual & $150k joint.

2. New Vehicle: Deduct sales tax (on first $49,500) on new car or light truck purchases between 2/16/09 - 12/31/09. AGI phase outs of $125k individual & $250k joint. Thinking of buying a new car? Do it before year end if you qualify!

3. Property Credit for enhanced energy efficiency: Tax credit available in 2009 & 2010 for 30 percent of the cost up to $1,500 for qualified improvements for energy efficient doors, windows, insulation or heating/cooling units. Upgrading old windows? Take advantage of this! I'm not aware of AGI limits, but I'm sure they exist.

There are many more complex issues that apply to small businesses. If you have questions on the above or other parts of this legislation, I may be able to provide some information, but accountants & attorneys should know more details and how they relate to your specific situation.

Al Vopat

Senior Mortgage Loan Specialist

Wintrust Mortgage Corportion

Cell 847-910-0453

Toll Free 888-258-6728

avopat@wintrustmortgage.com

Posted by Bob Brandt on April 28, 2009 at 01:15 pm

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