Obama Economic Stimulus Package details: Tax breaks and tax deductions for you

2009 Obama Economic Stimulus Package- IRS Tax rebates

The Obama Government has unveiled several tax credits, tax breaks and tax deductions in order to lift the consumer mood and boost the U.S. Economy. The following are some of the key tax breaks in the Obama Economic Stimulus Plan.

1. 2009 Housing Stimulus Bill: All qualified first time home buyers will be eligible to get a tax credit of $8000 for any a house purchased between Jan 1 2009 to Dec 1 2009. For details like income limits or definition of first time home buyer, etc. of this $8000 first time home buyer tax credit read my post of 2009 Housing Stimulus details explained.
2. 2009 Auto Stimulus: For all new vehicles/cars below a price of $49,500 between Feb 17 2009 to Dec 31 2009, there will be a special auto stimulus tax deduction under which sales tax and local state taxes like excite tax as well as interest on the auto loan will be eligible for tax deduction when you file your 2009 Federal Tax return. Read my post on 2009 Auto Stimulus for New Car purchases- details explained.
3. Cash for Clunkers : A stimulus or incentive program which offers you $3500 or $4500 for your qualifying old car when you purchase a new car. Thinking of buying a car? Don't miss my posts on Auto Stimulus mentioned above and Cash for Clunkers. Note that this is not the part of the Obama's economic stimulus package but was passed later.
   
4. Substitute for Stimulus Checks 2009- Making work Pay tax credit: Instead of Stimulus payments in 2009, the Obama economic stimulus package contains tax credits of $400 for qualifying individual tax payers and $800 for married couples. Read my post on Making work pay tax credit stimulus details explained.
5. 2009 Recovery Rebate Tax Credit: Those who did not recieve stimulus paychecks in 2008, may be eligible to receive a IRS stimulus payment called Recovery Rebate Tax credit. Read my post on 2009 Stimulus Checks.
6. $250 Social Security payment check in 2009 - Stimulus checks for everyone who is eligible to receive SSI and social security benefits during Nov 2008 and Jan 2009. Read my post on 250 Social Security Stimulus in 2009.
7. Other Tax Credits / Stimuli : There are still some additions to the above list. For example the Solar Tax Credit (this is not the part of Obama's economic stimulus package, but still an economic incentive).
   

A question that naturally comes to ones mind is the Obama Stimulus Package which totals to a whopping $789 billion actually improve the economic situation? Although no magical effects can be expected from the above stimulus plan and tax rebates- such stimulus are indeed required to giving a help hand to the otherwise struggling U.S. economy.

In case of any further questions on the above mentioned Federal tax credits and tax refunds contained in the 2009 Obama Stimulus Package, you may refer to the IRS website or ask a comment.

Federal Tax Breaks, IRS Tax Credits, Tax Rebates in 2009 Economic Stimulus Package that maybe of interest to you Cash for Clunkers - Is it Useful? Will there be a Second Stimulus Plan in 2009 or 2010? 2009 Obama Stimulus Package details explained. New Car Purchase Auto Stimulus details explained- Excise and Sales Tax deduction for new purchase of new vehicles. Cars- Cash for Clunkers - Car tax credit when you trade your old fuel inefficient car for a new one and get a rebate of $3500 or $4500. $8000 First Time Home Buyer Tax Credit details- 2009 Housing Stimulus Bill in Economic Plan proposed by Obama. $800 Making work pay tax credit stimulus- details explained ($400 working tax credit for individuals and $800 tax credit for married taxpayers). $250 Social Security Stimulus Check in 2009 Economic Stimulus Package. 2009 Cobra Stimulus Package 65% Reduction in Cobra Health Insurance Premium for qualifying individuals. 2009 Stimulus Checks? Economic Stimulus Payment $1000 Child Tax Credit, Dependent Tax Credit 2009 extension.