I have posted updates to a number of articles covering the spectrum of government stimulus funded tax credits and deductions. Here is a summary of the updates with a link to the detailed articles for more detailed information, qualification criteria and latest status. If you haven’t already, join 6000 plus subscribers to get the latest articles and updates via Email or RSS as they are published at www.savingtoinvest.com
September 2010 Filing Extension for New and Existing Home Buyer Tax Credit – With all the hoopla around claiming the home buyer credit and a strong push from various realtor groups, Senate Majority Leader Harry Reid is leading a group of senators in proposing a three-month deadline extension for filing the credit. See more details in this article.
$250 Social Security Payment in 2010– Unfortunately this payment in 2010 was stalled in Congress when the Senate excluded this payment in one of the many 2010 jobs extension bills. A number of groups are still pushing for it and may get it included in a future bill before mid-term elections. See more details and get the latest updates in this article.
$250 Medicare Payment for Part D “Doughnut Hole” – This payment has been confused with the $250 SSI payment over the last couple of weeks because the amount is the same and is going to the same groups. However these are different tax credits have and separate qualification criteria. The $250 tax break has been approved and checks are in the mail for those who are eligible. See this article for more details and criteria.
Tax Break Extensions – The recently introduced American Jobs and Closing Tax Loopholes Act (Bill: HR 4213) proposes a few useful tax breaks in addition to a clause for the above mentioned home buyer tax credit extension. It includes a $250 tax deduction for teachers who buy classroom supplies out of their own pockets; property tax deduction for state and local property taxes; and extends eligibility for unemployment insurance through the end of this year so families and communities can continue to receive benefits. See more details and current status in this article.
Small Business Tax Credits – Employers who hire unemployed workers this year (after Feb. 3, 2010, and before Jan. 1, 2011) may qualify for a 6.2-percent payroll tax incentive, in effect exempting them from the employer’s share of Social Security tax on wages paid to these workers. There are also breaks for health care costs and COBRA benefits. See more here.
I have also updated a recent post looking at possible 2011 tax brackets and 401K/IRA limits contribution limits. If you have any questions feel free to leave a comment below and don’t forget to subscribe (it’s free!) to get the latest updates and information on future tax credits and deductions.
3 thoughts on “Updates on 2010 Government Tax Credits – Home Buyer Credit Filing Extension, $250 SSI and Medicare Gap Payments, Teacher Credits and Unemployment Insurance”
Did anyone receive the 250 ssi stimulus check yet?
Did you read the article in the washington post over the weekend, “Election-year deficit fears stall Obama stimulus plan”. Looks like no more stimulus payments per this quotes:
Congress has delivered only about a quarter of the $266 billion in “temporary recovery measures” the president sought in his February budget request and ignored much of the rest. There is unlikely to be another “recovery” check for Social Security recipients. Come December, Obama’s “Making Work Pay” tax credit — the signature initiative he regularly touts as a tax cut for 95 percent of Americans — will probably be gone. Administration officials acknowledge, for example, that the expiring “Making Work Pay” tax credit, a campaign staple enacted in the stimulus package, has gotten no traction in Congress. Obama has proposed to extend the tax, which delivers $400 a year to working individuals, through next year.
If Congress doesn’t provide additional stimulus spending, economists inside and outside the administration warn that the nation risks a prolonged period of high unemployment or, more frightening, a descent back into recession. But a competing threat — the exploding federal budget deficit — seems to be resonating more powerfully in Congress and among voters.
If the house purchase tax credit is not re-instituted again (after the post April deadline housing purchases collapse in May), this will signal that the gov. is going to let housing prices drop back to where they were in 2000 before the housing price insanity bubble started under the Bush Administration.