Hey peeps. My coworker gave me a heads up today about some things we can get out of this government act. Feel free to check it out on the IRS website and see what your employer knows about the job parts of it.
http://www.irs.gov/newsroom/article/0,,id=204335,00.html
Some highlights:
First time homebuyers can get an $8,000 tax credit on next year's taxes if they buy the house this year. News flash: This is a pure $8,000 for free!! Unlike the $7,500 one last year's buyers got, this one does not have to be paid back to the government of 15 years. The only way you pay this one back is if the property does not stay your primary residence for at least 36 months. And if that happens, you owe the 8k back in full the next tax year. So if you buy this year and claim the credit, make sure to hold on for 3 years!!
COBRA: If you were laid off (or do get laid off) this year, you might qualify to have your employer cover 65% of your health insurance premium while you COBRA. Normally you pay 100% when you COBRA so this could save you TONS.
Making Work Pay tax credit: Early this spring (aka soon hopefully), your employer should be sent an updated withholding table for your paycheck deductions. You can choose to get up to $400 more coming home in your paycheck if you are a single filer and $800 if you are married (total for the year, not each month). Not sure how this works yet, but if you are like us, having cash now would be helpful.
Hope this helps some of you! :-)
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