My Reality Show: Pt.1 What's In The Stimulus 4 Me

I hope that by now you have had an opportunity to read the last few posts to understand some of the high - level aspects of the stimulus bill. Part one of my new reality show is the evaluating what parts of the stimulus bill make sense for me. Here goes my quick analysis of the parts of the bill that peak my interest.


My SWV, "I Get So Weak In the Knees" parts to the bill:

Income Tax: This provision stands to give me and every other single taxpayer, who qualifies, a tax credit of up to $400 in 2009 and 2010.

Unemployment: N/A

Health Insurance: N/A

Social Security: N/A

Car Buyer Tax Deduction: Wish I would have waited a year because the SUV would have been a little bit cheaper this year...but I don't see this tax deduction helping me out.

Pell Grant: N/A

Higher Education Tax Credit: This has seriously got me thinking about graduate school...AGAIN

First-Time Home Buyer Credit: Of all the provisions, this one has me thinking my timing may just be right. The $8,000 first-time homebuyer tax credit, low mortgage rates, and sinking home prices create a mix that may be to tempting to pass up.

Transit Accounts: Outside of last week, I am a pretty loyal Chicago Transit Authority rider and can benefit from the larger pre-tax provision.
Alternative Minimum Tax (AMT): N/A

Stimulus Bill and How it Helps U...

I wrote a previous post describing my thoughts on the overall bill. But I know most of us out there are saying if we are a bailout nation, what contents of the bill will assist me. I have attached two links that detail the main points of the bill that affect most Americans:

http://www.cnbc.com/id/29179184

Highlights: Tax Incentives, Unemployment, Insurance, Social Security, Auto Tax Deduction, Education Tax Credits, 1st Time Home Buyer Credits

First Time Home Buyer Tax Credit

I have been following this development of the bill very closely and as a potential first time home buyer I believe that this will provide an incentive for me to do my part in reviving the economy. I know many others are very interested in the developments of this part of the bill so here are some important details:

http://www.savingtoinvest.com/2009/02/15000-first-home-buyer-tax-credit-in.html