American Recovery and Reinvestment Act of 2009 [H.R. 1]

On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act of 2009, referring to the bill as “the most sweeping economic recovery package in the nation’s history.” The $789 billion price tag is divided fairly evenly among tax cuts, additional spending programs, and aid to the states, students, schools, the unemployed, and communities. This summary will focus primarily on the tax cuts portion of the Act and how it will affect taxpayers. There are alternative energy provisions that offer incentives for businesses that produce or use alternative energy that are not discussed in this summary. The changes to the energy incentives available to individual taxpayers are included.

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American Recovery and Reinvestment Act of 2009 [H.R. 1]

Emergency Economic Stabilization Act of 2008, Energy Improvement and Extension Act of 2008 and Tax Extenders and Alternative Minimum Tax Relief Act of 2008 [HR 1424]

On October 3, 2008, President Bush signed H.R. 1424 that contains multiple pieces of legislation aimed at improving the economy and providing relief to taxpayers. Included in the bill are the Emergency Economic Stabilization Act of 2008, Energy Improvement and Extension Act of 2008, and Tax Extenders and Alternative Minimum Tax Relief Act of 2008. The new law includes many important tax changes, including alternative minimum tax (AMT) relief, extensions of expired and expiring business and individual tax provisions, energy incentives, disaster relief, and revenue raisers. This summary will focus on the tax provisions contained in the Tax Extenders and Alternative Minimum Tax Relief Act of 2008.

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Tax Extenders and Alternative Minimum Tax Relief Act of 2008

Don’t Pay More Than You Owe

Miscellaneous itemized deductions are often the most difficult to remember at tax time. Plus, in most cases, only your miscellaneous deductions that exceed two percent of your adjusted gross income are deductible. Did you incur any of the following expenses in 2008?

• Depreciation on a self-owned computer or cell phone required to do your job.
• Dues to chambers of commerce, professional societies, and unions.
• Education that is employment-related.
• Home office or part of your home used regularly and exclusively in your work.
• Job-search expenses in your present occupation.
• Legal fees related to doing or keeping your job, and protecting or collecting taxable income.
• Licenses and regulatory fees, as well as occupational taxes.
• Malpractice insurance premiums.
• Medical examinations required by an employer.
• Passport for a business trip.
• Subscriptions to professional journals and trade magazines related to your work.
• Tools and supplies used in your work.
• Travel, transportation, entertainment, and gift expenses related to your work.
• Work clothes and uniforms and their upkeep costs.
• Tax preparation fees.
• Union dues.
• Safety equipment used for your work.
• Safe deposit box.

If you incurred any of these expenses, be sure to notify your tax professional so he or she can determine if they are deductible. Once you get past the two-percent limit, these deductions can really add up!