The President has signed the much anticipated American Recovery and Reinvestment Act of 2009 that will provide the country with almost $800 billion in economic stimulus. Of that amount, about $300 billion is for tax relief. So as a taxpayer, many wonder how this will affect them. The bill provides for tax relief for individuals and business owners in many areas. Specifically the tax relief is broken down into general tax relief, education relief, AMT relief (Alternative Minimum Tax), business relief and energy relief. Many of the provisions in the tax relief take effect in 2009 and beyond, but there are a few that take effect retroactively for 2008.
For details of the tax provisions and how they will affect your current and future tax filing seasons be sure to speak to your professional tax advisor to find out which provisions will be beneficial to you.
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