On Tuesday, President Barack Obama signed into law the American Recovery and Reinvestment Act of 2009, commonly called a “stimulus package”. While television and newspaper reporters continue to grasp all of the content in this massive bill, the public is asking one very simple question: “How will this stimulus bill impact me and my family”? Of course, that depends on your individual circumstances. And some parts of this stimulus package, such as boosting energy programs and job development, will actually go into effect a year from now while other parts will start almost immediately. Several of the tax implications and incentives are actually retroactive to January 1, so this is the area we must get acquainted with first.
About one week ago, an article in the Wall Street Journal attempted to breakdown in friendly terms how and where the tax benefits will be and showed the relationship to the aid and spending sections of this bill. They used bright red, blue and green-colored boxes to indicate the size of each section. It reminded me of my children’s elementary school lessons! This is one technically-difficult plan to understand and the writers of the WSJ are even struggling on how to share this information with its readers. In order to fully-grasp the tax implications, we recommend talking to your tax advisor and/or CPA. At Cillers, CPA, we have been studying this bill on a daily basis since its inception. We recognize that in order to reap all the benefits this plan has to offer, a trusted advisor can be most helpful. “For some of my clients, the Recovery and Reinvestment Act offers some substantial tax savings”, Phillip Cilliers stated at a recent professional meeting, “but they should act now and plan for the future”.
You owe it to yourself and your family to learn everything you can about the tax sections of this new stimulus package. Call Cilliers CPA PLLC at (480) 626-2760 today, and find out what, if any, impact this new stimulus bill will have on your tax return. We look forward to your call!
(written by http://www.emtnester.com/)
