Sunday, March 15, 2009

How the stimulus package affects you

Medical Economics magazine, one of the top publications for physicians, named the Family Investment Center to its list of top financial planners for doctors. This is at least in part because of our fee-only structure that is more customer-friendly, and doesn't bias us in favor of any one company or product. Dan was recently asked to write a column for the magazine explaining how the stimulus package affects individuals, his second column for the magazine this year. We've excerpted part of that column below, and linked to the full article on the Medical Economics home page if you'd like to read the entire article. It applies far beyond physicians. Read on below.

When the government starts throwing around billions of dollars, everyone has the same questions: What’s in it for me? How will it affect my family? How do I get some of that fiscal stimulation in my life?

Some provisions of the American Recovery and Reinvestment Act of 2009, signed by President Barack Obama in February, are still a bit sketchy, but there are things that we already know. And though the middle class has been targeted, there’s some good news here for almost every American. Some of the most notable provisions include:

Tax breaks for family spending. There are tax incentives for sending children to college, buying a first home, buying a new car, or upgrading inefficient heating/cooling at your existing home. Many of these are expenses that families encounter as a matter of everyday life, so taking on those expenses now could put dollars back into your pocket.

You’ll get to deduct state and local sales taxes on a new car (priced up to $49,500) through the end of 2009, and first-time home buyers can get an $8,000 tax credit if they, too, buy in 2009. You’ll have to keep the house for three years, however, or give back the $8,000.

Read on here:

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