Update of New Tax Provisions in the American Recovery and Reinvestment Act of 2009
The new law does not have any major impact for the vast majority of taxpayers preparing their 2008 tax returns. Instead, these chages will largely impact 2009 tax returns filed next year. And taxpayers will not get a separate, special check mailed to them like last year's economic stimulus payment. For many taxpayers, the additional credit will automatically start showing up in their paychecks this spring. For people who receive a paycheck, the credit will typically be handled by their employers through automated withholding changes. For some other people, the credit can be claimed when they file their 2009 tax return next year.

02/17/2009 13:29:44
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