I'm writing you today to talk about literally putting money back in your pocket.
We've launched the Tax Savings Tool at WhiteHouse.gov to make sure as many Americans as possible know about and take advantage of the array of middle class tax refunds passed in the Recovery Act last year. With a few simple questions, the tool generates a printable checklist anyone can use to make sure they don't miss out on any of the benefits they may be owed.
Did you know, for example, that 95% of working families have been getting money in their paychecks in 2009 from the Recovery Act's $400 to $800 a year Making Work Pay tax credit –- and will continue to in 2010? If you didn't know that, you may not know about all of the other tax cuts that may be available to you as a result of the Recovery Act -- refunds relating to everything from college tuition to new cars to new houses to using more renewable energy. The reason the President fought for all of these tax cuts as part of the Recovery Act was to give middle class families a little extra break in what continues to be a tough economic time -- and also to help give the economy itself a boost.
For families across the country, maybe including yours, these tax cuts have provided the incentive they need to make energy-saving improvements to their homes, finally get a new car, or buy a home for the first time. All of that is helping to jumpstart the economy and provide more clean energy, manufacturing and construction jobs for working families, contributing to the 2 million jobs the Recovery Act has created or saved since it passed.
So take a look at the tool and make sure you're getting everything you can out of your tax return -– you may be pleasantly surprised.
The Recovery Act Tax Savings Tool helps Americans better understand the range of tax credits provided by American Recovery and Reinvestment Act of 2009 (ARRA). If you want to learn more about using the tool, watch this video from Jared Bernstein, the Vice-President Biden's chief economic advisor.
Tax Savings Tool
During these tough economic times, Recovery Act tax cuts are making things a little easier for hard-hit middle class families.Did you know that there are more than a dozen Recovery Act tax cuts working families can take advantage of this tax season? For some taxpayers, this could mean thousands of dollars in tax savings.
This tool is intended to be educational. Taxpayers should not rely on it for determinations about their eligibility for tax benefits, but should consult the relevant IRS forms and instructions or a qualified tax professional. The tool provides links to relevant irs.gov and other government resources to help taxpayers learn more about the benefits for which they may be eligible.
To make sure that you don’t miss out, this Tax Savings Tool will tally up the benefits you may be eligible for when you file your taxes this year.