The 700 billion dollar bailout bill — the jury is still out on whether it will work, but the ideas was to provide relief to a banking system so over taxed — it was about to collapse.  But this mass bill also has lots of other stuff including provisions that will definitely help make your life less taxing. 

For example:
Shelter from the AMT (alternative minimum tax)

The bailout bill includes a one year patch that can keep up to 23 million mid-class Americans from paying the AMT this year.

There’s also an extension on a law that makes forgiving mortgage debts no taxable — good news for those facing foreclosure. 

The ability to deduct tuition and fees worth up to $4,000 expired in 2007, but now it’s back thanks to the bailout bill.  As is the sales tax deduction — most useful for those who don’t pay state income taxes.  And there’s a credit of up to $500 for making your home more energy effective.  However the energy credit is not good until 2009. 

So while it may be true that the fat cats on Wall Street are the big winners of this bailout bill, it’s nice to know that at least there something in it for those of us on main street as well.

Tweet This Post  Buzz This Post  Delicious This Post  Digg This Post  Stumble This Post 

Other Resources

• Economic Forecasting – Inflation Forecast
• Frugal Tips For Your Electricity Bill
• Debt Consolidation Principles
• Selling and Buying A House Alternatives