(PRWEB) December 15, 2009
Virginia Beach, VA (Vocus) December 15, 2009 -- (Virginia Beach, VA) The tax measures that took effect with the passage of the American Recovery and Reinvestment Act of 2009 are affecting most of the U.S. population, yet many taxpayers may not realize the benefits and consequences that apply to them. By checking specific areas of the online Liberty Tax American Recovery and Reinvestment Act Survey, the user can determine the economic stimulus benefits that they may take advantage of within a few minutes.
“Our online survey is a great resource to discover more valuable information about these tax saving breaks. These include incentives for big-ticket purchases like cars and first-home purchases,” said John Hewitt, CEO and founder of Liberty Tax Service.
The American Recovery and Reinvestment Act Provides:
- A refundable “Making Work Pay Credit” for workers in 2009 and 2010.
- Payments for qualifying recipients of Social Security, SSI, Railroad Retirement and veteran’s disability and certain federal and state pensions in 2009.
- Earned Income Credit increase for working families with three or more children in 2009 and 2010.
- Changes to the additional Child Tax Credit.
- Increased incentives for first-time home buyers.
- A sales and excise tax break for buying a car.
- Exclusion of the first $2,400 of unemployment compensation.
- The American Opportunity Credit that expands provisions of the HOPE Credit.
- That more college expenses will be allowed with 529 plans.
- Another year of Alternate Minimum Tax (AMT) tax relief.
- Increases for Section 179 small business expenses through 2009.
- An increased carry-back period of net operating losses for small businesses.
- More incentives for residential energy improvements.
- Incentives for fuel efficient plug-in cars.
About Liberty Tax Service
Liberty Tax Service is the fastest growing retail tax preparation company in the industry’s history. The company plans to open up to 500 new offices in January 2010. Founded in 1997 by CEO John T. Hewitt, a pioneer in the tax industry, Liberty Tax Service has prepared over 7,000,000 individual income tax returns. With 41 years of tax industry experience, Hewitt stands as the most experienced CEO in the tax preparation business, having also founded Jackson Hewitt Tax Service (NYSE:JTX). While a college student, he enrolled in a non-curricular course that would change his life, and have a profound effect on the tax industry. He took the H&R Block tax course in 1969, then started as a tax preparer.
Liberty Tax Service provides computerized income tax preparation, electronic filing, refund loans, and online filing through eSmart Tax. Each office offers customers audit assistance, a money back guarantee, and free tax return checking. The Liberty Tax Service franchise opportunity has climbed to #3 on the latest Entrepreneur “Franchise 500.”
Liberty Tax Service CEO John Hewitt is available for interview. Contact Martha O’Gorman, LTS Chief Marketing Officer at (800) 790-3863 ext. 8022.
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