Tax Expert Mike Habib Explains Obama Tax Relief Plan for Individuals
All you need to know about President Obama's Tax Relief for the American People
Los Angeles, CA, March 17, 2009 --(PR.com)-- The recently enacted “American Recovery and Reinvestment Act of 2009” covered various tax packages including tax relief options for burdened individuals and families, and tax expert Mike Habib explained how the economic stimulus act will affect taxpayers who are having a difficult time meeting their tax obligations due to financial constraints. Habib posted a detailed overview of applicable tax laws in his popular Tax Relief Blog on his website MyIRSTaxRelief.com.
“The act covers a lot of areas in line with tax packages so going through the whole thing can be really confusing for many people,” Habib explains. “This new law is very crucial to low-wage and moderate-income wage earners and they need to know just how it will impact them.”
The new law covers tax relief stipulations that are applicable to financially burdened individuals and families who have to contend with other bills such as college tuition, housing and car loans.
According to Habib's tax relief blog, individuals get a tax credit of 6.2 percent of their earned income or $400 and $800 for single and joint returns respectively under the new law. For disabled individuals, retirees and those who have to rely heavily on Social Security, the new law also has an economic recovery payment plant that allows citizens to make a one-time payment of $25. Government retirees not eligible for Social Security are also provided with a refundable tax credit of $250 for 2009.
These are just some of the many items stipulated in the new law that are bound to impact individuals. Habib also points out that now is the best time to get tax help as the act has also allowed the IRS to be more flexible when it comes to collections. Those who have purchased new cars, for instance, are given tax breaks.
“It's going to be difficult to understand the new law and make sure that you're well covered if you handle your tax debt on your own,” says Habib. “To convince the IRS to look kindly on your case, you will need the assistance of a tax professional who will negotiate a reasonable payment terms for you and make sure that the new law is enacted if you're eligible for tax breaks and other forms of tax relief.”
Getting tax help has become even more important at this point, as the new law needs to be in effect as soon as possible. Without proper assistance, individuals are still at risk of being unable to meet their tax obligations due to insufficient education of the new act.
About Mike Habib, EA
Mike Habib is an IRS licensed Enrolled Agent who concentrates his tax practice on helping individuals and businesses solve their IRS tax problems. He is licensed to represent taxpayers in all 50 states. He personally handles and negotiates each case to make sure that clients get the best possible resolution for their particular tax situation.
###
“The act covers a lot of areas in line with tax packages so going through the whole thing can be really confusing for many people,” Habib explains. “This new law is very crucial to low-wage and moderate-income wage earners and they need to know just how it will impact them.”
The new law covers tax relief stipulations that are applicable to financially burdened individuals and families who have to contend with other bills such as college tuition, housing and car loans.
According to Habib's tax relief blog, individuals get a tax credit of 6.2 percent of their earned income or $400 and $800 for single and joint returns respectively under the new law. For disabled individuals, retirees and those who have to rely heavily on Social Security, the new law also has an economic recovery payment plant that allows citizens to make a one-time payment of $25. Government retirees not eligible for Social Security are also provided with a refundable tax credit of $250 for 2009.
These are just some of the many items stipulated in the new law that are bound to impact individuals. Habib also points out that now is the best time to get tax help as the act has also allowed the IRS to be more flexible when it comes to collections. Those who have purchased new cars, for instance, are given tax breaks.
“It's going to be difficult to understand the new law and make sure that you're well covered if you handle your tax debt on your own,” says Habib. “To convince the IRS to look kindly on your case, you will need the assistance of a tax professional who will negotiate a reasonable payment terms for you and make sure that the new law is enacted if you're eligible for tax breaks and other forms of tax relief.”
Getting tax help has become even more important at this point, as the new law needs to be in effect as soon as possible. Without proper assistance, individuals are still at risk of being unable to meet their tax obligations due to insufficient education of the new act.
About Mike Habib, EA
Mike Habib is an IRS licensed Enrolled Agent who concentrates his tax practice on helping individuals and businesses solve their IRS tax problems. He is licensed to represent taxpayers in all 50 states. He personally handles and negotiates each case to make sure that clients get the best possible resolution for their particular tax situation.
###
Contact
Mike Habib, EA Tax Relief Services
Mike Habib, EA
1-877-788-TAXES (1-877-788-2937)
www.myirstaxrelief.com
Mike Habib, EA
1-877-788-TAXES (1-877-788-2937)
www.myirstaxrelief.com
Contact
Categories