Here’s How You’ll Benefit From the Stimulus Package

Enough whining about the stimulus package. Here’s how you can benefit:

• If you have a child in college, you can get a tax credit of $2,500 if you pay at least $4,000 in expenses. The credit is good for four years of college. The White House estimates 53,000 Oklahoma families will be eligible.

• If you’re a first-time home buyer, you could get a credit of up to $8,000 for buying a house this year. You don’t have to pay the credit back, but you have to stay in the house for three years.

• If you buy a motor vehicle, you can deduct the state and local sales taxes on your 2009 return.

• If you’re collecting unemployment benefits, your weekly payment will increase by up to $25; the White House estimates this will help nearly 96,000 Oklahomans in 2009. Also, the first $2,400 in unemployment benefits received in 2009 won’t be subject to federal taxes. And if you can purchase health insurance from your former employer, the government will pay two-thirds of the cost.

• If you’re a married couple filing jointly and making less than $150,000 a year, you’ll get a tax credit of $800 per year for 2009 and 2010. Unlike the rebates of last year, the money won’t be sent to you in a check from the Internal Revenue Service. Rather, it will likely come in relatively small amounts in your paychecks after withholding tables are adjusted. According to the White House, workers and families are eligible for the credit.