Fiscal stimulus package explained by the Dallas CPA – Says Goods times ahead2008-02-15 23:22:46 (GMT) (Caymanmama.com - Accounting Sector Dallas News News)
Dallas, TX, USA: Farasat “Fred” Khawaja, the Dallas CPA explains how the $ 151.7 billion booster package for the year 2008 and $ 16.3 billion for the year 2009 would benefit the US citizens. The package favors both the individual and the businesses. The incentives packaged in the bills are detailed below:
Incentives for individuals
a) Individual get a rebate of $600/-
b) Couples filing tax returns get a rebate of $ 1200/-
c) People creating rebate checks also get a grant of $ 300/- per child
d) The above includes several adjustments to business taxes
e) $300/- for 20 million senior citizens who receive social security checks and the disabled veterans and their survivors who have received $3000/- or above in benefits
The date of mid or late May has been fixed when the rebates checks will be mailed to these individuals.
Incentives for businesses
The incentive package encourages the business to invest more in equipment. Small businesses are now allowed to expense out assets purchased in the year 2008. This is in lieu of depreciating them. The limit has been increased from $ 125,000 to $ 250,000 in 2008.
Additionally, 50% bonus depreciations will be allowed for assets purchased in the year 2008.
The bill allows the government sponsored mortgage finance companies Fanne Mae and the Freddie Mac to buy to buy individual house loans worth $ 729,750/- as against the previous limit of $417,000/-. Regarding insurance, the Federal Housing Administration will also be allowed to insure loans as high as $729,750/-
Individuals and small businesses in Dallas, Texas can contact Farast Fred Khawaja, CPA for concentrated and personal guidance in their tax preparations in light of the above provisions.
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