Neil

President Obama's weekly address: Relief for the middle class at tax time

By: Neil Middleton
By: Neil Middleton

Less than one week before the tax deadline, President Barack Obama is offering advice on how to take advantage of tax benefits under the Recovery Act. You can watch his weekly address here.

(AP) Less than one week before the tax deadline,

President Barack Obama is offering advice on how to take advantage of tax benefits under the Recovery Act.

     

In his weekly radio and Internet address, the president says the benefits could save hundreds or even thousands of dollars and are available to more than 100 million Americans.

     

Besides an up to $8,000 deduction for first-time homebuyers and up to $2,500 for college expenses, taxpayers can also deduct up to $1,500 for making energy-efficiency improvements to homes. And state and local taxes can be deducted for new vehicles bought between Feb. 17 and Dec. 31 of last year.

     

For parents, the child tax credit has been expanded, providing $1,000 for each child under 17.

 

 

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Neil Middleton <><
WYMT Mountain News
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