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THE WEIRS TIMES, Thursday, March 25, 2010

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ward to tax time this year. More than 25 tax cuts for 2009 federal returns have been passed to help those strug- gling in the downturned economy. Many states are also of- fering tax breaks this year. “Virtually everyone is el igible for new tax credits, de- d uc t i o ns and other changes on their federal tax returns,” says Jessi Dolmage, spokeswoman for 2nd Story Soft- ware, Inc., makers of TaxACT. Dol- mage summarizes seven changes that could impact your bottom line.

The Making Work Pay credit re- placed the 2008 federal stimulus checks for 2009 and 2010. The refundable credit is worth 6.2 per-

cent of your earned income, up to $400 for individuals and $800 for married couples filing jointly. The credit phases out for married couples filing jointly with a modi- fied adjusted gross income (MAGI)

between $150,000 and $190,000, and for single taxpayers whose MAGI is between $75,000 and $95,000. Most taxpayers already received

the credit for 2009 through re- duced federal withholding start- ing in April 2009, resulting in an increase of $10 to $13 per paycheck. Even if you received the credit in your paychecks, you generally still need to claim the credit on your federal return to make up for the reduced with- holding throughout the year. If you don’t withhold federal taxes, you must file a return to receive the credit. If you received the one-time eco-

nomic recovery payment or qualify for the Government Retiree Credit, the amount must be subtracted from any Making Work Pay credit amount. TaxACT’s Making Work Pay Calculator (www.taxact.com/ recovery-act) can estimate your

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