Vice President Biden Wants To Put Money In Your Pockets!

Launches New Tax Saving Tools

Vice President Joe Biden here with Treasury Secretary Tim Geithner (left) and IRS Commissioner Doug Shulman yesterday in the EEOB (Eisenhower Executive Office Building). [Photo: CD Brown for Politics. On Point.]

Not to be left out of doing something good for the nation (this guy did have a major accomplishment this week), Vice President Joe Biden introduced the new Whitehouse.gov Tax Saving tool to help taxpayers take advantage of Recovery Act Tax Credits.

Under the plan taxpayers can claim up to $2,500 in college expenses, up to $8,000 for first time home buyers, $1,500 in energy efficiency and renewable energy incentives, and can also deduct state and local taxes on new car purchases. The Earned Income Credit (EIC) with families with three or more children increases to $5,657.

There will also be up to $800 ($400 for singles) tax savings credit under the Making Work Pay system.

"The big guys know all the credits and deductions to claim during tax season, but we want middle class families to know just how much is out there for them this year thanks to the Recovery Act and how to take advantage of it", said the Vice President.

The average tax refund has reached $3,036 this year. That figure is up $266 since 2009, a figure IRS Commissioner Doug Shulman related to the media during the briefing.

"The Recovery Act is a major factor behind these larger, record refunds. About half of all Americans haven't filed their taxes yet, so we urge them to look carefully at these Recovery provisions."

Shulman encourages taxpayers to file their taxes electronically and have the refunds directly deposited into their bank accounts.

Administration officials are planning to take the message cross-country, leading up to the April 15th tax filing deadline. Tomorrow (Wednesday) Secretary Duncan will meet with students at the NOVA Annandale campus to address the American Opportunity Credit for college expenses.

Other stops include transportation secretary Ray LaHood hosting a community roundtable on Recovery Act tax relief on March 29th in Chicago.

For more info visit www.whitehouse.gov/recovery.

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