Tracking Uncle Sam's spending

If you're bored with keeping track of where the money goes in your household, try out a relatively new government Web site that tracks where your tax dollars are spent.

USASpending.gov offers an easily digestible look into where the government is spending money, with current and historical spending broken down by grants, contracts and loans. It drills further down by breaking it down into congressional districts and by contractors.

For example, I was amazed to learn that the top government contractor so far in fiscal year 2009 -- Lockheed Martin Corp. at $20.36 billion -- has received more money from the federal government than the top assistance recipient -- $18.9 billion to the Department of Health Care Services.

I guess it's not surprising the the Department of Defense is getting more money than any other area, but it's still interesting to see it in colored pie charts and graphs.

Mandated by the Federal Funding and Accountability and Transparency Act of 2006, the site is an updated version of fedspending.org, a site I've used to find possible news stories.

As the data shows, it's a good time to be a defense contractor. And if nothing else, it makes keeping track of your personal expenses look easy. Very easy.

Source

Via - Walletpop

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The American Recovery and Reinvestment Act of 2009: Information Center

The American Recovery and Reinvestment Act of 2009: Information Center

The IRS is implementing the tax-related provisions of the American Recovery and Reinvestment Act of 2009 (ARRA) as quickly as possible. More information on these and other provisions of the recovery program will be available on this Web site as it becomes available.

Information for Individuals

Some of the provisions of the law primarily affect individuals.

• Making Work Pay Tax Credit. This tax credit means more take-home pay for many Americans. To make sure enough tax is withheld from their pay, taxpayers can use the IRS withholding calculator. See Making Work Pay for more.
  
  
• First-Time Homebuyer Credit Expands. Homebuyers who purchase in 2009 can get a credit of up to $8,000 with no payback requirement.
  
  
• Money Back for New Vehicle Purchases. Taxpayers who buy certain new vehicles in 2009 can deduct the state and local sales taxes they paid or other taxes and fees they paid in states with no sales tax.
  
  
• Enhanced Credits for Tax Years 2009, 2010. Find details on the earned income tax credit, additional child tax credit and the American Opportunity Credit, a new higher education benefit.
  
  
• Increased Transportation Subsidy. Employer-provided benefits for transit and parking are up in 2009.
  
  
• Up to $2,400 in Unemployment Benefits Tax Free in 2009. Individuals should check their tax withholding.
  
  
• $250 for Social Security Recipients, Veterans and Railroad Retirees. The Economic Recovery Payment will be paid by the Social Security Administration, Department of Veterans Affairs and the Railroad Retirement Board.
  
  
• Energy Efficiency and Renewable Energy Incentives. See what individuals can do to reap tax rewards.
  
  
• Health Coverage Tax Credit. The credit increases from 65 percent to 80 percent of qualified health insurance premiums, and more people are eligible.

Information for Businesses

Some of the provisions of the law primarily affect businesses.

• Making Work Pay Tax Credit. Businesses should use the new withholding rates for their employees. For pension plan administrators, new optional withholding procedures are available to supplement the February withholding tables.
  
  
• Work Opportunity tax credit. This newly-expanded credit adds returning veterans and "disconnected youth" to the list of new hires covered by the credit that businesses may claim. Certification by the state work force agency is required.
  
  
• COBRA: Health Insurance Continuation Subsidy. The IRS has extensive guidance for employers, including an updated Form 941, as well as information for qualifying individuals.
  
  
• Energy Efficiency and Renewable Energy Incentives. See what businesses can do to reap tax rewards.
  
  
• Net Operating Loss Carryback. Small businesses can offset losses by getting refunds on taxes paid up to five years ago. Information on the carryback, an expanded section 179 deduction and other business-related provisions, is now available.
  
  
• Municipal Bond Programs. There are new ways to finance school construction, energy and other public projects.

2008 and 2009 Tax Returns

The law could affect some 2008 tax returns due in 2009. However, most of the changes in ARRA will affect 2009 individual tax returns filed next year and due April 15, 2010.

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