The American Recovery and Reinvestment Act of 2009 provides numerous tax breaks and incentives.
But, many have expiration dates.
To deduct state and local taxes on the purchase of new cars, light trucks, motor homes and motorcycles under the new vehicle purchase incentive, the vehicles need to be purchased before the first of the year.
Homes that qualify for the first-time homebuyer credit must close by Dec. 1.
And, 120 million households have lowered tax withholding rates this year because of the making work pay credit.
“It’s a good idea mid-year to check your withholding,” said Karen Connelly, IRS spokeswoman, “especially for those with the making work pay credit.”
Some pensioners and married couples with two incomes, or singles with two jobs, may need to adjust their withholding, she said, “so they don’t get caught by surprise at tax time.”
To discover whether you’re having the correct amount of taxes withheld, use the IRS withholding calculator.