In “In times like these, it helps to recall that there have always been times like these” news, in an effort to help you understand the “what’s in it for you” as it relates to the $700 billion bailout plan…EbenGregory breaks down the “what’s in it for you.”

And now…before EbenGregory gets all Morehouse on you, here’s Mark Steber, vice president of tax resources at Jackson Hewitt on how the good news regarding the bailout plan: There are nearly 100 changes to the tax code. There is a little bit of something in here for a lot of people. This is a very pro-taxpayer piece of legislation, separate and apart from the financial bailout related changes.

And now…EbenGregory via Yahoo gives the rundown on how the bailout helps Joe Plumber:

Help #1: Mortgage debt forgiveness. The law brings some good news for homeowners who foreclose, sell for less than they owe or restructure their mortgage with their lender. Traditionally, when a lender forgives any mortgage debt, the cancelled debt is treated as taxable income. So previously if you had lost your home, you would have also faced a big tax bill. Double whammy. The new bill extends a soon-to-expire law that temporarily stops homeowners from owing federal taxes on up to $2 million of forgiven debt. The catch? The debt has to come from purchasing, building or upgrading your primary residence (which includes your original mortgage) – and not from, say, a home equity loan taken out to pay off credit card bills. Sorry…can’t roll up that S550 payment into your debt forgiveness.

Help #2: Breaks on education. Individuals paying college or graduate tuition for their children, spouse or themselves in 2008 and 2009 can deduct – even if you do not itemize – up to $4,000 if your adjusted gross income is $80,000 or less for singles and $160,000 for joint filers. The previous deduction expired last year. Yeah…gang-banging Johnny can go back to community college!

Help #3: Sales tax deduction. For the last few years individuals had the option to deduct state and local sales tax instead of income tax. But that deduction expired in 2007. The new law brings it back through 2009. Even residents of high income tax states who make a large purchase such as a boat or car during the year may save more with the sales tax deduction then the income. But who the f*ck is buying a boat?

Help #4: Lower property taxes. Originally only for 2008, but now extended to 2009, homeowners who do not itemize can deduct up to $500 ($1,000 for joint filers) of property taxes in addition to the standard deduction. So homeowners who pay little or no mortgage interest, maybe because they have nearly or already repaid their loan, or they bought the home with cash, can likely save. Too bad you live an apartment.

Help #5: Energy tax credits. The government is enticing you to make your home’s energy footprint smaller next year. In 2009, you can qualify for a credit of up to $500 for qualified improvements to make your home more energy efficient. These include adding insulation, replacing windows or buying an energy-efficient water heater. You may also be eligible for a credit on any expenditures for solar or wind power for your home. Unfortunately, the only thing you know about Going Green is the number to the local weed man.

Smarten up n*ggas…

News Tip Via Yahoo