Another aim of the stimulus package is to give the economy a much-needed boost—especially in the housing market. Part of the plan includes an $8,000 tax credit for first-time home buyers. "This is for only homes purchased in 2009," Suze says. "If you owe $10,000 on taxes, you're going to only owe $2,000 after it's over. It comes off your actual taxes that you owe."

In order to take advantage of this incentive, Suze says you have to qualify. "You cannot make more than $75,000 a year of adjusted gross income if you are single; $150,000 in adjusted gross income if you are married, filing jointly," Suze says.

But it may not be a great deal for all first-timers. Find out if it's right for you.

In the market for a car instead of a home? Find out how you can get a tax credit on a new car.

Get Step 4 »

Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.


Next Story