As you may have already gathered, I am reluctant to throw any accounting weight behind OMGObama's stimulus plan (and slightly butthurt that it was signed last week) but the reality is that it holds the President's signature and will shortly start chugging its way through the worn-down government infrastructure which it is meant to rebuild. This also means tax changes and lots of them.

Luckily for the tax fetishists out there, the AICPA Economic Crisis Resource Center has broken down the tax goodies to keep things simple for those looking to get a piece of the Great American Bailout pie. Oh, you still don't think it's a government bailout? Well get some credits anyway.

More information on the bill can be found on the Senate Finance Committee website if you're looking to bore yourself to death with provisions or cry yourself to sleep with thoughts of infinite government debt. But I digress. Here are the individual provisions which you may want to look into (for business provisions, refer to the AICPA's site for more details):

The Making Work Pay Credit will provide up to a $400 tax credit for singles or $800 for married filing jointly. The credit is 6.2% of earned income and phases out at AGI of $75,000 for singles or $150,000 for married filing jointly.

Economic Recovery Payments of $250 will be sent to recipients of Social Security, SSI, Railroad Retirement and Veterans Disability Compensation Benefits, but for those who work it will be offset by any Make Work Pay Credit

Federal and State Pensioners will receive a one time refundable tax credit for those not eligible for Social Security Benefits.

The First-Time Home Buyer’s Credit is increased to $8,000 for purchases between January 1, 2009 and December 1, 2009. (for this provision, which is technically a refund and not a deduction if you owe less than $8000 in taxes, best to speak to your CPA to make sure you qualify and are credited appropriately.)

Sales Tax on Vehicle Purchases is deductible towards AGI.

Alternative Minimum Tax Relief is extended for 2009. The legislation increases the AMT exemptions for 2009 to $46,700 for individuals and $70,950 for joint filers.

The American Opportunity Education Tax Credit replaces and improves upon the HOPE scholarship credit. The American Opportunity Credit is allowed for up to four years of undergraduate education, and for 2009 and 2010 the maximum credit will be $2,500 in each year and 40% of the credit is refundable.

A Student Computer Purchase may be treated as a qualified education expense for Section 529 plans in 2009 and 2010.

The Earned Income Tax Credit will increase be available for many low-income families in 2009 and 2010. For families with three or more children, the credit is 45% of the family’s first $12,570 of earned income, and the credit phase-out begins $1,880 higher at $21,420.

Child Tax Credit Refundability will increase in 2009 and 2010. In 2008 the child tax credit was refundable to the extent of 15% of the taxpayer’s earned income in excess of $8,500. The legislation reduces this to $3,000 for 2009 and 2010.

COBRA Premium Assistance for the Unemployed—the federal government will subsidize 65 percent of COBRA premiums for employees who are involuntary terminated between September 1, 2008, and December 31, 2009. The new provisions will become effective March 1, 2009; however, an involuntary termination is not specifically defined.

Health Coverage Tax Credit—effective May 1, 2009, the health coverage tax credit is increased from 65 to 80 percent of the individual’s premiums for qualified health insurance of specific family members