What the proposed stimulus means for your pocketbook

While the stimulus bill is still a work in progress, there are a number of provisions in both bills that you can count on passing. But the reality for the average Jane or Joe is that there's not much there you'll find in your pocket immediately.

The largest amount of direct cash people will see in their account that is still in both the Senate and House bills is a tax credit of up to $500 for each worker and up to $1,000 for two-worker families.

This won't come in your mailbox as a check, however. Instead you'll either see the reduction in less tax money taken out of your paycheck each week or a credit you can write off when you file your 2009 taxes. The tax credit will be 6.2% of your earnings to offset the withholding for Social Security taxes.

Two other provisions to get immediate cash into people's pocket are targeted to the poor. One extends eligibility for the refundable portion of the child credit. People with incomes as low as $12,550 will be eligible in 2009; the eligibility level will drop to $6,000 in 2010. Congress expects this cash infusion will be spent quickly to help stimulate the economy.

Low income families will also benefit from the eligibility changes to the earned income tax credit. For low income families with three or four children that qualify, this could mean an extra $629 in their pockets.

What else is in there for the average person?

Your resource on tax filing
Tax season is here! Check out the Tax Center on AOL Finance for all the tips and tools you need to maximize your return.
A Guide to Self-Employment Taxes for Contractors, Freelancers, and Beyond [Infographic]
If you work for yourself and don't call anyone your boss, you're likely self-employed. This carries advantages, like not having a manager and deciding your own hours. But it also comes with trade-offs, like paying the self-employment tax and paying for your own employee benefits.
Read MoreBrought to you byTurboTax.com
Amending Your Income Tax Return
What if you've sent in your income tax return and then discover you made a mistake? You can make things right by filing an amended tax return using Form 1040-X. You can make changes to a tax return to capture a tax break you missed the first time around or to correct an error that might increase your tax.
Read MoreBrought to you byTurboTax.com
5 Tax Breaks for Veterans
Whether you have served in the military decades ago, or if you’re ready to retire soon, there are specific tax breaks for veterans that can help you and your family save money on your tax bill — and even file your tax returns for free.
Read MoreBrought to you byTurboTax.com
Filing Tax Returns for Delivery Drivers: Tips and Advice
Whether you’re just starting out or have been in the field for a while, being a delivery driver comes with its own nuances when it’s time to file your taxes. Here are four steps to help guide you through the process and help ensure accuracy while maximizing your return.
Read MoreBrought to you byTurboTax.com