Looking for help surviving these troubled economic times?  Be glad – help is on the way in the form of a new economic stimulus plan. The plan is composed of a $787 billion bill that was signed into law by President Obama on February 17th, 2009. It is made up of multiple layers of funding that divvy the money out in a manner helpful to troubled Americans. In fact, chances are good that the new bill will put money back in your pocket. Here’s more on how the stimulus plan will affect you:

Money for first-time home buyers

This may be the ideal year to become a homeowner if you haven’t yet. Any first-time home buyer who purchases a home between January 1, 2009 and December 1, 2009, will receive an $8,000 tax credit. Keep in mind, this is a tax credit, not a tax deduction, meaning its value to you is the full $8,000. In addition, this credit will not have to be repaid over the next 15 years like the tax credits for home buyers enacted in 2008.

Note that there are a few stipulations regarding this tax credit. For one, the term “first-time home buyer” under this bill means anyone who has not purchased a principle residence in the past three years. If you’re married, your spouse must also fit this criterion. There are also income limits for this tax credit. The tax credit is reduced for individuals who make between $75,000 and $95,000, and it falls to zero for those who make more than $95,000. Married taxpayers who make upwards of $150,000 will also find the tax credit reduced, and those who make beyond $170,000 will find not be eligible for the tax credit.

Money for energy-efficient home improvements

If you make energy-efficient improvements to your home this year, you’ll be eligible for additional tax credits. This includes energy-efficient windows, furnaces, and air conditioners. For each of these purchases, homeowners can get a tax credit to cover 30% of the costs, up to $1,500 total. In addition, rebates will be available for anyone who invests in energy-efficient appliances.

The Stimulus Plan will also affect you positively if you plan to make energy-efficient repairs to your home. This can include patching up windows with air leaks or adding more insulation to your attic. These repairs are also eligible for the tax credit of 30% of your purchase price up to $1,500.

Money back on income taxes

Beginning in June, 2009, most workers will get the benefit of roughly $13 extra per week in their paychecks. This works out to $400 for individuals and $800 for couples. Individuals who earn more than $75,000 annually and couples who earn more than $150,000 annually will receive slightly less.

This tax credit will continue through 2010 but will be spread throughout the whole year.  2010 credits will amount to roughly $7.70 a week for individuals and $15.40 a week for couples.

Help for those having trouble paying their mortgages

Another positive way in which the Stimulus Plan may affect you is to help you get on your feet financially if you’re having trouble making your mortgage payments. At least $50 billion has been allocated to help troubled homeowners refinance existing loans and potentially cut monthly mortgage payments.

Other boosts to help your income

The Stimulus Plan also contains several other potential income boosts. Parents of college students or students footing their own college bills will get tax credits up to $2,500 to help with tuition and other expenses. Middle-income consumers and wealthy taxpayers will be spared from having to pay the Alternative Minimum Tax this year. Individuals who have lost their jobs and thus are paying Cobra fees for health insurance will enjoy nine months of relief from expensive premiums thanks to the government agreeing to pick up 65% of the tab.

Make the Stimulus Plan work for you

Overall, the Stimulus Plan is designed to get Americans on their feet financially and get the economy moving again. Your best bet is to take advantage of as many of these programs as possible. Most of these tax aides are one-time boosts, and programs like the first-time home buyer tax credit is almost assuredly not going to happen again.