Thursday, December 20, 2007

AMT fix for 2007 Finally Here

Well, the powers that be have decided to give the AMT (Alternative Minimum Tax) a band aid again this year.

There was a lot of dissension amongst Republicans and Democrats on how to save about 20million people from being hit with an average of 2K of extra taxes this year.

The republicans wanted to raise the income ceiling without adding a new tax somewhere else, and the democrats wanted to make sure the loss was paid for with a tax increase in another area to offset it.

The republicans won this round, as time was critical and the dems didn't have enough votes to veto it.

So, will you escape the AMT? It really depends. If you are married and make less than 66K as a couple you may.

If you have a large capital gain for 2007, you may not be so lucky as this may trigger it for your tax return.

There's not much time left to do anything about it, so make sure you run some calculations to see if you will owe extra tax this year.

Oh, yeah. The IRS now has to scramble to correct the forms for 2007 returns. They say that if you are expecting a tax refund, you can expect a delay. Happy New Year.

Hope you are in the lucky group that is not affected.

Paula Straub

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