Hopefully the AMT saga has ended….for the time being at least. Wednesday, the House passed a one-year "patch" for the alternative minimum tax on Wednesday, joining the Senate in acting to shield taxpayers from an average hike of about $2,000. Now is goes to the president to be signed into law. Once signed by the president, the IRS will have to make a rush effort to change their procedures and tax forms possibly delaying tax returns (and refunds) for the upcoming tax season.
So there is still a little time to meet with your tax advisor and devise a strategy regarding the AMT and your situation. For many American’s (about 20 million) the AMT patch may be an early holiday gift for the AMT will affect taxpayers with incomes less than $100,000.
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