More on AMT

The government put a fix for AMT for 2007. In the returns that we have already done we can see that the AMT for 2007 has changed. For those taxpayers that paid this extra tax in 2006 you will still pay the tax but with less of an increase. BUT.

We have already done some preliminary "what if" projections for 2008 and the picture does not look good.

Yes, 2007 was fixed but your Congress person in Washington DC has not fixed the problem. As of now, 2008, there will be another 25 million taxpayers paying this abusive tax for 2008. You may ask yourself if it will get fixed? In my opinion it will not be fixed.

Our politicians are giving away 16 billion this year as a "rebate". This will be paid in May or June of 2008. This money has to come from somewhere. My guess is that they will get it from the AMT for 2008.

Remember, there is no election in 2009. No new President is being elected.

What the tax man gives the tax man takes.

I firmly believe that AMT will get up to 25 million taxpayers during the 2008 tax period. This increase will be massive. For those of you that already get hit by this extra tax you need to prepare yourselves for up to FOUR TIMES additional to the 2007 AMT in your current tax return.

What can you do? Call and email you Congress person now. You can get their name via the web. Just type in Congress of the United States and you will get there.

We have to let them know that AMT is not in the best interest of us, the taxpayer.