Taxpayer asks: Hi Taxgirl, I’m helping a non-profit run its VITA program this year. I just found out today that due to late passage of the AMT patch, taxpayers trying to claim ed credits won’t be able to file until the Service fixes its computers. The target date for that is Feb. 11. Do you…
Congress finally made up its mind about the AMT – on the last day of business for 2007. The House voted 352-64 to “patch” the AMT. President Bush is expected to sign the bill, which the Senate has already approved. How long has it been? In June, the Joint Committee on Taxation estimated that this…
Rep. Charles Rangel (D-NY) has unveiled what he calls “the mother of all tax bills.” The result would be a sizable “re-shifting” of the current tax burden which has been heavily criticized even among the wealthy as “tilted to the rich.” According to an analysis by the Tax Policy Center, the shift would mean that…
That’s what many folks think when asked to consider whether they will be affected by the AMT (Alternative Minimum Tax). But here’s where they’re wrong: the AMT is hitting middle class America more often. We’ve even argued about it a little bit on the blog (be sure and read the comments). And the consensus is…