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No AMT slowdown in sight

by on
in Small Business Tax,Small Business Tax Deduction Strategies

Have you managed to duck the alternative minimum tax (AMT) so far? Your luck may be running out.

According to a newly published report by the Joint Committee on Taxation (JCT), the IRS expects a sharp increase in the number of taxpayers hit by the AMT in 2007. (Pub. JCX-38-07)

Main reasons: Unless tax law changes are made, the AMT exemption amounts revert to pre-2001 levels and certain nonrefundable personal credits no longer are allowed. At that rate, almost 31 million filers will have to pay the AMT by 2010.

Tip: Read the JCT’s full report at www.house.gov/jct/x-38-07.pdf.

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