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No AMT slowdown in sight

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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

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