Congress Promises AMT Patch Soon | Tax Tip of the Week | No. 68

AMT May Affect MillionsRanking members of the House and Senate tax committees are promising to do “whatever is necessary” to enact Alternative Minimum Tax (AMT) relief for the 2010 tax year.In a letter to IRS Commissioner Shulman, leaders stated that the IRS should prepare to “take all steps necessary to plan for changes.”  The anticipated legislation would allow the personal credits against the AMT and the exemption amounts for 2010 to be set at $47,450 for individuals and $72,450 for married taxpayers filing jointly.Without congressional action, more than 20 million taxpayers would have to pay this additional AMT tax when they file their 2010 tax returns.If congress lives up to this promise, you should recalculate any fourth quarter estimated tax payments that were scheduled.  You may be writing a smaller check!Call us if you have any questions.We’ll keep you posted.You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504.  Or visit our website.Rick Prewitt - the guy behind TTW...until next week.