AMT Aftermath

The IRS has made great progress in implementing the changes to forms due to the AMT patch. According to recent news, the filing season should start on time for many taxpayers. The others…well due to the AMT, if you are a taxpayer filing the following five forms, processing of your return will not begin until February 14, 2008:

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• Form 8863, Education Credits.
• Form 5695, Residential Energy Credits.
• Form 1040A’s Schedule 2, Child and Dependent Care Expenses for Form 1040A Filers.
• Form 8396, Mortgage Interest Credit.
• Form 8859, District of Columbia First-Time Homebuyer Credit.

Be sure to speak with your tax advisor if you have to file these forms for you 2007 returns.

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I.R.S. says I’m Really Slow

Now that the AMT patch is behind us, many wonder how long it will take to process a return (and get your refund) for the coming season. According to the IRS it needs up to 10 weeks to reprogram systems for the AMT patch. A further detail of the possible delays from the IRS Oversight Board:

AMT Delays





So as it sits right now, the IRS processing of returns will be really slow for 2008. The patch was only extended for one year that makes many wonder how this will affect tax planning for the future. I am sure that we have not seen the last of the AMT issue.

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A Holiday Gift from the Government….AMT Patch Passed

Hopefully the AMT saga has ended….for the time being at least. Wednesday, the House passed a one-year "patch" for the alternative minimum tax on Wednesday, joining the Senate in acting to shield taxpayers from an average hike of about $2,000. Now is goes to the president to be signed into law. Once signed by the president, the IRS will have to make a rush effort to change their procedures and tax forms possibly delaying tax returns (and refunds) for the upcoming tax season.

So there is still a little time to meet with your tax advisor and devise a strategy regarding the AMT and your situation. For many American’s (about 20 million) the AMT patch may be an early holiday gift for the AMT will affect taxpayers with incomes less than $100,000.

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AMT Update – Expect Delays

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The House was able to pass an alternative minimum tax (AMT) relief bill on December 12, but the new measure contains more than $50 billion in revenue increases that critics believe are unlikely to win support in the Senate. Some of the highlights include:

AMT relief for nonrefundable personal credits and increases the AMT exemption amount to $66,250 for joint filers and $44,350 for individuals. The bill would also provide relief for AMT taxpayers who have exercised incentive stock options and would make changes to the refundable AMT credit. The measure also includes a provision to increase the eligibility of the refundable child tax credit.

No it is back to the Senate, at the rate things are going the IRS estimates that e-filed returns will not be able to be processed until mid-February.
We will keep a close eye on the developments regarding the AMT and YOU.

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AMT Fixed?!?

Many taxpayers are concerned about the AMT (Alternative Minimum Tax) issue as questions regarding it have been coming into our office a great deal lately. In actuality the AMT, will affect about 23 million taxpayers, so here is the latest news…
A one-year patch of the AMT provisions was approved by the Senate on Thursday, December 6 but without including any of the offsetting revenue-generating provisions included in a version of the bill passed last month by the House. So now it’s back to the House. The Internal Revenue Service has already warned that the delays in patching the AMT already threaten to hold up tax refunds for millions of taxpayers. Twelve different forms need to be revised to reflect the changes.
Be sure to speak with your tax advisor and start planning for the AMT changes now

Keeping your Business N Synergy

10 Small business start-up sins

With the New Year ahead, many wanna-be entrepreneurs are considering starting their own businesses. Here is a must read for anyone who is considering the leap to the world of independence. One way to ensure that you do not fall into these ten traps is to have a great team of advisors who can guide you through the process of starting your own business. The major sins include:

1. Not learning from one’s mistakes
2. Forgetting one’s personal life
3. Expecting customers to come to you
4. Losing one’s soul
5. Maxing out credit cards
6. Keeping ideas to oneself
7. Not using written contracts
8. Starting a business without passion
9. Selecting a bad location
10. Trying to go at it alone

Read the rest of the article

Good information for those starting a business or even operating an existing on. Use this information to keep your Business N Synergy