Do you realize the Democratic process has worked?

Because The People used their Voices!!!.

December 27, 2007

President Signs AMT Patch

On December 26, President Bush signed the Tax Increase Prevention Act of 2007 [HR 3996]. The legislation was passed to prevent an estimated 25 million taxpayers from becoming subject to AMT. The Act increases the AMT exemption amount for 2007 to $66,250 for married individuals filing jointly and surviving spouses, $44,350 for single taxpayers and taxpayers filing as heads of households, and $33,125 for married couples filing separately. The new law allows taxpayers to use most nonrefundable personal tax credits to offset AMT liability.

Now that the AMT patch has been signed into law, the big question is how the late timing of this change will impact the upcoming filing season. - The IRS just announced that for most taxpayers, the late passage will not impact their ability to file early in the season, beginning in mid-January. However, approximately 3 to 4 million taxpayers will be impacted and will not be able to file until February 11. The delay is the result of the system programming changes that need to be made at IRS to process returns that have any of the following forms to submit with their return:

1. Form 8863, Education Credits.
2. Form 5695, Residential Energy Credits.
3. Form 1040A's Schedule 2, Child and Dependent Care Expenses for Form 1040A filers.
4. Form 8396, Mortgage Interest Credit.
5. Form 8859, District of Columbia First-Time Homebuyer Credit.

Yes, and I believe that we ought to voice more on the issues, that we are entangled in ! !

didn't they also voice to lose your president
a few years ago

and get out of that war


still if they can keep you quiet for a dollar

they can waste millions


works for me

Dream on.