Ask Taxmama Issue 439 – AMT Patch and Mortgage Relief

 width=  width=
 width= Happy Chanukah
 width= Merry Christmas
 width= Habari gani?

Dear Family,

Congress finally did it!
And President Bush WILL sign it!

The Tax Increase Prevention Act of 2007 was passed yesterday.

You can read all the details in today’s IRS News.
You’ll find a link to the draft of the AMT form – before the Patch legislation passed.

There was also legislation providing tax relief for those who’ve lost homes this past year. You won’t be facing additional taxes for debt relief. And there’s more. Read about the Mortgage Forgiveness Debt Relief Act of 2007 that was also passed

For those who like to read the original legislation, you’ll find links to it at both IRS News flashes.

IRS has already announced that they will move heaven and earth to update their computers as quickly as possible to reflect the new legislation. IRS promises to have the form changes to the 12 tax forms impacted by the AMT legislation released to tax software developers within 72 hours after the legislation is signed into law. Can you just see all those people giving up their pre-Christmas/Kwanzaa shopping weekend to scramble and work through the night?

You usually think of IRS as this big, massive monster, grabbing your money, or wages, or bank accounts when you’ve been bad. But remember, there are thousands of people working behind the scenes to translate Congressional whims and legislation into new forms, to update and create forms, to write helpful publications, to help you when you call…and so much more.

I think we owe IRS staff a THANK YOU for taking this on for us so quickly.

Speaking of thanks, I really want to thank those folks who provided such helpful information in their Comments in this week’s TaxQuips. In particular, on the topics of the Truck Tax and the International Outsourcing. Be sure to read their suggestions. Other topics this week included a business owner who wants to deduct both the vehicles she uses for business, and a new homeowner who wants to know the tax effect of having paying roommates.

Those of you getting older will appreciate today’s Money Funny about the 90-year-old golfer.

And this week’s job advice is about tooting your own horn – one of the hardest things you can do.

Incidentally, do you feel that you’re earning enough money? Should you be earning over $100,000 – or even much more than that? Well, you’ll find some amazing jobs on TheLadders – without having to relocate. http://go.asktaxmama.com/Ladders

You’re all running around holidaying next week, so you won’t be interested in hearing from me. Besides our office will be closed so we can also spend time holidaying. So, if you’re not getting answers to your e-mailed questions this week, well, it’s because we’re not here.

We’ll all be back next year (maybe sooner, if there’s anything interesting to say)!

Oh, and a very special thanks to my Official Stalker! Luscious!

Have an untaxing, joyful and lowered AMT holiday season.

Hugs from your favorite TaxNerd,

Eva Rosenberg, EA

Your TaxMama is watching…out for you.

www.TaxMama.com

www.TaxQuips.com
www.IRSExam.com
www.TaxNerd.net
————————————————————-

TAX CALENDAR
————————————————————-

12.31.2008 Last Day to Open KEOGH account for 2007 deposits

01.15.2008 4th Estimated Payment for 2007 Due

————————————————————-

GIFT IDEAS
————————————————————-

ThinkGeek has some wonderful, unusual stuff, including something very like a Dick Tracy watch – a touchscreen cell phone PDA watch. They also have the USB Memory watch that holds 2GB of data. Just click on Holiday Mega Deals.

Open your own Zazzle account and create personalized

gifts to your family and friends. You still have time
to get things delivered before Chanukah ends. Really.
You don’t need to use my designs – use your own photos and artwork.
http://www.zazzle.com/taxmama*

Join SuccessNet.org (FREE!) and you’ll be able
to give Michael Angier’s ‘101 Best Year-End and New
Year Questions’ to everyone you know. It’s an excellent

way to open a dialog with those close to you – and to
ensure that 2008 will be a great year. And there’s no
charge for this gift at all.
————————————————————-

SPECIAL DEALS
————————————————————-

Need a Corp, LLC, Registered Agent

Incorp Services Inc. in Nevada – DISCOUNT

20% off on formation services.
Similar discounts on Registered Agent services.
Call 800.2.INCORP – use coupon code – TAXMAMA – or
http://go.asktaxmama.com/incorp

(no code needed)

Summer Family Identity – 3 Choices:

Zazzle – Cafe Press – Queensboro

Since it’s summer, and you’re probably going to be traveling with your family, consider getting matching T-shirts and/or hats.

(DO NOT PUT ANYONE’S NAME ON THEM – you’re just asking strangers to kidnap your children!)

But do put everyone’s picture – so even if you don’t know the local language, you can point to a family member and ask if anyone has seen him or her. Or use a graphic or piece of art you all like. You’ll find three options right here in our SPECIAL DEALS section.

Use your art or others – and customize it

Zazzle your Imagination. Are you a TaxNerd?
Tell everyone – proudly!
http://www.zazzle.com/taxmama*

Create your own customized Zazzle Apparel, bags or more.

Get volume discounts on orders of 2 or more.

Get extra discounts for yourself and friends after you order.

Stuff for Back to School and Back to Work

Cafe Press is the home of TaxMama’s shops
http://www.cafepress.com/taxmama

But you can upload your own art and graphics and unify your family – even your pets.

http://www.cafepress.com/

Get extra discounts for yourself and friends after you order.

WOW DEAL! Embroidery

Wouldn’t you love to get your logo or family crest, or picture or whatever, EMBROIDERED on hats and T-Shirts?

Well, it costs a heck of a lot less than you think.

You can get 12 items for $99! That includes the set-up fees.

Can you believe that? Use Coupon Code PC076c
At the Queensboro Shirt Company

(They have a lot more than shirts – and all sizes)

They do a gorgeous job.

Leave a Reply