Ask Taxmama Issue 439 – AMT Patch and Mortgage Relief

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 width= Happy Chanukah
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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.

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.


12.31.2008 Last Day to Open KEOGH account for 2007 deposits

01.15.2008 4th Estimated Payment for 2007 Due



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