As I’m sure you’re aware, on Oct. 3, 2008, the President signed into law the Emergency Economic Stabilization Act of 2008 (P.L. 110-343). Although virtually all of the press coverage of this law has concentrated on its hotly debated $700 billion financial industry bailout plan, the legislation also contains scores of tax changes, mostly [...]

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House passes AMT relief with bipartisan majority – President threatens veto On June 25, the House by a vote of 233 to 189 approved H.R.6275, the “Alternative Minimum Tax Relief Act of 2008.” The bill will be sent to the Senate for consideration.
The bill would patch the alternative minimum tax (AMT) problem for 2008 [...]

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The most important IRS Tax Development in Q1 2008
Mike Habib, EA
myIRSTaxRelief.com
While the Economic Stimulus Act of 2008 was the most significant development in the first quarter of 2008, many other tax developments may affect you, your family, and your livelihood. The new law changes and other key developments are summarized below. Please [...]

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How falling interest rates and the declining stock market affect tax and estate planning
Mike Habib, EA
myIRSTaxRelief.com
Interest rates have dropped significantly in recent months and may drop even more given the state of the economy. Sagging rates can have a significant impact on many tax and estate planning strategies. Lower interest rates affect the income, [...]

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Mortgage Tax Debt Relief, AMT Relief – why you need professional tax advice

AMT relief. In general terms, to find out if you owe alternative minimum tax (AMT), you start with regular taxable income, modify it with various adjustments and preferences (such as add-backs for property and income tax deductions and dependency exemptions), and then subtract [...]

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On December 26, 2007, President Bush signed the “TaxIncrease Prevention Act of 2007,” providing a one-year“patch” to the alternative minimum tax (AMT).
Without this legislation, an estimated 25 milliontaxpayers would have had to pay an average of $2,000in additional taxes for 2007.
The new law increases the 2007 AMT exemption amount to$66,250 for joint filers, to $33,125 [...]

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