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Home / Services / Calculators / Newsletter / Archives Alternative Minimum Tax The Alternative Minimum Tax (AMT) is beginning to impact more middleclass and lower income taxpayers than anyone thought would be possible. If married taxpayers file a tax return with a positive income greater than $45,000 they could be subject to this tax. If these taxpayers have any credits that reduce their regular tax below the AMT tax, additional taxes would be due and the benefit of these credits would be lost. Congress has extended for 2002 and 2003 relief that will allow taxpayers to use the nonrefundable personal credits without triggering AMT. These credits are the child tax credit, the dependent care credit, the credit for the elderly and disabled, the adoption credit, the credit on certain home mortgages, the Hope and Lifetime Learning credit, the IRA credit and the D.C. homebuyer's credit. It is important that we convince our congressmen that this relief should be made permanent. (November, 2002 Newsletter)
James E. Newland, CPA 939 Center Road Eastlake, Ohio 44095 440-951-9799 |
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