HOT OFF THE PRESSES!!! Congress has passed a patch for the Alternative Minimum Tax (AMT) and the President is expected to sign the bill into law effective for 2007. The current AMT bill expired on 12/31/06 and if a new bill was not passed, 20 million more taxpayers would have been affected by AMT. AMT is a tax paid by taxpayers who have large itemized deductions, mainly state, local and property taxes and employee business expenses. AMT makes certain that taxpayers pay a minimum amount of tax based on their income not on the lesser amount of tax determined by their deductions.

Everyone really expected Congress to keep the current law in effect through the election in 2008 but then � Watch Out! The AMT brings in many millions of dollars and there is no way that Congress will eliminate the tax. I guess we will have to wait and see what happens.

Those of us at SSC Services, Inc. would like to wish everyone a very Happy Holiday Season and a very Happy, Healthy New Year!!

 
This information is provided in an effort to help you gather and organize the information necessary to file your individual or small business income tax return. While these financial tools are not a substitute for financial advice from a qualified professional, they can be used as a starting point in your decision making process.