There have been quite a few questions about the Alternative Minimum Tax (AMT) and how it will affect 2007 taxes. Most people will not be affected by AMT, but if you are, you are going to have to wait to electronically file your return until February 11.

If you have any of the following forms in your return, the IRS system will not be able to process until after February 11, 2008:

Form 8863 - Education Credits
Form 5695 - Residential Energy Credits
Form 8396 - Mortgage Interest Credit
Form 8859 - District of Columbia First Time Home Buyer
Schedule 2 Form 1040A - Child and Dependent Care

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NOTE: We do our best to send out our Tax Tips EVERY week. If you are receiving this because it has been forwarded from someone else and you would like to receive Tax Tips directly from us, please contact us with your name, address (street address, city, state and zip) and we will be happy to include you. WE NEVER SHARE OUR MAILING LIST!!!
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Please contact us with questions or comments at: taxtips@schwartzsystems.com
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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 your personal financial advisor, they can be used as a starting point in your decision making process.

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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.