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I've been gone a few days and just landed at my hotel to a whole bunch of urgent messages from back East last night.
Remember when I said that 10 million more Americans were going to be subject to AMT? Well, I was wrong. It looks like Congress is going to adjourn WITHOUT renewing the AMT bandaid from last year.
That means that it will be somewhere between 19 million and 23 million more Ameicans that are subject to AMT this year.
If you make less than $45,000 (married, filing jointly) or $33,750 (single), you have an exemption. Otherwise, the chances are good that you'll not be paying the regular tax bracket without deductions for state taxes, mortgage interest, medical deductions, accelerated depreciation and many others. Instead you'll be paying a flat rate of either 26% or 28%.
There will be NO special long-term capital gains tax rate. You'll lose most of your itemized deductions.
The word going out to CPA societies this next week will be to tell clients that they should earmark some extra cash for their taxes this year. You probably haven't paid enough in or enough in estimated taxes. Or, if you're used to getting a refund, you most likely won't get as much.
If your income is close to $50K, the impact isn't as big. But for those of you with higher income and especially if this was a big capital gains year, look out.
I'll be blogging about this daily as we get more reports. PLUS look for more information at my website (not sure if I'll be able to post here) on strategies to reduce the effects. It's the number one priority this week at my CPA firm and with our research department.
Remember when I said that 10 million more Americans were going to be subject to AMT? Well, I was wrong. It looks like Congress is going to adjourn WITHOUT renewing the AMT bandaid from last year.
That means that it will be somewhere between 19 million and 23 million more Ameicans that are subject to AMT this year.
If you make less than $45,000 (married, filing jointly) or $33,750 (single), you have an exemption. Otherwise, the chances are good that you'll not be paying the regular tax bracket without deductions for state taxes, mortgage interest, medical deductions, accelerated depreciation and many others. Instead you'll be paying a flat rate of either 26% or 28%.
There will be NO special long-term capital gains tax rate. You'll lose most of your itemized deductions.
The word going out to CPA societies this next week will be to tell clients that they should earmark some extra cash for their taxes this year. You probably haven't paid enough in or enough in estimated taxes. Or, if you're used to getting a refund, you most likely won't get as much.
If your income is close to $50K, the impact isn't as big. But for those of you with higher income and especially if this was a big capital gains year, look out.
I'll be blogging about this daily as we get more reports. PLUS look for more information at my website (not sure if I'll be able to post here) on strategies to reduce the effects. It's the number one priority this week at my CPA firm and with our research department.
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