Free Consultation|USA Only +1 (866)754 4460|Outside USA +1 (516)822 3100
InfoTaxSquare.com - Website Logo
  You are here : Home  >   Services  >   Income Tax Filing Across The USA  
TESTIMONIALS
InfoTaxSquare.com - Testimonials  


The following changes to the AMT went into effect for 2007.

 
0/5 stars (0 vote)
Category : > Income Tax Filing Across The USA
Posted On : Fri Nov 26th,2010

 
The following changes to the AMT went into effect for 2007.
 

AMT exemption amount decreased.  The AMT exemption amount has decreased to $33,750 ($45,000 if married filing jointly or qualifying widow(er); $22,500 if married filing separately).

Exemption amount for a child.  The minimum exemption amount for a child under age 18 has increased to $6,300.

Hurricane Katrina additional exemption expired.  The additional exemption for taxpayers who provide housing for a person displaced by Hurricane Katrina has expired. Therefore, the additional exemption amount (formerly line 6 of Form 8914) is no longer allowable for the AMT.

Certain credits no longer allowed against the AMT.  The credit for child and dependent care expenses, credit for the elderly or the disabled, education credits, residential energy credits, mortgage interest credit, and the District of Columbia first-time homebuyer credit are no longer allowed against the AMT, and a new tax liability limit applies. This limit is your regular tax minus any tentative minimum tax (figured without any AMT foreign tax credit).

  


Committed to give our users most updated news!
For instant news please subscribe at www.infotaxsquare.com


Leave Your Comments
Your name :
Email Address : Will not be published
Please enter your email if you want us to send answer to your email. We have a strict policy of not to share your email address with any other party.
Your message :
Insert these letters into the textfield below: (required, case-sensitive): XAaCB
Do you want to Subscribe for
InfoTaxSquare Business News Bulletin?
Yes
No
Comments (0)
Load More
No Comments found, Be the first to write comment
 


InfoTaxSquare.com - 10 Successful Years
Copyright © 2010, Infotax Square All Rights Reserved.
InfoTaxSquare.com - Allows Payment Processing With Visa, MasterCard, American Express and Discover
Terms and conditions, features, support, pricing and service options subject to change without notice.