Bump for later. Thanks!
>>A credit of up to $500 may be available for these improvements if made next year (but not this year). <<
May be? Does someone know for sure?
Anyone here know what “patch” was applied to AMT? I got slammed last year, and it has affected our lifestyle (had to write a check for $3500, and increase monthly deductions by $300). It was all AMT. It’s like buying a car, except you don’t get anything.
I was caught with the AMT in 2006...we were unfortunate enough to have $20,000 worth of out of pocket medical expenses and in taking the medical deduction incurred $1200 of more tax due to AMT.
>>Postpone income until 2009 and accelerate deductions into 2008 to lower your 2008 tax bill, which may enable larger deductions, credits, and other tax breaks for 2008 that are phased out over varying levels of adjusted gross income (AGI). These include IRA and Roth IRA contributions, conversions of regular IRAs to Roth IRAs, child credits, higher education tax credits, the above-the-line deduction for higher-education expenses, and deductions for student loan interest. Postponing income is desirable for those taxpayers who anticipate being in a lower tax bracket next year due to changed financial circumstances.<<
This is one I strongly disagree with. Obama is going to raise our taxes so get ready to cut your income for the four years he’ll be in office. Take all you can this year.
bump
Look at this gobbledygook!
Fifteen paragraphs listing all sorts of schemes and plans to pay less taxes.
100% obliterated by passing the Fair Tax or a flat tax.
We are just incredibly stupid.
Flame away!
ping