AMT Relief and More
Included in the recent financial bailout package are some substantial tax changes affecting individuals, corporations, and businesses.
One of the most significant tax changes in this Act is the alternative minimum tax (AMT) relief for individuals. AMT exemption amounts were increased for individuals as well as personal nonrefundable credits may offset AMT and regular tax for 2008. The Act also relaxes the AMT refundable credit amount rules. Passing the AMT patch and extenders now, allows ample time for individuals to prepare for the upcoming tax season.
Also included in the package are over 30 tax breaks that were set to expire and have now been extended as well as substantial new tax relief measures.
For more information on how the AMT relief and other provisions may affect you or your business, please contact us at tax@bdmp.com.