Wednesday, November 14, 2012  IRS to “Back-Value” Heinous AMT to
2012?         In 2012, about 4m taxpayers will get stuck paying
the AMT tax. As the WSJ headline suggests, that number could go
to 33m  in 2013. That’s a massive increase; it will cause all
sorts of problems. From the IRS letter to Senator Hatch re the
AMT:          (Note: The AMT patch actually expired in 2011; a
one-year exemption was granted, but the exemption is not
effective if not re-patched. This was a legislative “time bomb”
that was included in the deal that created the fiscal-cliff
(debt ceiling deal).           -It broadens the base.
As a ten-plus year payer of the AMT, I say to all, the AMT is
truly a dreaded tax. If allowed to expand, it will wreck many
taxpayers’ plans on how they should live and work:   -Childcare
costs would no longer be deductible. (Don’t have that child)
-Charitable contributions would not be deductible. (Don’t give
money to your Church or any other worthwhile charity)   -Real
estate taxes would no l