The Alternative Minimum Tax is going to affect, for the first time, 23 million new taxpayers when filing their 2007 returns. If their wages are more than $50,000, they will be significantly affected.
Congress is presently considering, at this late date, an AMT patch that will postpone, at least, these additional people from being affected. Therefore, it is important that all taxpayers contact their federal Congressmen and Senators to vote for this patch right away.
In the long run, in my opinion, the patch is the way to go. However, due to IRS procedures and computer problems, the law change to incorporate the patch will delay the issuance of refunds, even the electronic ones, until approximately the end of February.
