Tax info we just got from our CPA (from my God mother)

[helderheid]

Dear family and friends:

We just had our mid-year meeting with our CPA and thought we might pass along this information, in case you didn't
already know, so you can be prepared for next April: The bottom line for the Alternative Minimum Tax (rate of 26%) has been dropped from $68,000 to $38,000 for this year's taxes. As John put it: "This is the way those sons of bitches in Washington increased taxes during an election year without telling anyone they were increasing taxes." In effect, what this means is that everyone in this country who has taxable income over the so-called poverty level will be paying more taxes than anticipated.

The good news is that we all have a few months to put aside the money we will need next April. (Suggested strategies: Stop driving altogether or quit eating somewhat.) The other good news is that you won't have to contact your CPA and pay a few hundred dollars to get this good news.

Here is my new question for any candidate already serving in office who shows up at the front door or who comes to town looking for support: What have you done this year that we don't know about and which is going to make anyone who votes for you wish he hadn't when he finds out? If he doesn't respond, I will know he's guilty of something. If he says: "Nothing," I will suspect he is lying. If he confesses, he won't get my vote. This tactic, I believe, qualifies as one of the few remaining "win-wins" for the average citizen in the current political climate.

[helderheid]

1. kick

[helderheid]

2. .

[helderheid]

3. k

[sinkingfeeling]

4. You're talking about the amount the AMT exemption, right? Then your CPA is a

little off.


http://taxes.about.com/od/1040/a/minimum_tax.htm

AMT Exemption Amounts for 2007
The AMT has standard exemption amounts. For 2007, the exemption amounts are:
$44,350 for single and head of household filers,
$66,250 for married people filing jointly and for qualifying widows or widowers, and
$33,125 for married people filing separately.

AMT Exemption Amounts for 2008
These exemption amounts are scheduled to decrease for 2008. As a result, more taxpayers may be subject to the alternative minimum tax than in 2007. The AMT exemption amounts for 2008 are:
$33,750 for single and head of household filers,
$45,000 for married people filing jointly and for qualifying widows or widowers, and
$22,500 for married people filing separately.

AMT Tax Rates
The exemption amounts mean that this amount of AMT taxable income is not subject to the AMT. Income over these amounts may be subject to AMT. The AMT tax rates are:
26% on the first $175,000 of AMT taxable income, and
28% on the remainder of AMT taxable income
For married people filing separately, the 26% bracket ends at $87,500.

[helderheid]

8. thanks - I've passed this on to her.

[pitohui]

5. sounds like your CPA is incompetent

find a CPA who has better qualifications than being your "god mother," this one has no idea what she's talking about

the AMT is not going down to 38K, that's just silliness

keep in mind, when an email is going around making tall hysterical claims, you're being manipulated by hoaxers for their own private fun

when a claim is incredible, look into it for yourself instead of posting

read this out loud and try to keep a straight face:

Here is my new question for any candidate already serving in office who shows up at the front door or who comes to town looking for support: What have you done this year that we don't know about and which is going to make anyone who votes for you wish he hadn't when he finds out? If he doesn't respond, I will know he's guilty of something. If he says: "Nothing," I will suspect he is lying. If he confesses, he won't get my vote. This tactic, I believe, qualifies as one of the few remaining "win-wins" for the average citizen in the current political climate.

why doesn't she propose that you ask the candidate when he stopped beating his wife?

[helderheid]

7. This is my God Mother's CPA - she's not a CPA

[AlCzervik]

6. i think your Godmother needs a new accountant or a new information interpreter.