Me: I live in Silicon Valley with my wife, child and cat. I have worked at Microsoft since I graduated from College, both in the Macintosh Business Unit on products such as Outlook Express, Entourage, IE, and Virtual PC and in Windows Live on Hotmail, Calendar and People. I am currently a Principal Lead Program Manager on the Windows Live Social Networking team. I basically manage a team of Program Managers responsible for delivering features to support our web and client applications. I've been blogging since 2001 and like to play around with .NET in my spare time working on projects such as dasBlog (the blog that powers this site) and Send to SmugMug (an application for uploading photos to SmugMug). I blog about a number of technology and productivity related topics.
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If you've been ignoring the AMT this year, you might be in luck. It looks like the IRS finally told Congress that they better get their ass into gear and pass an AMT Patch for 2007 (like they did the past several years) because they start printing tax forms in November.
Last week, the IRS warned that if Congress does not act by early November, up to 50 million taxpayers could see serious delays in the processing of their returns and their refunds when they file their 2007 taxes.
The proposal simply raises the floor at which the AMT tax kicks in:
In a letter dated Oct. 30, top members of the Senate Finance Committee and House Ways and Means Committee said that they anticipate the exemption levels for 2007 would be $44,350 for individual filers and $66,250 for married couples filing jointly. Without a patch, the 2007 exemption amounts would be 33,750 for individual filers and $45,000 for joint filers.
In a letter dated Oct. 30, top members of the Senate Finance Committee and House Ways and Means Committee said that they anticipate the exemption levels for 2007 would be $44,350 for individual filers and $66,250 for married couples filing jointly.
Without a patch, the 2007 exemption amounts would be 33,750 for individual filers and $45,000 for joint filers.
So, if you are married you are getting a one time $5,525 gift and if you are single, a $2,756 gift.
This is mostly for people who live in states like NY and CA with homes (under the AMT, you are not allowed to deduct property and state income tax from your income).