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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© Copyright 2010, Omar Shahine
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If you aren't factoring the AMT into your taxes, and you:
then get ready to pay the Government a few thousand dollars on April 15th 2008. As of now, there is no AMT tax relief in site for tax year 2007.
To come up with a realistic picture of my tax liability here is what I do. I factor my AGI (Adjusted Gross Income) by not including state income and property taxes into my AGI. In other words, the only deductions that I factor are:
And that's it. By doing this it offers me a simple way to calculate my paycheck withholding without using an AMT calculator.
BTW, I have paid the AMT tax for the past 3 years. However, in those years congress passed temporary relief that moved the floor of the AMT to adjust for inflation since the AMT rules originally went into effect. This year the AMT floor is the same as it was in 1969.
Hopefully something will be done about the AMT this year, but I would not bet on it as this revenue is factored into our budget, and offering relief will only serve to broaden the gap between our spending and our tax revenue.