NEW "AMT" THRESHOLDS SET FOR 2009
The original purpose of the "AMT" (Alternative
Minimum Tax) was to make sure the "wealthy"
paid their "fare share" of taxes, based on the
erroneous belief that the rich skate by tax-free.
(BTW, they don't!)
But inflation caused the AMT to apply to millions
of middle class taxpayers as well.
The reaction of Congress? "Wow, we didn't plan
on that, but it's kind of cool that billions of dollars
of extra tax money is flowing in, just when we
need it most -- to help cover our overspending."
The AMT is a HUGE expense problem for taxpayers,
but it is a huge income opportunity for legislators.
Congress wants you to think they "fixed," or at least
"patched" the AMT problem, but here's the truth...
Apparently Congress thinks that "WEALTHY" is
defined as Singles making $46,200 or Married
Couples making $69,950, because those will be
the new AMT thresholds for 2009.
Congress has made a change to the AMT, but did
they fix the problem? You decide. On Nov. 4th.
ANOTHER WORD ABOUT "FRINGES" TO
OFFSET EMPLOYEE COMMUTING COSTS
In my last issue of "Tax Tips" I gave you the levels
of tax-free benefits employers can give employees
for carpooling, riding mass transit, or parking.
Oops, the IRS didn't mean to leave out those who
bicycle to work (all three of them).
So in the next few days they will announce the breaking
news - employers can provide a tax-free benefit of up
to $20 per month to those who pedal to work. That's
supposed to offset the cost of buying, repairing and
storing a bike. Go figure!
3 PROVISIONS WILL BE "EXTENDED" IN 2009
Tax deductions for state sales tax, college tuition and
teachers' supplies will continue to apply in 2009. All
three had been slated to expire at the end of 2008.
CLAIMING "MEALS & INCIDENTALS" IS ABOUT
TO BECOME EASIER FOR SMALL BUSINESSES
The IRS is about to make changes that will simplify the
use of Per Diem Rates by home-business owners. They
are scheduled to make some final determinations either
today or tomorrow, and I have my sources primed to
feed me the results immediately.
As usual, YOU will learn about it DAYS BEFORE the
general public, via this no-cost email bulletin,
"Tax Tips You Can Bank On."
That's it for this issue, but watch your email in a
day or two for answers to the Per Diem question --
which could be worth a boatload to you, when I
describe, in my next newsletter, how the action I
expect they will make, to put BIG BUCKS in your
pocket.
Helping THOUSANDS to SAVE a BUNDLE!!!
Ronald R. (Ron ) Mueller, MBA, Ph.D.
Author, Speaker & Business Success Coach
HomeBusinessTaxSavings
P.S. --
THIS IS REALLY IMPORTANT!
Go to Home Business Tax Savings
right NOW! to learn about "Survival Strategies
for Home-Business Tax Deductions," a special
2-part tele-briefing I will hold next week - 1 time
only! You will learn Six Powerful Tax Strategies
YOU MUST TAKE NOW, PLUS a preview of
what Congress has in store for home-business
taxpayers in 2009. Trust me, missing out on this
information could cost you THOUSANDS!