Tax Expert Explains the Mounting Impact of the Alternative Minimum Tax, and What Millions of People Need to Know This Year
May 30, 2007 (Press Release) --
Originally designed to keep taxpayers with high incomes from paying little or no income tax, the alternative minimum tax has affected less than 1 percent of taxpayers in any year before 2000, but its impact is expected to grow rapidly in coming years and affect more than 30 million people by 2010.
There are two main reasons for this explosive growth: first, the AMT is not indexed for inflation; and second, it has been mostly excluded from any recent tax relief cuts. Therefore, more and more people are being pushed into the alternative system. Harold S. Peckron's The Alternative Minimum Tax: What You Need to Know About the “Other” Income Tax (ISBN: 1-57248-460-8; December 2004; $14.95 U.S./$22.95 CAN; paperback original) demystifies this growing tax and demonstrates ways to plan around or hopefully avoid it altogether.
The Alternative Minimum Tax is designed to give the average consumer and non-tax professional an understanding of the AMT, help them reduce or eliminate its impact and to plan transactions for the lowest AMT result. It instructs the consumer on how to compute it and to identify and claim adjustments, preferences, and exemptions. It also discusses the importance of the AMT credit.
Barring changes from Congress, the following groups can benefit from the information provided in The Alternative Minimum Tax:
-Middle class consumers with gross income of $50,000
-Anyone who itemize deductions
-Corporate executives
-Business owners
Harold Peckron is a nationally recognized expert on the Alternative Minimum Tax, with a tax career that spans more than three decades. In addition to writing on the subject, he has taught tax as a tenured law professor and as a seminar leader to professional groups. Peckron holds several graduate degrees, including LL.M. in Taxation from the Georgetown University Law School. He has been heard on NPR's Marketplace and radio around the country.
About Sourcebooks, Inc.
Sourcebooks is a forward-thinking publishing house committed to making an impact on society, on its industry and on the lives of individual readers by publishing books with high-quality content and uncommon value. Over the years, Sourcebooks has grown and flourished by following its independent vision, publishing extraordinary authors and unique books with readers in mind. Noted for bestsellers such as Poetry Speaks, Poetry Speaks to Children, Jefferson's Great Gamble and Fiske Guide to Colleges, Sourcebooks stands today as one of the leading independent book publishers in North America.
There are two main reasons for this explosive growth: first, the AMT is not indexed for inflation; and second, it has been mostly excluded from any recent tax relief cuts. Therefore, more and more people are being pushed into the alternative system. Harold S. Peckron's The Alternative Minimum Tax: What You Need to Know About the “Other” Income Tax (ISBN: 1-57248-460-8; December 2004; $14.95 U.S./$22.95 CAN; paperback original) demystifies this growing tax and demonstrates ways to plan around or hopefully avoid it altogether.
The Alternative Minimum Tax is designed to give the average consumer and non-tax professional an understanding of the AMT, help them reduce or eliminate its impact and to plan transactions for the lowest AMT result. It instructs the consumer on how to compute it and to identify and claim adjustments, preferences, and exemptions. It also discusses the importance of the AMT credit.
Barring changes from Congress, the following groups can benefit from the information provided in The Alternative Minimum Tax:
-Middle class consumers with gross income of $50,000
-Anyone who itemize deductions
-Corporate executives
-Business owners
Harold Peckron is a nationally recognized expert on the Alternative Minimum Tax, with a tax career that spans more than three decades. In addition to writing on the subject, he has taught tax as a tenured law professor and as a seminar leader to professional groups. Peckron holds several graduate degrees, including LL.M. in Taxation from the Georgetown University Law School. He has been heard on NPR's Marketplace and radio around the country.
About Sourcebooks, Inc.
Sourcebooks is a forward-thinking publishing house committed to making an impact on society, on its industry and on the lives of individual readers by publishing books with high-quality content and uncommon value. Over the years, Sourcebooks has grown and flourished by following its independent vision, publishing extraordinary authors and unique books with readers in mind. Noted for bestsellers such as Poetry Speaks, Poetry Speaks to Children, Jefferson's Great Gamble and Fiske Guide to Colleges, Sourcebooks stands today as one of the leading independent book publishers in North America.
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