PRLog (Press Release) –
Dec 27, 2007 – A legislative “fix” has been passed by the House and will soon be signed by President Bush.
Steve Rodman, CPA, MST and president of Rodman & Rodman noted, “In a year where many taxpayers have been experiencing financial strain and truly need a break, they are going to get one. The legislation that has passed will essentially increase the AMT exemption amount. What it means is that the more than 23 million taxpayers who would otherwise be taxed at a higher rate, can rest easy when filing their 2007 taxes.”
The “fix”, known as H.R. 3996 extends AMT relief for one year on non-refundable personal credits. Joint filers receive the benefit of an increased AMT exemption amount of $66,250 and individual filers, an increased AMT exemption of $44,350.
He continued, “Although some taxpayers may not receive their refund as expeditiously as in previous years due to the IRS updating their systems, it will be worth the wait.”
Need tax tips? Rodman & Rodman’s essential reference tool, the 2007 Tax Planning Guide is now available. This complementary guide provides tax information for individuals, investors and businesses and covers topics ranging from deductions, exemptions, IRAs, AMT, to capital gains and real estate taxes to fringe benefits, business losses, succession planning, tax strategies and more.
To obtain a copy of Rodman’s 2007 Tax Planning Guide, contact Lynn at (617) 965-5959 ext. 244 or email lynn@rodmancpa.com.
Rodman & Rodman, P.C.
Founded in 1961, Rodman & Rodman, P.C. provides accounting, tax and business services to small and medium-sized companies throughout New England. With a focus on strategic planning, Rodman & Rodman goes beyond traditional accounting services and takes a proactive approach when serving clients to increase, preserve and sustain clients’ financial net worth. The firm has been designated as one of the top 50 firms by the Boston Business Journal.
From business valuations, taxation, audits, fraud detection and prevention services and succession planning to a variety of accounting IT services including software selection, implementation and training, the team at Rodman & Rodman serves as comprehensive advisors to clients. For individual clients, the company offers personal advisory services such as planning for real estate transactions, obtaining financing, estate planning and retirement planning. Rodman & Rodman Certified Public Accountants are located at 3 Newton Executive Park in Newton, Mass. For more information, visit their website at www.rodmancpa.com or contact Jen Reading at (617) 965-5959.
