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Alternative Minimum Taxes (AMT) – Are you one of the unlucky ones?

A real important personal finance issue getting ready to impact millions of taxpayers is the Alternative Minimum Tax (AMT). This is the tax designed in 1969 to make sure the richest people paid their fair share of taxes.

Unfortunately by accident or on purpose, this neglect by the people we elected to go to Washington to protect us (at least that is what they tell us when trying to get elected) has let us down and now a projected 50 million taxpayers will be penalized for trying to raise a family and buy a house.

In fact, it might not be wise to buy a house until this tax is abolished.

It may be better to find other options to make your money grow. Before making that decision; check with a tax consultant or financial planner (not your real estate agent) to get the most bang for your dollar.

Two of the things that will trigger you to possibly pay the penalty tax are when you try to write off the property taxes and interest paid on your mortgage loan.

The large tax deductions will force you to fill out the alternative minimum tax paperwork in addition to the regular tax paperwork. The personal deductions will not be allowed in the alternative minimum tax paperwork. You pay the larger tax amount of the two sets of paperwork. Individuals or family making $70,000 a year or more may be penalized.

Vote The Money Grabbers Out of Office

Remember which presidential candidate as senators voted in early March 2008 to take an average of $2000 per year from your pocket by voting to not repeal this tax.

Senator John McCain voted to repeal the tax and Senators Barack Obama and Hilliary Clinton voted to keep the (AMT) in place to take the money away from you.

In fact, Senators Obama and Clinton also during the same senate voting session voted to increase the income tax rate by 3 percentage points for the middle class taxpayer.

In just the one March 2008 senate voting session, Obama and Clinton both voted to raise your middle class annual taxes by thousands of dollars when they voted "Yes" to increase your taxes in the two ways discussed above. 

Can you believe that Obama and Clinton both voted to attack and reduce your paycheck by increasing income taxes in two different ways during one voting session? 

All Man-In-A-Hurry can say about this issue is that we won’t be voting for any congressman or senator who fails to vote to repeal this unfair and illegal tax that will soon be hurting the personal finances of millions of American middleclass taxpayers.

Put the pressure on the senators and congressmen for your state by telling them you will not be voting for them unless they start honoring their commitment to protect your financial interests.

Let them know that you are watching their actions and will vote them out of office if they continually vote to take more money out of your already shrinking paycheck.

You can find the email addresses and fax numbers for each United States' Senator and Congressman for your state at http://www.conservativeusa.org/mega-cong.htm.

Tell Them No To The Illegal Alternative Minimum Tax and the Plans To Raise Federal Income Tax Rate

Don't stop there. The email addresses and fax numbers for the governor and legislatures for your state can also be found there.

Let Them Know That You Are Paying Attention To Their Job Performance and Their Promises Made To Get Elected

Getting Married?

If you are getting married this year, check your new tax liability issues right now before standing at the altar. Both of you might be in for a big personal finance surprise at the end of the year due to a married couple filing jointly will have a standard tax deduction that is less than two people filing single.

If you file married separate, each of you will have to pay a penalty. Your combined salaries may also put you in the grasp of the Alternative Minimum Tax monster. Discuss this issue with a tax accountant or a financial planner before you say I do.

Waiting until the first of the year to marry could save you thousands of dollars in unexpected taxes.

Identity Theft

Identity theft is a personal finance issue that is showing up more and more everyday. Criminals are not worried about the slap on the wrist currently given out if they are caught.

The criminals don’t care whose identity they steal. It can be you, your child, your parents and even people in grave yards. The supposedly victimless crime does have plenty of victims; especially the millions of victims in the United States in the last ten years.

You have to spend hours and hours, sometimes months and months, and finally you may have to spend thousands of dollars out of your own pocket to straighten out your credit. The laws need to be changed to put criminals, even first time offenders, who steal identities into prison for twenty or more years to stop this rampant and out of control assualt on our personal finances.

Things you can do to help protect your identity the best you can until our elected Washington officials get serious about curtailing the problem.

1. Shred all of your personal information. There are people out there who will look through your trash to try to find personal information about you.

2. Check your credit report personally twice a year or hire a company to monitor your credit information

3. Ask companies you do business with and your employers how your personal information is protected.

Remember, if you don't take care of your personal finances, no one else will do it for you.  

Man-In-A-Hurry.com likes to share and link to good information that may give you good ideas on a business to start or on projects /ideas to consider for possible investment opportunities. As with all business and financial matters, be very diligent before making your decisions. 

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