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02/09/2012
Former Owner of Illinois Technology Company Sentenced to Serve 30 Months in Prison for Role in Multi-State Scheme to Defraud Federal E-Rate Program
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02/09/2012
Food Storage and Processing Facility in Washington State Agrees to Resolve Seizure Action
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02/09/2012
Federal Government and State Attorneys General Reach $25 Billion Agreement with Five Largest Mortgage Servicers to Address Mortgage Loan Servicing and Foreclosure Abuses
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02/09/2012
Justice Department Dismisses Antitrust Lawsuit Against Deutsche Borse and NYSE Euronext
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02/09/2012
Libya: UN welcomes adoption of electoral laws
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02/09/2012
UN wraps up year of forests by highlighting their social and economic value
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02/09/2012
Wave of prison deaths in South America sparks alarm from UN human rights office
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02/09/2012
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02/09/2012
UN official urges Syria to immediately end violations against children
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02/08/2012
U.S. and Chinese Defendants Charged with Economic Espionage and Theft of Trade Secrets in Connection with Conspiracy to Sell Trade Secrets to Chinese Companies
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02/19/2009

News / Seven Facts to Help You Understand the Alternative Minimum Tax

1. Tax laws provide tax benefits for certain kinds of income and allow special deductions and credits for certain expenses. These benefits can drastically reduce some taxpayers’ tax obligations. The Alternative Minimum Tax attempts to ensure that anyone who benefits from these tax advantages pays at least a minimum amount of tax.

2. Congress created the AMT in 1969, targeting a small number of high-income taxpayers who could claim so many deductions they owed little or no income tax.

3. Because the AMT is not indexed for inflation, a growing number of middle-income taxpayers are discovering they are subject to the AMT.

4. You may have to pay the AMT if your taxable income for regular tax purposes plus any adjustments and preference items that apply to you are more than the AMT exemption amount.

5. The AMT exemption amounts are set by law for each filing status.

6. For tax-year 2008, Congress raised the alternative minimum tax exemption to the following levels:

* $69,950 for a married couple filing a joint return and qualifying widows and widowers
* $46,200 for singles and heads of household
* $34,975 for a married person filing separately

7. Taxpayers may find more information about the Alternative Minimum Tax and how it impacts them by referring to IRS Form 6251, Alternative Minimum Tax —Individuals, available on IRS.gov or by calling 800-TAX-FORM (800-829-3676).

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