Permanent AMT Patch

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The American Taxpayer Relief Act of 2012, signed by President Obama on January 2nd, included a permanent AMT (Alternative Minimum Tax) Patch.

The AMT was first enacted in 1969 to make sure the ultra-rich paid their share of taxes. The problem was that it was never indicated for inflation. And as a result, Congress has had to act on a patch each year to adjust for it.

The signing of the permanent patch is helping millions of people avert the AMT by raising the exemption amounts to $50,600 for individuals and $78,750 for couples filing jointly. It also now allows nonrefundable personal credits.

More good news is that the exemption rate will rise as inflation does, it’s one less thing for Congress to deal with each year, and e-filing won’t be delayed because of it.

For more information, call Alex Franch at 781.789.7200. WorthTax has locations in Norwell, Dedham, and Weymouth, Massachussetts.
Alex Franch

Mr. Franch is a Tax Specialist and Partner at Joseph Cahill & Associates / WorthTax. He has a diverse background including a Bachelor of Science from Boston College in Mathematics and extensive military service. Mr. Franch is an Enrolled Agent and has eight years of tax preparation experience. He has been serving individuals, families, and businesses for several years with tax and financial planning strategies and is a junior partner with the firm. Mr. Franch is licensed by the Financial Industry Regulatory Authority (FINRA) with a Series 6, 63, 65, and 7, and by the Commonwealth of Massachusetts Division of Insurance.

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