1.AMT Exemption Increased for One Year.
For tax-year 2007, Congress fortunately, "raised the alternative minimum tax exemption to $66,250 for a married couple filing a joint return."

Accordingly, the Congress also "raised the alternative minimum tax exemption to $33,125 for a married person filing separately and to $44,350 for singles and heads of household."

According to the IRS, "While the vast majority of taxpayers can file as usual, about 13.5 million taxpayers who file any of five tax forms affected by recent tax law changes related to the AMT will have to wait until Feb. 11, 2008, to file their returns." So, it might be prudent to wait till end of February to file your taxes, or so it seems.

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