Alternative Minimum Tax - Did you get a bill from the IRS for Alternative Minimum Tax? Everyone of these billings that I have seen have been incorrect. THEY HAVE PROBABLY OVER CHARGED YOU BY 90%. Please contact me now.

Children Under Seventeen Years Old - Do you have children under seventeen years old? The new tax law is the strangest thing I've seen in 30 years as a CPA. The REFUNDABLE additional child tax credit is $1000 per child. If you have two children the maximum refund over the three years could be $6,000. You don't have to have paid any taxes to get this money. Prior tax returns can be amended, or newly prepared to claim these "gifts". Even if you used the worksheet and found that you didn't qualify, there may be ways to qualify if you fit the criteria below.

Okay, here's the strange part. Single earner families with wages UNDER about $90,000 don't get anything. Only families with single earners OVER $90,000 and two earner families (regardless of income) may qualify. So, as an example, a family with two children ages 1 and 3 with the husband earning $40,000 doesn't get a dime. whereas, a family with children 13 and 14, old enough for the mother to work, or with income OVER $90,000 may qualify for up to the full amount!
Non Filers - Think about it. The US government may actually pay you to file your tax returns!!!!!

Don't Make an Illegal IRA Contribution! - If all of your wages are excluded under $85,700 foreign earned income exclusion, you are subject to penalties for making Individual Retirement Account (IRA) contributions. The penalty is 10% per year for all illegal contributions. This could wipe out your IRA. If you have made illegal contributions, there may be a way to solve the problem. First ask for a refund of all 2007 contributions by April 15, 2008. For three prior years, it may be possible to amend the returns, choosing to opt out of the foreign earned income exclusion, and take the foreign tax credit for Japanese taxes paid.