Watch out for Scams!   

 The phoney scammers are doing everything to trick you out of money by promising you millions of dollars, lottery winnings, and any thing to make you a sucker. I have been fighting them for years. Now, they have stolen my logo, made up phoney letterhead with my  name. See the letter.

Just before adjourning for the year, Congress passed some much-needed tax relief involving the alternative minimum tax (AMT). The Tax Increase Prevention Act of 2007 increases the exemption amounts for tax filers across-the-board and allows them to use personal tax credits to offset AMT liabilities. But it may be a case of "too little, too late" for many taxpayers.

What's more, the late-breaking tax relief only postpones the inevitable. The latest "AMT patch" approved by Congress is only good for the 2007 tax year. So the same challenges remain ahead for 2008. In other words, lawmakers have not solved the AMT problem. They just put a temporary bandage on it.

New Mortgage Tax Bill

President Bush signed the Mortgage Forgiveness Debt Relief Act of 2007 into law on December 20, 2007. The most important tax change involves a three-year income exclusion for qualifying discharges of principal residence debt.