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Taxes

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									          CALCULATING TAX

   Tax tables if taxable income is less than
    $100,000
   Worksheet if $100,000 or more
   Schedule D or Qualified Dividend use
    Cap Gain Tax Worksheet
   Alternative Minimum Tax (AMT)




                  Tax Year 2007             1
    ALTERNATIVE MINIMUM TAX
             (AMT)
   Out of scope
   Signs that AMT may apply:
       Large itemized deductions for state and local
        taxes, misc. deductions and medical deduction up
        to 2 ½% of AGI
       Home mortgage or line of credit used for other
        than building or improving home
       Exercised stock options but have not yet
        disposed of stock
   Use Worksheet in 1040 instructions to
    determine if Form 6251 should be used
   Electronic determination available at
    IRS.gov website
                     Tax Year 2007                     2

								
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