In Other Political News…

While political attention is focused on the election and the economy, a few things seem to be slipping. Even Congress is focused on those two issues, even though it would be nice if a few more laws get passed that affect other things.

I’m speaking specifically of the alternative minimum tax exemption for 2008 and several tax benefits that expired at the end of last year. While Congress talks of $700 billion bailout packages, the rules for all of our 2008 tax returns haven’t actually be set. Before the end of the year, Congress needs to pass new legislation to extend several deductions and credits and set the alternative minimum tax exemption. Those deductions include itemized deductions for state and local sales tax and qualified higher education expenses.

We’re starting to get down to the wire. While everyone’s waiting for the election results, I’m starting to worry about my income taxes.