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Expiring credits, deductions extended by Congress

A delay in congressional action regarding the AMT and other credits and deductions could mean confusion for taxpayers - but an opportunity for advisors to help out.

By Carole Feldman | Updated on January 22, 2013
AP Photo/Pablo Martinez Monsivais

WASHINGTON (AP) — Taxpayers preparing to file their 2012 returns can breathe a collective sigh of relief.

The alternative minimum tax or AMT has been patched — permanently — and several tax credits and deductions that technically expired at the end of 2011 were extended as part of the fiscal cliff legislation that Congress passed and President Barack Obama signed into law in January.

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