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 It is important to:
• Gather and organize the tax records
• Check income statements
• You get an automatic six-month extension for your 2006 return if you file Form 4868 by April 17, 2007
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Read more... [Filing an extension]
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 Eight Things for you to remember:
• Your AMT will be increased by tax-exempt interest on some qualified private activity bonds.
• 7% of the excluded gain of small business stock quality for the 50% or 60% exclusion is an AMT preference item.
• consider increasing your income for the year by prepaying salary of your own business, or getting payments from clients.
• Check your income and expenses to determine whether to postpone or accelerate income
• Providing you find that you will be subject to AMT in a current year, you can subject additional income in that year to the 26% or 28% AMT tax rate. Consider accelerating the receipt of income to that year.
• The AMT takes back some of the tax breaks allowed for regular tax purposes.
• No tests determine whether or not you are liable for AMT.
• AMT adjustments and preferences are added back to regular taxable
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 It is possible to claim a $3,300 exemption for each of the following, provided you are not subject to the phaseout of exemptions for high income taxpayers:
• Yourself. You claim an exemption for yourself unless you are the dependent of another taxpayer. If someone else can claim you as a dependent for 2006, you may not claim a personal exemption for yourself on your own return; this is true even if the other person does not actually claim you as a dependent. This rule prevents your child or other dependent from claiming an exemption on his or her return if you may claim an exemption for the child or other dependent.
• Your spouse. You claim your spouse as an exemption when you file a joint return. If you file a separate return, you claim your spouse as an exemption if he or she has no income and is not a dependent of another person.
• Your dependents. There are two categories of dependents: qualifying children and qualifying relatives. You may not claim any dependents if you can be claimed as a dependent by another taxpayer. In addition, a qualifying child or relative must meet a citizen or resident test, and, if married, must generally not file a joint return; see below.
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Read more... [What about exemptions ?]
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 Consider the following aspects od deductions:
• Check you last year's tax return
• Collect the records for potential itemized deductions
• Remember that the basic standard deduction is allowed if you are under age 65
• if your husband or wife has itemized deductions exceeding $5,150 and chooses to itemize, you must itemize , as well.
• If you and your spouse file separate returns for 2006, and neither of you is a qualifying head of household, you must both claim itemized deductions or limit yourselves to a standard deduction of $5,150 each.
• Special rules apply to your standard if you can be claimed as a dependent on another person's return in 2006
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 You ought to itemize if your deductions for donations, local taxes, interest, allowable casualty losses, different expenses, and medical expenses are greater than your ordinary deduction.
At first :
• Collect expense receipts.
• Check your last year's return .
• Check prepaying or postponing various expenses
• Iitemize if the standard deduction is greater than your itemized deductions.
• pay attention to your finances at the end of the year
• In some situations, you might find that your itemized deduction
• Remember that a prepayment or postponement strategy may allow you to itemize in at least one of two consecutive years
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