It appears no one likes the Alternative Minimum Tax – although some like the revenue it generates for the Treasury. According to Bloomberg,

“The minimum tax was created in 1969 to prevent 155 wealthy Americans from eliminating tax liabilities by claiming excessive deductions, credits and exemptions. The tax works by replacing common deductions such as those for medical expenses and state and local taxes with a flat exemption when the itemized deductions become too large relative to income….Because the exemption was never indexed for inflation, the levy has ensnared a growing number of Americans as incomes and the value of deductions rise. “

How Many Americans Should Pay AMT?

For most of its existence, the AMT has affected less than one percent of taxpayers in any one year. However, estimates indicate that under the current law and exemption, up to 22 million taxpayers would owe additional taxes under AMT in 2007. That is a quite an increase since the law was instated in 1969 to beat extra taxes out of 155 wealthy people. In fact, to get to 22 million taxpayers affected in 2007 from 155 taxpayers affected in 1969 requires nearly a 37% annual growth rate.

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The first thing that most people think of in regards to careers in accounting is the public accountant. While public accounting (recognized by the CPA designation) is one of the most prominent accounting fields, the many available careers in accounting cannot be categorized so easily. In fact, public accounting itself has many different career choices within the category.

Over the next few weeks the focus of several of my posts will be on the many varied careers available in the accounting and finance world. If there are any specific careers that anyone would like to see an overview of, please let me know and I’ll do my best to include it.

I have extensive experience in accounting and finance, as well as degrees in business and accounting. I am a freelance writer and I work extensively online, writing about many different business topics and person finance subjects as well. I am the Feature Writer for Accounting on Suite101. I am currently finishing my Certified Management Accountant (CMA) licensing so you will likely hear quite a bit regarding this particular certification in the weeks to come. 

In this blog I hope to cover both hot news items (from an accounting viewpoint) in the business world, in addition to providing guidance on many accounting subjects from simple to more complex issues. I also plan on discussing accounting certifications and programs. Please feel free to ask any questions and I will do my best to answer them. Comments and topic suggestions are always welcome as well.

Welcome to DoubleLedger!

While QuickBooks is extremely popular, many of its users complain about its complexity and high price.  On the other hand, A-Systems software has emphasized simplicity since its beginnings in 1978.

Yup, 1978.  Did you know that A-Systems was actually the first company to make PC accounting software?  Its JobView construction software started way back then, but the newest version has received a 5-star rating (out of 5, of course) from The CPA Technology Advisor.  JobView gives you accounts payable and receivable tracking, a report writer, inventory and point of sale tracking.  It's an affordable alternative to QuickBooks.

A-Systems also offers Visual Bookkeeper point of sale software.  A great thing about this program is that it updates automatically every calendar year so you don't have to purchase annual updates.  Also, Visual Bookkeeper is easy to use.  The installation CD comes with multimedia training to help even beginners understand what to track and how.

Find out today how A-Systems accounting software can meet your business needs!

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We will expound upon GAAP and International Accounting Standards.  We will talk about the scandals and the reformers.  We will explore the different aspects of accounting, whether it be  auditing, tax, or management accounting.

We hope you come to Double Ledger not just to passively read, but rather to actively participate in our online conversation.  Add your comments to our blog posts, suggest new topics to us, and let us know how you think we can improve.  The Web allows us to bring content to you on a continuing basis, but it also lets you share your own thoughts about accounting.

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