Six top tax savers

Honest answer? Probably not. Designed to ensure that the superwealthy don't get away with paying nothing, this parallel tax system increasingly snags middle- and upper-middle-income families because Congress never indexed the AMT to inflation; as incomes rise over time, so does the number of people stuck paying tax under the AMT.

Late last year Congress passed a "patch" that exempts more income from the AMT, but the levy will still trap some 3.5 million filers this year, according to the Tax Policy Center. If you use tax software, click yes on the window that pops up asking if you want an update. That will make sure you have the correct AMT rules.

While the AMT snare is hard to escape, Tom Ochsenschlager, C.P.A. and vice president of taxation at the American Institute of Certified Public Accountants, says that a very tiny portion of affluent AMT payers might be able to avoid the tax by electing to take smaller deductions where it's allowed. If you take the smaller standard deduction instead of itemizing or if you deduct state sales taxes instead of higher state income taxes, you may simultaneously raise your ordinary tax bill and lower your AMT enough to tip the balance in favor of regular taxes. This complicated strategy, though, is best done by an accountant.

Chances are there's nothing you can do for 2007, but consider making an appointment with a pro to see if you can skirt the AMT at least every other year (see question No. 6).

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