The exemption amounts for the individual alternative minimum tax (AMT) have been increased for 2012 under the American Taxpayer Relief Act of 2012 (ATRA, H.R. 8) , which was signed into law on 2 January 2013. 

The AMT exemption amounts for 2012 are as follows:
Married individuals filing joint return ($78,750)
Unmarried individuals ($50,600)
Married individuals filing separate returns ($39,375) 

The fiscal cliff is otherwise known as the sharp decline in the budget deficit that could have occurred beginning in 2013 due to increased taxes and reduced spending as required by previously enacted laws. The fiscal cliff was largely eliminated by the eleventh-hour passage of the American Taxpayer Relief Act of 2012.
 
HIGHLIGHTS
 

• 39.6% Tax Rate for incomes above $400,000 ($450,000 for families)
• All Other Bush-Era Tax Rates Extended
• 20% Maximum Capital Gains / Dividend Tax Rate
• Maximum 40% Estate / Gift Tax Rate
• Permanent AMT Patch
• One-Year Extension of Many Business Tax Extenders

Why Keep Records?
 
There are many reasons that you may keep records. The top reasons include tax purposes, insurance, and for getting a loan. Good record keeping will also help you:
 

• Identify sources of income
• Keep track of expenses
• Keep track of the basis of property
• Prepare tax returns
• Support any and all items reported on tax returns.