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President Obama's decision to stop the budgetary pretense surrounding the alternative minimum tax (AMT) may lead to a permanent fix to this vexing problem, and could have other important implications.
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The alternative minimum tax (or AMT) is an extra tax some people have to pay on top of the regular income tax. The original idea behind this tax was to prevent people with very high incomes from using special tax benefits to pay little or no tax.
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REMEMBER BACK when you were young and poor and nothing made you madder than tales of rich people who paid nothing in income taxes? Well, you weren't alone, and that anger led to the creation of something called the alternative minimum tax, which was designed to keep the rich from living tax-free.
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The topic I presented at the conference, Alternative Minimum Tax (AMT), created a lot of interest from the audience. AMT, of course, is a source of misery to tax practitioners. Most of us rely heavily on tax software to compute it.
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Note: This Alternative Energy Tax Break petition was submitted by William Ryan. ThePetitionSite.com is a free service provided to help concerned citizens rally support for issues they believe in.
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Can hourly wages alone trigger the alternative minimum tax? ... I'm looking for info on the Alternative minimum tax. I was under the impression this tax was created for people with substantial income. Our families' only source of income is our hourly wages earned. When we filed in 1998 as married filing separately,
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For answers to new questions, subscribe to our newsletter, Michael Gray, CPA's Tax & Business Insight by filling out the form below. ... After the year-end, there is some left over profit reported on Schedule K-1 to report on my individual income tax return. If I withdraw this amount, how is it reported?
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You've heard of the Alternative Minimum Tax (AMT), but have probably paid no attention to it. After all, isn't that the tax that was intended to make sure that the wealthy would pay their fair share in taxes? Not any more.
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The tax laws give preferential treatment to certain kinds of income and allow special deductions and credits for certain kinds of expenses. The alternative minimum tax attempts to ensure that anyone who benefits from these tax advantages pays at least a minimum amount of tax. ... Tax Preparation Help...
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Use the H&R Block Alternative Minimum Tax Estimator to determine if you will be subject to the AMT this year. ... An estimated three million taxpayers were affected by the alternative minimum tax (AMT) in 2004. And Congress continues to make changes to how the AMT is applied. The new Tax Increase Prevention and...
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