October 30th, 2010 | 
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Every taxpayer has the choice of either itemizing his deductions or taking the Standard Deduction in computing the Regular Tax liability. The Standard Deduction is a fixed dollar amount that varies depends on filing status. For tax year 2010 it is $5,700 for Single individuals and $11,400 for those electing Married Filing Jointly status – [...]
October 17th, 2010 | Print This Post
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It is interesting to note that this category of expenses labeled “job expenses and certain miscellaneous deductions” affects nearly one-third of all taxpayers caught in the Alternative Minimum Tax, but that is the case. This category includes, in addition to job-related expenses that are not reimbursed by the taxpayer’s employer, such other things as tax [...]
October 10th, 2010 | Print This Post
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The Alternative Minimum Tax is a very important consideration when real estate is involved because just about every tax rule applying to real estate is different for the AMT than it is for the Regular Tax. This last part of our four-part series will talk about real estate used in a taxpayer’s trade or business. [...]
October 9th, 2010 | Print This Post
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Similar to state income taxes, for Regular Tax purposes a taxpayer is allowed a deduction for all property taxes that are paid. Under the AMT, however, the taxpayer is allowed no deduction for property taxes. This problem affects almost 100 percent of all individuals paying the Alternative Minimum Tax, so it is something that one [...]
October 6th, 2010 | Print This Post
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The Alternative Minimum Tax is a very important consideration for taxpayers who own real estate because just about every tax rule applying to real estate is different for the AMT than it is for the Regular Tax. This third part of our four-part series on Real Estate and the AMT will address those situations where [...]
October 3rd, 2010 | Print This Post
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For Regular Tax purposes you are allowed a deduction for all state income taxes that you pay. If you are stuck in the Alternative Minimum Tax, however, you are allowed no deduction for state income taxes. This problem affects almost 100 percent of all individuals paying the Alternative Minimum Tax, so it is something that [...]
September 21st, 2010 | Print This Post
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The Alternative Minimum Tax is a very important consideration for taxpayers who own real estate because just about every tax rule applying to real estate is different for the AMT than it is for the Regular Tax. This second part of our four-part series on Real Estate and the AMT will address the most common [...]
September 18th, 2010 | Print This Post
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“It’s the time of the season” was the way we introduced this Fall planning series a year ago. Swimming pools are closed, the kids are back in school, and the foliage may be starting to turn. Only a few of you stragglers are on final extension to October 15 for your 2009 returns. It’s time [...]
September 14th, 2010 | Print This Post
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The Alternative Minimum Tax is a very important consideration for taxpayers who own real estate, because many of the rules that apply to real estate are different for the AMT than they are for the Regular Tax. This article is the first of a four-part series on Real Estate and the AMT. We’ll start with [...]
August 29th, 2010 | Print This Post
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The Alternative Minimum Tax frequently is described as a “separate” or “parallel” tax system in an attempt to distinguish it from the “Regular” tax system that applies to all other taxpayers. But there really is only one tax system in the U.S. – our Internal Revenue Code – that applies to everyone. This article will [...]
