May 22nd, 2009 | 
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It’s a pretty safe bet to say that the vast majority of folks do not have an understanding of the Alternative Minimum Tax. In this next “mini-series” of articles we’re going to try to give you just an outline of it, not a full-semester course as our title would indicate. This is an “audit” class [...]
May 6th, 2009 | Print This Post
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The IRS has put on its web site a summary of changes made to the Alternative Minimum Tax for 2008 and for 2009. While the 2008 information isn’t of much interest to those who already have filed their 2008 tax returns, it is worth noting the changes taking effect in the current year. The 2009 [...]
April 24th, 2009 | Print This Post
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Last week President Barack Obama and Vice President Joe Biden released their 2008 income tax returns. The President is not paying the AMT, but the Vice President is still stuck in it, as he has been for several years. We had seen this when they made their tax returns public during the presidential campaign. Biden’s [...]
April 16th, 2009 | Print This Post
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“Subchapter A of chapter 1 (relating to determination of tax liability) is amended by adding at the end thereof the following new part: “Part VI – Minimum Tax for Tax Preferences “Sec. 56. Imposition of tax. “In addition to the other taxes imposed by this chapter, there is hereby imposed for each taxable year, with [...]
April 10th, 2009 | Print This Post
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It’s common knowledge that we have to pay our taxes as we earn our income. For employees, taxes are withheld from each paycheck, while self-employed folks are required to make quarterly estimated tax payments. But what about the AMT? Not-so-common knowledge is that the AMT also must be paid throughout the year – if you [...]
April 6th, 2009 | Print This Post
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The AMT “patch” that Congress passed in the recent stimulus bill saved 24 million taxpayers from falling into the AMT in 2009. As we mentioned in the last article, this temporarily fixed the problem caused by Congress’ original failure to index the AMT for inflation. What is indexing? Under our system, tax brackets are progressive [...]
March 31st, 2009 | Print This Post
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Once again we read that Congress has fixed the AMT problem by enacting a temporary “patch” in the recent stimulus bill. With this, 24 million taxpayers who otherwise would be in the AMT in 2009 are spared – but only for one year. Come January 1 these 24 million people again risk falling into the [...]
