People don't expect it. The presumption is that when you pay taxes that are deductible you won't have to pay tax again. Just having a lot of kids can put you into the AMT. |
People don't realize that if they win they can actually take a deduction for expenses they incurred or if they had losses. |
States with no income tax complained that their taxpayers were at a disadvantage, so now everyone has the choice of deducting sales or income tax, |
States with no income tax complained that their taxpayers were at a disadvantage, so now everyone has the choice of deducting sales or income tax. |
That obviously is not a good thing to do. |
The AMT assistant is a bit limited. They give you a list of things where you're not eligible to use the calculator. |
The key advantages are the low chance of inaccuracy, and the fast refund. |
The law was passed in October, so if you're not the kind of person who saves every receipt you can use a table based on your income and family size. |
The only exception is if your office is a detached structure. |
They'll be able to figure it out and they'll send you a bill, plus interest and potentially a penalty, ... You can't avoid AMT by saying you won't fill out the form. |
They'll be able to figure it out and they'll send you a bill, plus interest and potentially a penalty. You can't avoid AMT by saying you won't fill out the form. |
To the extent you don't repay, you'll be charged very high rates. |
When we have clients come with us, we say 'Don't say anything'. |
You need to work through which of the qualified dividends you received from a mutual fund are actually qualified based on the holding period. |
You're basically asking for it. |