alternative minimum tax exclusion
Tax Relief - Foreign Earned Income
A U.S. citizen is taxed on their global income in the USA. The same applies to resident aliens of the U.S. Global income means income earned in any part of the world. It can be income received from a U.S. or foreign company. However, there is tax […]

alternative minimum tax example
Tax Relief
Tax relief is any deduction from taxes allowed to taxpayers by federal or state tax authorities for certain expense categories. An example is allowing the deduction of interest paid on educational loans from the income tax payable. Tax relief also takes the form of full or partial tax exemptions for low- […]

alternative minimum tax estimator
Tax Refund Estimator - Tax Return Estimator - How to Use it
Would you like to do a quick estimate of your taxes before tackling the real thing? By entering some basic information regarding your earnings, filing status, and deductions you can get a quick estimate of your Federal tax refund or amount […]

alternative minimum tax estimate
How To Estimate Your Irs Tax Refund In Advance, For Free
Wouldn’t it be nice to know how much your income tax refund check will be. It’s like having money in the bank. Yes, there is a simple way to estimate your tax refund in advance and it won’t cost you a dime.
I’m […]

alternative minimum tax depreciation
Calculating Depreciation For Your Investments
Investing in real estate? Thinking about buying new equipment for your business? The depreciation you take on your tax return can turn into a significant tax benefit. But you need to make some complex calculations. Fortunately, Microsoft Excel can help.
Excel’s VDB function calculates declining balance depreciation for an […]

alternative minimum tax democrats
Democratic Budget - PAYGO EQUALS PAYMORE!!
The Democrats promised to balance the budget by 2012. They said they will do this by finding “$900 billion in additional revenues.”
Translation-TAX INCREASES!!
They would let the recent tax cuts expire in 2010. This means among other things bringing back the marriage penalty tax and cutting the child […]

alternative minimum tax definition
The Alternative Minimum Tax, What Can Be Done?
I know you must be frustrated with this alternative minimum tax but do you really know what it is all about? Chances are you don’t fully understand. I will attempt to explain the alternative minimum tax to you and offer some tax planning strategies to […]

alternative minimum tax defined
Many Taxpayers Overlook AMT
Many taxpayers don’t ever consider checking to see if they fall into the AMT. In fact, many don’t even know what it is.
Those that attempt to figure it out, often get confused by the calculations and simply assume that they don’t owe it.
“Many taxpayers are unaware that the AMT […]

alternative minimum tax deductions
Tax Deductible Items - How to Find & Use More
You probably already know that finding and using more tax deductible items can lower your tax bill. But how do you find and use these valuable tax deductions? Easy… You can go to Turbotax online and use their tax deduction maximizer to find […]

alternative minimum tax deduction
Federal Income Tax Deduction - Give Me The Basics
Federal income tax deduction, you’ve heard the term before, but what is it exactly? Well, what a federal income tax deduction is a statutory requirement of the United States law. Every single United States citizen must pay it, as long as they fall in […]

alternative minimum tax credits
Tax Relief - Lowering Your Tax Liability
- The quickest way to double your money is to fold it in half and put it back in your pocket.
Tax credits reduce your liability dollar-for-dollar. In terms of tax relief, credits are better than deductions. Deductions lower the amount you owe, while credits lower the […]

alternative minimum tax credit
Tax Time - Top 10 Tips to Assist in Tax Preparation
1. Throughout the Year, Keep Your Tax Records Organized. The time it takes to prepare your taxes is dramatically reduced for those who develop a system for organizing their documents, receipts and records. A good theme around which I use to organize […]

alternative minimum tax corporations
Benefits of S Corporations
The owners of any business, irrespective of the size, can benefit from incorporating. With the Tax Reform Act of 1986, the S Corporation became a highly desirable entity for corporate tax purposes. An S Corporation is a special tax designation granted by the IRS to corporations. Many small business […]

alternative minimum tax corporation
S Corporations
An S corporation is a regular corporation with an “S corporation” tax status. This means that this corporation enjoys the benefits of a limited-liability corporation, but can pay income taxes on the same basis as a sole proprietor or a partnership.
The other type of corporation is called a C corporation. The […]

alternative minimum tax congress
The IRS has an office within it that most people are completely unaware of – the national taxpayer advocate. What does the advocate due? The office helps you deal with the IRS when it gets to aggressive.
Each year, the taxpayer advocate kicks out a report on the overall tax situation. The report […]

alternative minimum tax computation
Alternative Minimum Tax - Online Tool
Hell hath no fury like a person who just found out the alternative minimum tax applies to them. The IRS has set up an online tool to figure out if you do.
Alternative Minimum Tax
The alternative minimum tax is a procedure that was set up to keep the […]

alternative minimum tax charitable contributions
Charitable Contributions - Giving to Charities and Avoiding Scams
Most people give the majority of their charitable donations during the holiday season. There is a way to transfer assets to a charity in a tax-advantaged way, but this opportunity expires at the end of the year.
It’s called the Pension Protection Act of […]

alternative minimum tax charitable
Tax Relief - Older Philanthropist Option
One recent tax law does provide some Tax relief for charitable donations. The law gives the older philanthropist the opportunity to give to charitable organizations and makes it easier for them. Any individual who is aged 70½ years or older are now able to transfer funds from […]

alternative minimum tax changes
National Taxpayer Advocate Tell Congress to Deal with AMT Tax
The IRS has an office within it that most people are completely unaware of – the national taxpayer advocate. What does the advocate due? The office helps you deal with the IRS when it gets to aggressive.
Each year, the taxpayer advocate kicks out […]

alternative minimum tax carryover
Planning on Paying your Credit Card Bills With Your Tax Refund?
A last minute Congressional change to the tax code is both good news and bad news to the average taxpayer. Congress voted to approve a bill that puts in place a one-year fix of the AMT (alternative minimum tax) which was created […]