Alternative Minimum Tax

President Barack Obama has signaled in this 2012 State of the Union address that his re-election campaign will be centered on class warfare.  Among the many ideas being floated in President Obama’s war on success is his desire to tax individuals earning $1 million or more at a minimum of 30% under his “Buffett rule“.  It should be noted that populist political gimmicks like this have been tried before; the results have been spectacular failures. There’s a saying, “Those who cannot remember...Read Full Story

ISBN13: 9781572484603 Condition: USED – VERY GOOD Notes: Product DescriptionEssentially, another way taxpayers are forced to calculate their taxes-the Alternative Minimum Tax increases your tax bill by reducing many of the exemptions, deductions and credits you may have taken when figuring your regular taxes. Originally designed as a way for the rich to be forced to pay taxes, the Alternative Minimum Tax now has a very real impact on individuals with even a modest income. The Alternative...Read Full Story

If our Congress had not taken action, millions more individuals would have been hammered with the dreaded alternative minimum tax (AMT). So the politicians put yet another one-year patch in place. As a result, if you did not owe the AMT for last year, you probably won’t owe it for this year either. The patch has two parts.First Part: Higher AMT Exemptions The first part of the patch grants expanded AMT exemption amounts for 2008. You subtract these exemptions from your income in arriving at...Read Full Story

Income that is earned from investments is a significant factor in the amount of Alternative Minimum Tax an individual pays. Certain types of investment income (dividends, capital gains, certain interest, e.g.) as well as the amount of this income in relation to the taxpayer’s other income, all factor into the AMT formula. A taxpayer usually has much more control over investment income than he does his salary, for example, making this source of income much more important from an Alternative...Read Full Story

From FOX News.com: Of all the tax issues facing Congress when it returns for a lame duck session after the Nov. 2 midterm elections, the annual rite of patching the Alternative Minimum Tax will be the most urgent. Unlike the debate over the Bush tax cuts, which will affect taxpayers' income in 2011, the AMT applies to 2010. And the delay in patching it is already causing problems and raising alarms for large numbers of middle-income taxpayers -- as many as 25 million Americans, according to...Read Full Story