Thursday, September 29, 2011

How To Cut Your Alternative Minimum Tax

How To Cut Your Alternative Minimum Tax

Did you know that you're supposed to calculate your income taxes two different ways? First, you figure your tax liability under the regular tax system, which factors in preferential treatment of some income and allows tax credits for certain types of expenses. Then you calculate your taxes using the rules for the alternative minimum tax (AMT), which eliminates some tax deductions and credits. If the AMT is higher, you will be subject to taxes in addition to your regular income tax. Read on to learn more about reducing your AMT. (To continue reading about taxes, see Tax Tips For The Individual Investor.)

Read more: http://www.investopedia.com/articles/pf/07/amtbasics.asp#ixzz1ZOCKWt90

http://www.investopedia.com/articles/pf/07/amtbasics.asp#axzz1ZIafx7er

http://www.amtindividual.com/amt-tax-rates.html

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Alternative Minimum Tax Products and Services

AMTIndividual is the best alternative minimum tax calculator, AMT planning strategies and AMT software package available with the simple goal of helping individual's like you calculate, plan and reduce your AMT. Choose the product that best fits your needs.

AMT101 includes multiple categories to enhance your understanding and answer your questions about the alternative minimum tax. Please select your category:

http://www.amtindividual.com/amt-individual-products.html

Kiplinger.com AMT Calculator

Make good money? Live in a high-tax state? Have a lot of dependents? The Alternative Minimum Tax could raise your tax bill. See if you’ll pay it.

The Alternative Minimum Tax is a parallel system developed more than 40 years ago by Congress to make sure the wealthy paid at least some income tax. But because the AMT was never indexed for inflation, it increasingly ensnares many middle-class Americans. Knowing whether you’re likely to be snagged by the AMT can help guide your year-end tax planning.

Try our calculator below. Enter:

What you expect your 2011 taxable income to be (use line 43 from last year’s 1040 if you had no big changes in income this year.)
How many exemptions you will claim for yourself and your dependents.
Whether you choose the standard deduction or itemize deductions

If you itemize, we’ll also need to know about how much you paid in real estate taxes and state income taxes (or state sales taxes) that you normally deduct on your tax return.

Alternative Mininmum Tax Calculator

Thursday, September 29, 2011

How To Cut Your Alternative Minimum Tax

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