Glossary of Tax Terms: AMT
AMT refers to Alternative Minimum Tax, an alternate tax calculation that applies to some taxpayers.
AMT refers to Alternative Minimum Tax, an alternate tax calculation that applies to some taxpayers.
This questions comes up from clients now and then. Here’s a scenario I dealt with a few years ago. SCENARIO: Client has their eye on a piece of property they want to buy. They take out a line of credit against their house in order to purchase the property. Then the deal falls through. The […]
An example of what could happen if Congress doesn’t pass a patch to the alternative minimum tax for 2012.
I posed the following question to my fellow tax professionals on Twitter a few weeks ago: Tax pros – how are you advising clients on AMT for 2012? Are you assuming the usual patch will be passed? — Jason Dinesen (@dinesentax) June 5, 2012 Typical of the modern-day Twitter experience, I got exactly ONE response […]
All of these are actual questions from readers over the last couple of weeks. Q: What are boxes 18-20 on a W-2 for? A: Some cities levy an income tax. For example, New York City, many cities that have a professional sports team, and most cities and towns in Ohio. If you earned wages subject […]