Alternative Minimum Tax (AMT) | FerrariChat

Alternative Minimum Tax (AMT)

Discussion in 'Other Off Topic Forum' started by UroTrash, Apr 1, 2004.

This site may earn a commission from merchant affiliate links, including eBay, Amazon, Skimlinks, and others.

  1. UroTrash

    UroTrash Four Time F1 World Champ Consultant Owner

    Joined:
    Jan 20, 2004
    Messages:
    40,734
    Location:
    Purgatory
    Full Name:
    Clifford Gunboat
    Wow! Just got back from my accountant to pick up my taxes. Up to this point the AMT was something i had HEARD about.... look out, its REAL!
     
    UroTrash, Apr 1, 2004
    #1
  2. Doody

    Doody F1 Veteran

    Joined:
    Nov 16, 2001
    Messages:
    6,099
    Location:
    MA USA
    Full Name:
    Mr. Doody
    serious as a heart attack.

    doody.
     
    Doody, Apr 1, 2004
    #2
  3. tifosi69

    tifosi69 Formula 3

    Joined:
    Dec 23, 2003
    Messages:
    1,678
    Location:
    Atlanta, Ga.
    Full Name:
    Al-Al Cool J
    What percent did it break down for you...if you don't mind me asking?
     
    tifosi69, Apr 1, 2004
    #3
  4. UroTrash

    UroTrash Four Time F1 World Champ Consultant Owner

    Joined:
    Jan 20, 2004
    Messages:
    40,734
    Location:
    Purgatory
    Full Name:
    Clifford Gunboat

    This year only about 2% but projection for next year is about 10% increase because of a land sale... the tax on the land sale is a "tax preference item"... (PREFERENCE ITEM!!!!) well actually I'd PREFER not to pay it!
     
    UroTrash, Apr 1, 2004
    #4
  5. ross

    ross Three Time F1 World Champ Owner Silver Subscribed

    Joined:
    Mar 25, 2002
    Messages:
    38,191
    Location:
    houston/geneva
    Full Name:
    Ross
    get hit with that one every year and i hate it ! btw, i recently found out that one of signals to have your return checked for eligibility is if you take the deduction for 3 kids (as i do), imagine that ! i am sure there are plenty of other triggers (like income), but i thought that one was especially cruel.
     
    ross, Apr 1, 2004
    #5
  6. UroTrash

    UroTrash Four Time F1 World Champ Consultant Owner

    Joined:
    Jan 20, 2004
    Messages:
    40,734
    Location:
    Purgatory
    Full Name:
    Clifford Gunboat

    4 kids here.....
     
    UroTrash, Apr 1, 2004
    #6
  7. Texas Forever

    Texas Forever Eight Time F1 World Champ BANNED Rossa Subscribed

    Joined:
    Apr 28, 2003
    Messages:
    85,600
    Location:
    Texas!
    The AMT is perhaps the best example of how flawed our income tax system has become. I call it the cookie jar tax. It's okay to take maybe one or two cookies from the tax-loophole cookie jar. But if you take too many, jump back Jack!

    Congress on one hand gives us tax loopholes that they take away with the other.

    It's really too bad that the Reagan tax miracle didn't last very long. You know, no difference between capital and ordinary income, close tax loopholes, and lower the top rate to 28%. It was the lowering of the top tax rate from 70% (yes 70%) to 28% that killed tax shelters in the 80s.

    Dr "Don't tax me. Don't tax thee. Let's tax the feller behind the tree" Tax
     
    Texas Forever, Apr 1, 2004
    #7
  8. tifosi69

    tifosi69 Formula 3

    Joined:
    Dec 23, 2003
    Messages:
    1,678
    Location:
    Atlanta, Ga.
    Full Name:
    Al-Al Cool J
    One kid here...that I KNOW of ... heh heh heh!
     
    tifosi69, Apr 1, 2004
    #8
  9. Texas Forever

    Texas Forever Eight Time F1 World Champ BANNED Rossa Subscribed

    Joined:
    Apr 28, 2003
    Messages:
    85,600
    Location:
    Texas!
    Zip it my man. Zip it up! :)
     
    Texas Forever, Apr 1, 2004
    #9
  10. bobafett

    bobafett F1 Veteran

    Joined:
    Sep 28, 2002
    Messages:
    9,193
    And caused quite a few...

    --Dan
     
    bobafett, Apr 1, 2004
    #10
  11. tvrfreak

    tvrfreak F1 Rookie BANNED

    Joined:
    Mar 31, 2003
    Messages:
    3,879
    Location:
    Arkansas
    Full Name:
    F K
    Friend of mine started a company that provides some sort of relief from AMT burdens. It's for individuals whose tax liability was negatively affected by stock option grants that became worthless. Might be of some help.

    www.asksos.com.
     
    tvrfreak, Apr 1, 2004
    #11
  12. UroTrash

    UroTrash Four Time F1 World Champ Consultant Owner

    Joined:
    Jan 20, 2004
    Messages:
    40,734
    Location:
    Purgatory
    Full Name:
    Clifford Gunboat

    Believe me, that's no longer a problem...
     
    UroTrash, Apr 1, 2004
    #12
  13. UroTrash

    UroTrash Four Time F1 World Champ Consultant Owner

    Joined:
    Jan 20, 2004
    Messages:
    40,734
    Location:
    Purgatory
    Full Name:
    Clifford Gunboat
    I WISH that would help. Unfortunately (or maybe fortunately) I have the world's simplest return, virtually no deductions, no fancy this or thats, He11, I can't even deduct my kids anymore! And STILL the AMT....
     
    UroTrash, Apr 1, 2004
    #13
  14. tvrfreak

    tvrfreak F1 Rookie BANNED

    Joined:
    Mar 31, 2003
    Messages:
    3,879
    Location:
    Arkansas
    Full Name:
    F K
    tvrfreak, Apr 2, 2004
    #14

Share This Page