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Alternative Minimum Tax (AMT)

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

  1. UroTrash

    UroTrash Three Time F1 World Champ
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    #1 UroTrash, Apr 1, 2004
    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!
     

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  2. Doody

    Doody F1 Veteran

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    #2 Doody, Apr 1, 2004
    serious as a heart attack.

    doody.
     
  3. tifosi69

    tifosi69 Formula 3

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    #3 tifosi69, Apr 1, 2004
    What percent did it break down for you...if you don't mind me asking?
     
  4. UroTrash

    UroTrash Three Time F1 World Champ
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    #4 UroTrash, Apr 1, 2004

    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!
     
  5. ross

    ross Three Time F1 World Champ
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    #5 ross, Apr 1, 2004
    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.
     
  6. UroTrash

    UroTrash Three Time F1 World Champ
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    #6 UroTrash, Apr 1, 2004

    4 kids here.....
     
  7. Texas Forever

    Texas Forever Six Time F1 World Champ
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    #7 Texas Forever, Apr 1, 2004
    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
     
  8. tifosi69

    tifosi69 Formula 3

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    #8 tifosi69, Apr 1, 2004
    One kid here...that I KNOW of ... heh heh heh!
     
  9. Texas Forever

    Texas Forever Six Time F1 World Champ
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    #9 Texas Forever, Apr 1, 2004
    Zip it my man. Zip it up! :)
     
  10. bobafett

    bobafett F1 Veteran

    Sep 28, 2002
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    #10 bobafett, Apr 1, 2004
    And caused quite a few...

    --Dan
     
  11. tvrfreak

    tvrfreak F1 Rookie
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    #11 tvrfreak, Apr 1, 2004
    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.
     
  12. UroTrash

    UroTrash Three Time F1 World Champ
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    #12 UroTrash, Apr 1, 2004

    Believe me, that's no longer a problem...
     
  13. UroTrash

    UroTrash Three Time F1 World Champ
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    #13 UroTrash, Apr 1, 2004
    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....
     
  14. tvrfreak

    tvrfreak F1 Rookie
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    #14 tvrfreak, Apr 2, 2004

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