AMT TAX ??

[kenmac]

I have heard alot about this tax lately. I"ll admit I don't understand this tax but, have had several people tell me that they had to pay this tax last year & didn't like it.There was even a cartoon in the paper that showed a person being choaked it said this is regular TAXES. Then, another cartoon that showed soneone getting squashed with a hammer & it said this is AMT TAX. I sure hope I don't fall under AMT tax this year & from what I have heard, I hope none of you do either !!

[MossRoad]

I'm not so sure this is the placed to discuss it. It can be extremely complicated, so why get tax advice at a tractor board? Do some web searches on the Alternative Minimum Tax and start reading. A good tax preparation software package should guide you through it and see if you have to pay it. Best of luck.

[MikePA]

The second link in a simple Google search for AMT explains all about it. Click here.

[randy41]

i know a lot about AMT being a CPA but i think Moss and Mike gave some good advice there.

[zeuspaul]

HRBlock has an AMT estimator Tax Estimator | Tax Calculator, Refund, Tax Estimator | H&R Block

Put in your numbers and you will see if you qualify. Congress is poised for another one year fix before the end of the year.

If you pay a lot of state and local income and property tax you are at risk of kicking in the AMT. It's basically a flat tax of about 26 %? after subtracting the AMT exemption and allowable deductions such as mortgage interest and charity.

Zeuspaul...who qualifies without the fix.

[kenmac]

I'm not so sure this is the placed to discuss it. It can be extremely complicated, so why get tax advice at a tractor board? Do some web searches on the Alternative Minimum Tax and start reading. A good tax preparation software package should guide you through it and see if you have to pay it. Best of luck.

Does this also apply to those looking for hvac, plumbing, electrical, gas, automobile repairs, etc, advise on a tractor board

these can also be complicated questions. Why do those ask for this type of advice on a tractor board .There is also good reading on these subjects

What about gun questions ?? This is a tractor board, as you say .so, whay ask gun questions ???

[MossRoad]

Does this also apply to those looking for hvac, plumbing, electrical, gas, automobile repairs, etc, advise on a tractor board

these can also be complicated questions. Why do those ask for this type of advice on a tractor board .There is also good reading on these subjects

What about gun questions ?? This is a tractor board, as you say .so, whay ask gun questions ???

I didn't say the poster shouldn't ask the question. I said I'm not so sure this is the place to discuss it. Have you seen anyone give him tax advice yet? Its been up for question for two days, yet only 4 replies. Why do you think that is?

[bamatoolmaker]

Seems like a good question to me.

[MikePA]

Seems like a good question to me.

To repeat what Mossroad said, the question is fine, no need for people to get all bent out of shape. It's the discussion that that's sparse. There are a lot of people on this board who know about hvac, plumbing, electrical, gas, and automobile repairs as well as a lot of people who own guns. Not many tax accountants. There are a lot better places on the net to ask tax questions and several links have been posted with the answer.

[SkyPup]

A Politican's Creed

Tax his land,

Tax his wage,

Tax his bed in which he lays.

Tax his tractor,

Tax his mule,

Teach him taxes is the rule.

Tax his cow,

Tax his goat,

Tax his pants,

Tax his coat.

Tax his ties,

Tax his shirts,

Tax his work,

Tax his dirt.

Tax his tobacco,

Tax his drink,

Tax him if he tries to think.

Tax his booze,

Tax his beers,

If he cries,

Tax his tears.

Tax his bills,

Tax his gas,

Tax his notes,

Tax his cash.

Tax him good and let him know

That after taxes, he has no dough.

If he hollers,

Tax him more,

Tax him until he's good and sore.

Tax his coffin,

Tax his grave,

Tax the sod in which he lays.

Put these words upon his tomb,

"Taxes drove me to my doom!"

And when he's gone,

We won't relax,

We'll still be after the inheritance TAX!!