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  1. #1
    Super Member kenmac's Avatar
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    Feb 2005
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    The Heart of Dixie
    Tractor
    yanmar 3110D

    Default AMT TAX ??

    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 !!

  2. #2
    Epic Contributor MossRoad's Avatar
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    Aug 2001
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    29,385
    Location
    South Bend, Indiana (near)
    Tractor
    Power Trac PT425 2001 Model Year

    Default Re: AMT TAX ??

    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.
    MossRoad

    Click On My Little Tractor
    To See Pictures And Videos
    Of It In Action!!!


  3. #3
    Super Star Member
    Join Date
    Apr 2001
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    11,987
    Location
    PA
    Tractor
    NH TC25D

    Default Re: AMT TAX ??

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

  4. #4
    Veteran Member
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    Jul 2005
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    1,702
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    Southwest VA

    Default Re: AMT TAX ??

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

  5. #5
    Silver Member
    Join Date
    Apr 2006
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    208
    Location
    North of Escondido, San Diego
    Tractor
    Kubota L4330****RTV 900

    Default Re: AMT TAX ??

    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.

  6. #6
    Super Member kenmac's Avatar
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    Feb 2005
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    The Heart of Dixie
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    yanmar 3110D

    Default Re: AMT TAX ??

    Quote Originally Posted by 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.


    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 ???
    Last edited by kenmac; 12-09-2007 at 09:39 PM.

  7. #7
    Epic Contributor MossRoad's Avatar
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    Aug 2001
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    South Bend, Indiana (near)
    Tractor
    Power Trac PT425 2001 Model Year

    Default Re: AMT TAX ??

    Quote Originally Posted by kenmac
    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?
    MossRoad

    Click On My Little Tractor
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  8. #8
    Silver Member
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    Jul 2006
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    Location
    alabama
    Tractor
    kubota 3130

    Default Re: AMT TAX ??

    Seems like a good question to me.

  9. #9
    Super Star Member
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    PA
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    NH TC25D

    Default Re: AMT TAX ??

    Quote Originally Posted by bamatoolmaker
    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.

  10. #10
    Elite Member SkyPup's Avatar
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    Dec 2003
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    North Central, Florida
    Tractor
    Kubota L-39 GST TLB, Kubota L3130GST, Massey 1030 HST, Kubota ZD-21 ProDecK, Two Euro VW TDIs

    Default Re: AMT TAX ??

    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!!
    Suck, Squeeze, Bang, Blow......GO Diesel GO!

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