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 LOC [...]
I posed the following question to my fellow tax professionals on Twitter a few weeks ago: https://twitter.com/dinesentax/status/210135050556162052 Typical of the modern-day Twitter experience, I got exactly ONE response (thanks, Anthony Falcone!). But I digress. I am advising clients that an AMT patch will almost certainly be passed for 2012. As is brought up every few years [...]
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 to [...]