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Entries from Roth & Company, P.C. tagged with 'AMT'
Because lies are built into the baseline
TaxVox: "Why We’re Going to Keep Patching the AMT—And Why It Will Cost So Much"...
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Tax Simplification - or just forms fiddling?
Trish McIntire is unimpressed by sample forms used to demonstrate the Bipartisan Tax Fairness and Simplification Act of 2010: If you want to simplify the tax code, simplify the confusing theory and not the forms. All you are doing is...
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Your deduction may be Schedule C, or it may be nothing at all
One of the first things people figure out about tax returns is that deductions on Schedule C are better than deductions on Schedule A. A legitimate Schedule C deduction is fully-deductible whether you itemize or not, for regular taxes or...
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Should you prepay your taxes due next year?
One of the most common tax planning tricks is to pay in December taxes that are otherwise due in January and April. For income taxes, this is usually done by sending the taxes in as additional estimated payments. For property...
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Well, the market crash was an education of sorts...
You can get a miscellaneous itemized deduction by cashing out an underwater Sec. 529 college savings plan, as William Perez explains. Remember, any deduction you get - and miscellaneous deductions only count to the extent they exceed 2% of adjusted...
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Stimulus conference bill has AMT patch
The conference version of the stimulus monstrosity "stimulates" us by including the alternative minimum tax "patch" for 2009 that was sure to pass eventually anyway. The bill (Section 1012) prevents the AMT from applying to 20 million or so new...
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5-Year NOLs for businesses with 3-year gross receipts averaging up to $15 million
As rumored yesterday, the stimulus monstrosity conference negotiators trimmed back the provision that would allow businesses to carry net operating losses back five years, instead of the normal two years. The conference bill only allows businesses with average gross receipts...
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Long-term minimum tax credits: what are they?
Cash is king right now, and the new tax law turns "long-term minimum tax credits" into cash over the next two filing seasons. This prompts a reader question: In your very informative article 10/6/08 I have a Question on terms;...
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How the refundable AMT credit works
A reader asks a question that identifies a tricky issue in dealing with ISOs and the minimum tax credit under the new rules enacted last week. I have changed some of his numbers so it works better as an example....
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The bailout: more on the tax provisions
While most of the tax provisions attached to the bailout bill that passed the Senate yesterday were extensions of the "expiring" tax breaks that never actually seem to expire, there are a few new ones. The three original tax provisions...
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IT'S NOT ROCKET SCIENCE; IT'S WORSE
Tax Vox comments on how the complexity of the alternative minimum tax plays out in the real world: The Treasury Inspector General for Tax Administration (TIGTA) has just released a report, based on a review of tax returns filed in...
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SHOULD YOU PREPAY YOUR STATE AND LOCAL TAXES?
Paying your state and local taxes early is one of the oldest tricks in the year-end tax planning book. If you are going to owe the state in April, you might as well take the deduction now, right? Maybe. While...
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DOG BITES MAN, IT'S COLD IN IOWA IN DECEMBER...
...Senate fails to agree on how to fix AMT, and... Larry D. Harvey loses three cases in Tax Court on whether you have to pay taxes on income earned in Antarctica. If you're counting, he's 0-61....
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IRS OVERSIGHT BOARD: IRS CAN'T BAIL OUT DAWDLING CONGRESS
The IRS Oversight Board says that the IRS can't change it's systems based on what Congress might do to fix the alternative minimum tax. The IRS return processing systems can't be programmed for "what-ifs," according to the board: These systems...
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