Alternative Minimum Tax | Best Tax Tips

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Tax-saving Moves for the Rest of 2009

April 15 is still several months away, but it’s not too soon to give your 2009 tax situation some extra attention. Here are some pointers that could lighten your federal income-tax burden. Image by Walt Jabsco via Flickr Buy a car. State and local sales or excise taxes paid on the purchase of a new vehicle are potentially tax deductible. Tax credits are available for purchases of new energy-efficient...

October 12th, 2009 by The Tax Man

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The Economic Stimulus Act of 2008 Business Tax Benefits

The The Economic Stimulus Act of 2008 included bonus depreciation to encourage businesses to increase investment. However, companies in a loss position cannot take advantage of bonus depreciation because they do not have any taxable income against which to take the deductions. Image by cbcastro via Flickr The housing act allows taxpayers (corporations) to use accumulated alternative minimum...

January 10th, 2009 by The Tax Man

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Alternative Minimum Tax (AMT)

Image via Wikipedia The Alternative Minimum Tax parallels the regular income tax: taxpayers whose AMT liability exceeds their regular tax liability pay the difference as AMT. The AMT replaces personal exemptions and some deductions (most notably, the standard deduction and the deduction of state and local taxes) with an AMT exemption and applies two tax rates-26% on the first $175,000 and 28%...

December 4th, 2008 by The Tax Man

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