0
Alternative Minimum Tax (AMT) Go to the IRS gov website and use the search box for Topic 556 - Alternative Minimum Tax
The tax laws provide tax benefits for certain kinds of income and allow special deductions and credits for certain kinds of expenses. The alternative minimum tax (AMT) attempts to ensure that anyone who benefits from these tax advantages pays at least a minimum amount of tax.
The AMT is a separately figured tax that eliminates many deductions and credits, thus increasing tax liability for an individual who would otherwise pay less tax. The tentative minimum tax rates on ordinary income are percentages set by law. For capital gains and certain dividends, the rates in effect for the regular tax are used.
You may have to pay the AMT if your taxable income for regular tax purposes plus any adjustments and preference items that apply to you are more than the AMT exemption amount.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What does Delayed tax refund due to code 1201 mean?
I'm not sure...but that code section deals with alternative minimum tax for corporations if that helps.
How much will your tax refund be if you get married?
That depends on what your and your spouse's income is, the source(s) of that income, whether or not you have children, what tax adjustments, deductions, and credits you are entitled to, whether or not you are subject to Alternative Minimum Tax (AMT), and how much tax you paid in or had withheld.
What determines whether an entity pays regular income tax or AMT?
Corporations determine whether an entity pays regular income tax or Alternative Minimum Tax (AMT). Most state income taxes are determined on the same tax year as the federal tax year.
What is meaning of Minimum Alternative Tax?
It is another tax system that works in conjunction with the normal one, so if a person or company reduces their tax liability by use of certain deductions below a certain point, they still pay tax. Hence if you do great tax loophole or such finding, you will still pay a tax.
Is specific tax a better alternative raise tax revenue?
..Economics: CaseStudy...??..
What does AMT mean?
Alternative Minimum Tax
What does AMT abbreviation mean?
Alternative Minimum Tax
What has the author Thomas J Purcell written?
Thomas J. Purcell has written: 'The alternative minimum tax' -- subject(s): Accounting, Alternative minimum tax, Law and legislation
AMT in Canada?
Yes, Canada does have an Alternative Minimum Tax.
Does the state of Hawaii charge a alternative minimum tax to native residents?
yes they do charge them accordingly and minimum. hawai is basically more of tourist attraction and they have very few natives so in order to make the things easy they charge them minimum taxes. Yes the state of Hawaii does charge a alternative minimum tax. There are also exemptions to this tax law.
What is alternative minimun tax and how does it affect my taxes?
An alternative minimum tax is a tax that some people have to pay on top of regular taxes.The idea behind the tax is to prevent people with very high incomes from using special tax benefits to pay little or no tax.
What does Delayed tax refund due to code 1201 mean?
I'm not sure...but that code section deals with alternative minimum tax for corporations if that helps.
How much money can a couple make before the alternative minimum tax takes effect?
For the 2009 tax year the AMT exemption amount was $70,950 if married filing jointly
How much will your tax refund be if you get married?
That depends on what your and your spouse's income is, the source(s) of that income, whether or not you have children, what tax adjustments, deductions, and credits you are entitled to, whether or not you are subject to Alternative Minimum Tax (AMT), and how much tax you paid in or had withheld.
What determines whether an entity pays regular income tax or AMT?
Corporations determine whether an entity pays regular income tax or Alternative Minimum Tax (AMT). Most state income taxes are determined on the same tax year as the federal tax year.
What is meaning of Minimum Alternative Tax?
It is another tax system that works in conjunction with the normal one, so if a person or company reduces their tax liability by use of certain deductions below a certain point, they still pay tax. Hence if you do great tax loophole or such finding, you will still pay a tax.
What is the definition for alternative?
diffrent...
