Like all taxes, it is absolutely situational...I would suspect that the overwhelming percent of music producers don't pay AMT at all. (And of course, AMT if applicable, does become a credit toward future regular tax anyway). No income tax is determined by the field/profession of the tax payer. It is all, always, addressed as a matter of taxable income (and in this case amt taxable income).
AMT is short for Alternative Minimum Tax.
The total Federal Tax paid is the sum of the federal taxes that you have payed either through payroll deductions or estimated taxes that you have paid to the federal government or others that have paid federal taxes to your benefit, for that particular tax year.
No. Federal taxes are never deductible from Federal taxes! (Even if you paid them the year they were due. Certainly paying them in a later year won't produce a benefit).
No
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file it dam you will get all that you paid in to federal and yes you have to file your taxes period
Federal state taxes are taxes to be paid to the federal government on owned property. Theses taxes are to be paid once a year.
The total Federal Tax paid is the sum of the federal taxes that you have payed either through payroll deductions or estimated taxes that you have paid to the federal government or others that have paid federal taxes to your benefit, for that particular tax year.
No. Federal taxes are never deductible from Federal taxes! (Even if you paid them the year they were due. Certainly paying them in a later year won't produce a benefit).
Federal taxes are paid to the Internal Revenue Service.
No
taxes were paid to the states who, in turn, paid the federal government.
yes
Federal & State Income taxes
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federal taxes. ---PLATO
If you mean paid federal taxes for a prior year...there is nothing to report...that isn't a deduction regardless if paid on time or not. If you paid State taxes in a different year, that would normally be deductible in the year actually paid for Federal tax purposes.
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