What is the Alternative Minimum Tax (AMT)? Many folks have asked us lately, “What is the AMT (altertnative Minimum Tax)?” Congress created the AMT to ensure that wealthier taxpayers, who often have the kinds of income and deductions that qualify for preferential tax...
Audit Proofing your Tax Return Is there really such a thing as an audit-proof tax return? A way of preparing your return to guarantee that you won’t be subject to an audit? Of course not! There certainly are ways to minimize your risk, however. Here are some tips:...
Will the Alternative Minimum Tax (AMT) affect you? Do you need to concern yourself with the AMT? You do if you have a lot of dependents or if you claim substantial itemized deductions. You may also be subject to the AMT if you realized hefty capital gains during the...
Forgiven Debt can be Income With the recent economic downturn experienced by many taxpayers, there is a tax concept that is very important: cancellation of debt. You would think that the cancellation of debt by a credit card company or mortgage company would be a...
Is all my Income Taxable? Generally, all sources of income worldwide are subject to income tax unless specifically excluded. Here are some sources of money that are not taxable: * Money received as a loan. * Gifts and inheritances. * Child support received. *...
