The new tax law could have a significant impact on how individuals and small businesses file income taxes and make tax planning decisions.
For taxpayers that owe alternative minimum tax, here are some planning strategies to consider.
Nearly every area of financial planning offers strategies that can help taxpayers re-position their investments and reduce their tax liability. But many of these tax-smart ideas — involving capital gains, estate and gift planning, and the alternative minimum tax (AMT) — must be acted on by year’s end. Here are five strategies to consider. 1.
This year, nearly 5 million taxpayers could be subject to the alternative minimum tax (AMT). Chris Hennessey explains the AMT and offers some strategies to reduce the liability. The AMT was established in 1970, creating two parallel tax systems. Taxpayers calculate income tax under both systems and pay the higher amount. There are some tax
Approximately four million taxpayers are expected to owe alternative minimum tax (AMT), despite congressional action to adjust the exemption level. Introduced in 1969, the AMT is intended to ensure that wealthy taxpayers could not avoid income tax by exploiting weaknesses in the tax code. Since the AMT was not indexed for inflation, the number of
While there has been no action yet on the fiscal cliff, high-income earners are wise to prepare for higher taxes, fewer or capped deductions, or all of the above. The window of opportunity to take advantage of tax strategies while tax rates remain historically low is narrowing, so now is the time to contact clients