Monday, January 09, 2006

Is the AMT Coming to get You??

Category: Tax Law and Planning

Much has been written about how the Alternative Minimum Tax (AMT) - including my prior post: AMT - What is it and Why Should You Care?. This parallel tax to the income tax was originally designed to capture very-high income taxpayers and ensure that they pay their fair share by limiting their deductions. Unfortunately, it has been creeping down the tax brackets over the years, until it is now a tax faced by more and more taxpayers.

Don't laugh, but the IRS is coming to your assistance in answering the question "Do I owe AMT?". At the IRS Website at there is an "AMT Assistant" - a tool designed to determine whether or not you might be subject to the AMT. The instructions claim: "Most people using the AMT Assistant can complete the AMT worksheet using this tool in 5-10 minutes."

The US tax system is self-reporting, so you the taxpayer need to know not only what taxes you are subject to, but the liability generated by those taxes.


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