Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-10-2007, 01:24 AM
Junior Member
 
Join Date: Jan 2007
Posts: 13
Can a taxpayer effectively plan to avoid paying AMT taxes?

It seems a lot of people I know at work are all subject to AMT taxes! The question is, if one plans well, can the AMT tax be avoided or postponed into future tax years?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 07-30-2007, 04:48 PM
Junior Member
 
Join Date: Jul 2007
Posts: 12
hard to do. One area you may have control over is if you can defer a large capital gain into the following year. As tax guru mentioned earlier, it's the normal deductions that cause the AMT in the first place, like exemptions and itemized deductions, especially the deduction for state income taxes. If you know you're gonna be in the AMT, then you may want to take advantage of it's lower tax by moving income into that year if possible, and not wasting certain deductions, like paying your property taxes early in an AMT year. The first 175k of AMTI is taxed at 26%



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning