Category Archives: Alternative Minimum Tax

Alternative Minimum Tax Paid by Millions of Taxpayers

In a recent income statistics bulletin, the IRS reported that the alternative minimum tax (AMT) affected a record 4.25 million tax returns and collected $30.48 billion in taxes during tax year 2011.Our Bergen County CPA office offers you insight to this. The AMT was created years ago to ensure that high-income taxpayers could not escape all taxes through the use… (more…)

The AMT(Alternative Minimum Tax) : Will This Tax Apply to You?

Though you might prefer to not think about the AMT, certain income and deductions, known as preference items, affect the way the tax will apply to you. Those amounts, along with others called “adjustments,” are added to or subtracted from the income shown on your tax return to arrive at your AMT taxable income. Our Bergen County CPA office offers… (more…)

Facts to Know about AMT

  The Alternative Minimum Tax may apply to you if your income is above a certain amount.  Our Bergen County CPA office offers you insight to this. Here are some facts the IRS wants you to know about the AMT: You may have to pay the tax if your taxable income plus certain adjustments is more than the AMT exemption… (more…)

Tax Tips for Tax Season: #13 AMT Relief Finally Made Permanent

    As a Bergen County CPA firm that provides Bergen County tax and accounting services we are happy to share helpful information this tax season. Check out our tax tip below: Taxpayers have waited a long time for a solution to the alternative minimum tax (AMT). The new tax law sets the 2012 exemption amount at $50,600 for unmarried… (more…)

Don’t Let the Alternative Minimum Tax Catch You by Surprise

According to the Congressional Research Service, 34 million taxpayers could be hit by the alternative minimum tax (AMT) this year. Are you one of the many unsuspecting or uninformed taxpayers who will be caught by the AMT in 2012? With a better understanding of the rules, you may be able to avoid or reduce adverse tax consequences.  Our Bergen County… (more…)