Posts tagged as:

AMT

The Waiting Game and AMT

13 November 2010

As a parent, I spend a lot of time waiting. I have watched my son eat a peanut butter and jelly sandwich for an hour. Just this morning, my six year old took over ten minutes to change a pair of shoes (slip ons). And my eight year old, book in front of her face, [...]

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Congress Promises AMT “Relief “

9 November 2010

But don’t get too excited. It’s totally lame – again. You see, when it comes to the AMT (alternative minimum tax), Congress has no answer. So every year – without fail – at the very, very end of the year, Congress gives us a band aid in the form of temporary relief. Don’t believe me? [...]

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2011 Budget & Tax Proposals

4 February 2010

I got a glimpse of the 2011 budget proposal on the news last night. It’s big. As in big thick book big. And I will admit to not having read all 192 pages yet. But I’m making progress. You can download the whole thing at once – or in little bits (as I have done) [...]

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Tax Trivia: The Dreaded AMT

21 January 2010

We have a winner! It’s Andrew! For the answer, see the comments! Our next tax trivia question for the giveaway is: Which President was in office when the AMT went into effect? The first correct answer wins free CCH tax prep software. My answer on this one is final. Remember that you have to comment [...]

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Hey Congress, Why Don’t You…? Take a Second Look

4 September 2009

Robert D Flach, the internet’s “Wandering Tax Pro“, writes: If I ruled the world, or at least had a voice in rewriting the Tax Code, not only would every man be as free as a bird and every voice be a voice to be heard, but I would also make the following changes to our [...]

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Hey Congress, Why Don’t You…? Fix the AMT

1 September 2009

Eric Satterley writes: An immediate need is to change the alternative minimum tax recapture law. On stock options you were forced to pay the alternative minimum tax even if you exercised any options (even if you did not sell the stocks). The law was that you could recapture/apply the tax paid toward the capital gains [...]

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Fix the Tax Code Friday: A Year From Now

14 August 2009

It’s Fix the Tax Code Friday! Over at Only3Years, Iz contemplated the question of where she might be a year from now. The more I thought about this, the more I thought that it would make a superb Fix the Tax Code Friday… I’m constantly asked what I think will happen with respect to a [...]

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Congressional Officials Critical of Tax Breaks in Proposed Stimulus Plan

12 January 2009

As blogged previously, Obama’s proposed stimulus package is meeting resistance – on both sides of the aisle. Key members of the Senate Finance Committee have criticized plans for a $3,000 tax credit for new hires, citing that it wasn’t the most effective means of promoting employment. Sen. John Kerry (D-MA) said, “I’d rather spend the [...]

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Quick, While the Nation’s Distracted, Let’s Pretend to Fix the AMT!

24 September 2008

While the nation’s attention was turned to the financial bank crisis, the House passed a bill increasing the exemption level for the alternative minimum tax (AMT) to $46,200 for individuals and $69,950 for married couples filing jointly. The motion passed by a margin of 393-30. The bill provides about $2,000 of relief each to affected [...]

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House Passes Tax Bill to Repeal AMT; White House Threatens Veto

26 June 2008

Defying the White House, Representatives in the US House voted to prevent about 22 million taxpayers from being hit by the alternative minimum tax (AMT). What? Oh yeah, just like with any headline, there’s more. The idea of AMT relief was originally endorsed by the GOP (such as Senator McCain). The problem with AMT relief? [...]

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