are not the only thing that can get an honest guy snagged for the AMT
. Taxpayers must fill out form 6251 if they make over $22,500 and claim credits for:
Driving an Electric Vehicle
Using a solar
panel (or any "alterniative fuel
") to generate energy
for their home
You own a business (even Avon
money or assets
Claim intrest on a second mortgage
So there must be some ajustment to make the AMT fair
costs (and Mr. Bush
doesn't want to make the update of the AMT retroactive?)
exploration and testing
expendatures (have any of those lately?)
but not the kids
The law was written in 1969
, and modified in 1978, 1982, 1987, 1990 and 1993 - no wonder it's a little complicated. A good rule of thumb
is to meet with an accountant
(yes get an accountant) BEFORE the end of the calander year if you make over $75,000 per year. There are a few things you can do to your regular taxes that may lessen your total tab.
There is no official IRS
publication for taxpayers on the AMT, you can read the IRS auditor's instructions at http://www.irs.ustreas.gov/prod/bus_info/mssp/amt2.html.
and me, who got hit with AMT along with 3 million other Americans this year, and 8.4 million will by 2007.