It's Fall: 10 Weeks Of Alternative Minimum Tax Planning Ideas...week 1
Its the time of the season was a popular song some years ago
. The barbecue grills are put away, the kids are back in school, and the foliage is starting to turn. The 2008 tax return season was officially over on October 15; now its time to start thinking about 2009.
With only two months to go, do you know yet whether youll owe more taxes in April or be getting a refund? Do you know that you have the opportunity now - to make your refund bigger or the check you write the IRS smaller? All it takes is brief look at your tax situation and consideration of what you can do in the next 60 days. If you wait until January its too late to lower your 2009 taxes.
This is especially true for those of you stuck in the Alternative Minimum Tax. For AMT payers, there is quite a list of things you can do to reduce your AMT bill, and all of them are very simple.
Over the next two months we'll be doing a series of articles on what these things are, but here is just a sample of what well be talking about:
Property taxes - many of you already have received your property tax bill. Assuming you have a choice of paying it in December or in January, the simple act of when you write out the check can have a direct impact on the AMT youll pay.
State income taxes - similar to property taxes, your state income taxes have an impact on your AMT. The more state taxes you pay this year the higher your AMT bill will be - another opportunity to have an immediate impact on the tax youll pay.
Example assume you owe $5,000, either in property taxes or in additional state income taxes. If you are in the AMT in 2009 and pay these taxes in 2009, you will get zero tax benefit. If you wait until January to pay the $5,000, and then are not in the AMT in 2010, you will achieve a tax savings from the IRS of up to $1,750.
There are many other ideas - simple ones like this which well be writing about between now and year-end, and well be explaining each one in plain English so you can understand them and act on them. Don't wait any longer its the time of the season.
by: George Bauernfeind
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