subject: Alternative Minimum Tax Planning Ideas...year-end Amt Planning Wrap-up - Part 2 [print this page] The AMT items that were talked about in Part 1 of this wrap-up generally were the bigger ones that can, depending on a taxpayers situation, present immediate year-end Alternative Minimum Tax savings opportunities. But the other items that were discussed in this 10-week series also are important in making sure the least amount of AMT is paid. Here is a brief recap of these other items, with references to the amtblog.com articles in which each appeared.
Investments: Private Activity Bonds an individual investing in tax-exempt municipal bonds can receive an unpleasant surprise when he discovers that AMT has to be paid on the interest income from a certain type of municipal bond. See the December 18th article posted on amtblog.com.
Miscellaneous Itemized Deductions - business or investment-related expenses may be deductible under the Regular Tax, but they are not for the AMT. Several planning ideas on how to minimize this impact are presented. See the November 14th article posted on amtblog.com.
Limitation on Itemized Deductions: AMT Adjustment - when a taxpayer is in the AMT, the limitations that apply to itemized deductions are calculated differently from the limitations that apply for the Regular Tax. See the November 25th article posted on amtblog.com.
State Income Tax Refunds: AMT Adjustment because of the different AMT treatment of state and local tax deductions, any adjustment to these deductions for example, a refund of overpaid state taxes which generally is treated as income when received is itself then given different treatment for the AMT. See the November 29th article posted on amtblog.com.
Standard Deduction - a taxpayer is allowed no standard deduction in calculating the AMT. An interesting planning idea here could mean that an AMT taxpayer might be better off not claiming the standard deduction at all. For a discussion of this opportunity see the November 18th article posted on amtblog.com.
Personal Exemptions similar to the standard deduction, a taxpayer is allowed no deduction for personal exemptions in calculating the AMT. Not a whole lot can be done here, but there always are at least a few planning ideas. See the November 22nd article posted on amtblog.com.
The AMT Exemption, also known as the annual patch the AMT Exemption amount is set annually by Congress. This is a prescribed amount by which a taxpayers Alternative Minimum Taxable Income must exceed his Regular Tax taxable income before the AMT itself is triggered. If Congress were to fail to adjust this exemption amount, 24 million new taxpayers would be pulled into the AMT, in addition to the four-plus million already stuck there. See the December 21st article posted on amtblog.com. Also, pay careful attention to the news we will be seeing on this in the near future as we anxiously await Congress fix on this again for 2010.
Good luck with your AMT planning. Hopefully each of these articles provided a simplified explanation along with a few 2009 Alternative Minimum Tax savings ideas. Soon well be working on 2010!
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