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Ten things
You didn't tell your Tax Pro
The biggest source of errors, according to TaxMama is taking a dependent your 'ex' is also claiming. That and getting Social Security numbers wrong.
The Top Ten Things
that trigger the
Alternative Minimum Tax
The Current Wisdom
from Eva Rosenberg,
Your TaxMama
One of the benefits of home ownership, and admittedly the draw for many heavily taxed individuals and couples for the last fifty years, may have gotten better - and you may not be aware. Your home and taxes
Our series on Taxes begins in earnest with some looks at common mistakes, some suggestions on how to avoid any scrutiny from the tax collector, and how to get what is coming to you.
The child tax credit can create problems determining the right age of your child, capital gains need a closer look and may require an amended return, and that refund should get some serious thought before you decide to borrow against it before you actually receive it.
Because of The Jobs and Growth Tax Relief Reconciliation Act of 2003 signed into law by President Bush, there have been significant changes in the tax laws, once again. To see how these changes affect you, the individual, business, or how it effects your Estate or Trust, nothing beats the IRS for the straight forward.
A three part History
The Constitution | Noblesse Oblige | The 16th Amendment
"The taxpayer -- that's someone who works for the federal government but doesn't have to take the civil service examination." - Ronald Reagan
Standing Pat on Taxes
In a column that first appeared on our sister site, The BlueMoney Report on August 15th, 2003, Vernice Kuglin decided that if the IRS did not want to answer her letters, then perhaps she shouldn't pay.
Ask TaxMama
We sometimes encourage our readers to use outside sources for information and Eva Rosenberg MBA, EA provides just such a service. Billing herself as "Tax Information With A Mother's Touch" her warm hearted column delivers time and again.
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2007
IRS Publications for
Special Taxes
Editor's Note: Alternative Minimum Taxes or AMT will have devastating effect on millions of unsuspecting Americans - again this year. Originally designed to capture lost taxes from the very wealthy by using an alternative set of rules, the AMT is instead capturing a larger amount of wage earners who seek to write-off higher state and local income taxes on their federal returns.
An excellent guide to these complicated taxes can be found here.
Alternative Minimum Tax
|
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2006
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2007
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Tax Rate on Alternative Minimum Taxable Income
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26% up to $175,000 ($87,500 MFS), 28% in excess of these amounts
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Same
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Exemption
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$42,500 (SGL,HH)
$31,275 (MFS)
$62,550 (MFJ,QW)
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$33,750
(SGL,HH)
$22,500
(MFS)
$45,000
(MFJ,QW)
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Minimum Exemption for Dependent Children Under Age 18
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Earned Income + $6,050
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Earned Income + $6,300
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Use the forms and guides below to help answer your AMT questions.
Forms for Special Taxes
| Schedule
H |
Household
Employment Taxes
Form Instructions
If you had a household employee, you may need to file this
schedule. |
| Schedule
SE |
Self-Employment
Tax
Form Instructions
You may need to file this form if you have net earnings
from self-employment. For more
information see Your Business. |
| Form
4137 |
Social
Security and Medicare Tax on Unreported Tip Income
Form
& Instructions |
| Form
4970 |
Tax
on Accumulation Distribution
Form
& Instructions |
| Form
4972 |
Tax
on Lump-Sum Distributions
Form
& Instructions |
| Form
5329 |
Additional
Taxes Attributable to IRAs, Other Qualified Retirement Plans,
Annuities, Modified Endowment Contracts, and MSAs
Form Instructions
This form is used for the 10% penalty for early distributions from
IRAs, among other items. |
| Form
6251 |
Alternative
Minimum Tax‹Individuals
Form Instructions
See also Form 8801, used to claim the AMT credit. |
| Form
8611 |
Recapture
of Low-Income Housing Credit
Form
& Instructions |
| Form
8801 |
Credit
for Prior Year Minimum Tax
Form
& Instructions
Used in a year when AMT does not apply, to reduce regular
income tax because of AMT paid in prior years. |
| Form
8815 |
Exclusion
of Interest from U.S. Savings Bonds
Form
& Instructions
If you cashed Series EE or I bonds issued after 1989 and
had qualified higher education expenses you may be able to exclude
interest using this form. |
IRS Publications for
Special Taxes
Note: Much as we would like to see one, the IRS does not have
a publication dealing with alternative minimum tax. Taxpayers must rely
on the instructions for Forms 6251 and 8801.
| Pub
533 |
Self-Employment
Tax
Download
Generally, Schedule SE filers other than securities traders
have to pay self-employment tax on their net income from
self-employment. |
| Pub
926 |
Household
Employer's Tax Guide
Download
More information for people required to file Schedule H. |
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