February 26, 2010 – 2:27 pm
Gotcha: The Alternative Minimum Tax
The Alternative Minimum Tax was established in 1969 as an alternative tax system for individuals that were able to avoid paying taxes while still earning above average incomes. The system is not indexed to inflation and over time has been applied to more and more medium income households. Recent changes to the tax code have attempted to minimize this negative and unexpected event.
Taxpayers find when their taxable income reaches a certain level and they have the right mix of tax adjustments that the AMT applies and increases their taxes for the year. Accountants are … Read more at 2009 Taxes
February 26, 2010 – 1:52 pm
Are Social Security Benefits Taxable?
Marital status and your annual income are the two deciding factors in determining how much of your Social Security Benefits are taxable. The really good news is that Social Security Benefits are not taxable if they are your only income for the tax year. And since your only income is not taxable, filing a return with the IRS is not necessary. Two great advantages.
If you did work during the year or had other forms of income then you will need to determine how much of your Social Security Benefits will be taxed. There is … Read more at 2009 Taxes
