Alternative Minimum Tax Online Tool

Alternative Minimum Tax – Online Tool
Hell hath no fury like a​ person who just found out the​ alternative minimum tax applies to​ them .​
The IRS has set up an​ online tool to​ figure out if​ you​ do .​
Alternative Minimum Tax
The alternative minimum tax is​ a​ procedure that was set up to​ keep the​ richest of​ Americans from avoiding tax paying responsibilities .​
As is​ typical of​ the​ federal government,​ the​ failed to​ include any language adjusting for income growth and so on​ .​
As a​ result,​ the​ alternative minimum tax creams many taxpayers even though it​ was never intended to​ cover them .​
So,​ why don’t our beloved leaders just amend the​ relevant codes? Politicians giving up money they can spend on​ wars and favorite,​ but unnecessary,​ projects in​ their districts to​ keep voters happy? Surely,​ you​ aren’t that naïve anymore .​
Oh,​ they will talk about repealing or​ modifying it,​ but it​ just never seems to​ happen .​
To determine if​ the​ alternative minimum tax applied to​ your situation,​ you​ have to​ take a​ very simple step .​
Fill out your taxes using both the​ regular 1040 forms and the​ alternative minimum tax forms .​
What a​ complete waste of​ time .​
Fortunately,​ the​ IRS seems to​ agree.
Much like those handy online mortgage calculators,​ the​ IRS has taken the​ alternative minimum tax into the​ digital world .​
It has created a​ new online tool where you​ can enter the​ relevant information and find out if​ you​ are subject to​ the​ alternative minimum tax .​
One simply goes to​ the​ IRS web site,​ does a​ search for AMT Assistant and starts entering information .​
The process takes between five and 10 minutes if​ you​ have your financial number handy .​
If you​ don’t,​ add however much time it​ takes you​ to​ get your records together .​
Now,​ you​ might be a​ little nervous about entering financial information on​ the​ IRS site .​
What if​ they are tracking you? Don’t worry .​
It is​ anonymous .​
The information can’t be tracked back to​ you​ unless the​ IRS wanted to​ hunt IP numbers through hosting companies and computer systems .​
Given it​ takes 30 minutes just to​ get an​ IRS representative on​ the​ phone,​ it​ is​ highly unlikely this will occur .​
When you’ve got your courage up to​ full tilt,​ give it​ a​ try .​
Maybe,​ just maybe,​ you’ll find you​ aren’t subject to​ the​ alternative minimum tax.

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