Tag: <span>AMT</span>

2015 Tax Brackets and Other Federal Taxation Updates

Given the low inflation environment over the last year, the 2015 IRS Tax Brackets, standard deductions and personal exemptions have only seen a moderate increase over 2014 levels. Federal income tax brackets and related tax items, under the tax code, provide for mandatory annual adjustments based on inflation. This is to prevent…

8 Danger Signs You Will Likely Owe the Alternative Minimum Tax (AMT)

The following are 8 signs that you may owe the Alternative Minimum Tax (AMT), or the rich-mans tax, this year. You or your household fall into the high income category (generally $250,000 or more), which means that a good part or all of your AMT exemption is phased-out. You have…

Latest IRS Tax Brackets and Rates With Standard Deduction and Personal Exemption Updates

See this article for the latest IRS updates to federal tax brackets and standard deductions. ____________ Below are the 2014 IRS federal tax brackets based on annual inflation adjustments. Given the low inflation environment there were only moderate increases in tax brackets, standard deductions and to the personal exemption. The main changes…

2013 Tax Changes, Credits and Impacts You Need to Be Aware of When Filing Your Tax Return in 2014

[Updated for 2013-2014 tax filing season] Thanks to the so called fiscal cliff deal reached last year there were a number of impacts to taxes in 2013 which you need to be aware of when filing your 2014 taxes. Changes were in the form of updated federal tax rates, new…

Payroll Tax Credit Holiday To Expire in 2013 Amongst Other Breaks in New White House Fiscal Cliff Impacts Report

[Updated following fiscal cliff deal] - Unfortunately it looks like the payroll tax credit will not be extended into 2013 under the new deal Congress and the Obama administration have reached. See how this will impact your 2013 take home pay. For the latest on other fiscal cliff impacts and negotiations see this article. The…

Forward Tax Planning Through Making Smart Money Moves in 2024

Being the finance wonk that I am, I rather enjoy reading some of the tax advice that the big accounting firms put out for their clients. While their target audience (based on their $250 to $500 hourly fee) is clearly higher net worth individuals, you can glean some pretty useful…

2023 Teachers IRS Tax Deduction – Expense Limit Raised For Elementary and Secondary School Educators

Teachers and other personnel at K-12 schools can take a tax deduction for classroom supplies that they buy out of their own pockets, whether they itemize or not. This deduction amount is adjusted on a semi-regular basis, with the latest amounts shown below. It has been raised for the 2023…

2024 vs. 2025 Alternative Minimum Tax (AMT) Income Exemption Phase-out Amounts

Following enactment of the American Tax Relief Act (ATRA) a few years ago, the annual "AMT patch" legislation that Congress had to pass every year to ensure more people were not snagged by the Alternative Minimum tax is now no longer required. Instead the AMT exemption and associated thresholds based…

Tag: AMT