the Alternative Minimum Tax Video

Learn about the Alternative Minimum Tax

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By: MonkeySee.com - Business

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the Alternative Minimum Tax -

Learn about the alternative minimum tax in this video that will help you prepare for tax returns....

the Alternative Minimum Tax -

Learn about the alternative minimum tax in this video that will help you prepare for tax returns.

Added: 8/3/09

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Learn about the Alternative Minimum Tax

Male: What is this alternative minimum tax? Art: The atrocious or alternative minimum tax is actually a parallel tax calculation. When everybody, everybody, every American tax payer calculates their tax, you are actually simultaneously doing two taxes. You're doing what’s known as the regular tax and you’re doing the alternative minimum tax and the statute requires you to pay the higher of the two. There are certain things that they are not deductible for the AMT, for example, we discuss taxes being deductible on schedule A of the 1040, none of those taxes are available for the alt min tax. If you have home equity lines and you use the home equity loan to pay off credit card, buy a boat, buy a car, buy a large screen TV, that home equity line interest is not available for the AMT, but it is available for the regular tax. So the alt min tax is a separate calculation and any tax professional or any program that you use are gonna be asking you questions about certain things on the return and you may have to split items apart so that they can do the correct calculation of regular versus AMT.

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Male: What is this alternative minimum tax?
Art: The atrocious or alternative minimum tax is actually a parallel tax calculation. When everybody, everybody, every American tax payer calculates their tax, you are actually simultaneously doing two taxes. You're doing what’s known as the regular tax and you’re doing the alternative minimum tax and the statute requires you to pay the higher of the two. There are certain things that they are not deductible for the AMT, for example, we discuss taxes being deductible on schedule A of the 1040, none of those taxes are available for the alt min tax. If you have home equity lines and you use the home equity loan to pay off credit card, buy a boat, buy a car, buy a large screen TV, that home equity line interest is not available for the AMT, but it is available for the regular tax. So the alt min tax is a separate calculation and any tax professional or any program that you use are gonna be asking you questions about certain things on the return and you may have to split items apart so that they can do the correct calculation of regular versus AMT.

Transcription by: Scribe4you Transcription Services