"the alternative minimum tax takes taxpayers completely by surprise each April"
Bonita Springs, FL (PRWEB) March 4, 2010
If you're one of the four million Americans writing a painfully large check to the IRS this tax day thanks to the alternative minimum tax (AMT), there's a new free resource that can help.
“It’s bad enough that the alternative minimum tax takes taxpayers completely by surprise each April, forcing them to pay thousands more than expected,” said George Bauernfeind, one of the founders of AMTIndividual. “But then no one—including all the tax software programs, the IRS ‘calculator’ and virtually all tax preparers—can even tell them why they have to pay AMT. That’s just insane.”
That’s because more than 30 factors influence whether a taxpayer has to pay AMT and there's rarely one clear culprit. On top of that, items that typically lower the regular income tax—such as exemptions for dependents and deductions for state taxes—can trigger or increase the alternative minimum tax. So trying to pinpoint the exact cause can be a nightmare. Of course, doing so is the best way to know how to reduce or even avoid the alternative minimum tax in the years ahead.
But now, taxpayers can who have fallen into the AMT tax trap can take advantage of AMTIndividual's innovative dual-tax calculator in the just launched free edition. After entering a few numbers from their last tax return, they’ll see how their income and deductions were treated by both the regular and alternative minimum tax—and discover exactly what caused them to pay AMT.
They’ll also receive an overview of what the tax is and some basic strategies for lowering their AMT tax bill in the year ahead. Best of all, the process is fast and easy, taking only about 15 minutes to do.
To find out more and sign-up for the free version of AMTIndividual, visit http://www.AMTIndividual.com.
AMTIndividual was founded in 2008 to give Americans an easy and convenient way to understand, strategize and plan for the alternative minimum tax so they can put more of their money toward what’s most important to them. Our founders have more than six decades of personal and business tax planning experience, including the writing of a two-volume, nearly 1,000-page treatise on income taxation.