Consult a tax professional if you are having trouble determining whether you are required to calculate the alternative minimum tax. The Alternative Minimum Tax (AMT) is designed to ensure no one exploits special tax benefits or deductions to pay too little tax. Not everyone is subject to the AM...
You have to recalculate some deductions, such as depreciation, when figuring your AMT. Tip If you calculate depreciation as an income tax deduction, you must recalculate it when figuring your AMT. The AMT depreciation calculation methods are often different, so you arrive at a different amount....
An LLC is taxed according to the Adjusted Gross Income of its owners. You calculate AGI by subtracting tax-deductible expenses from yourgross income. Some examples of business deductions are supplies, gas mileage, and equipment rental fees. Corporations A corporation is a legal entity that exists ...
The TCJA increased the Child Tax Credit from $1,000 to $2,000 per child under the age of 17.15This credit is also partially refundable and this portion of the credit is subject to adjustment for inflation. It's $1,700 in 2024 and 2025.1617 ...
How much money do you need to retire? Here's an easy way to do the calculation yourself. This will not take you very long to calculate and you don't need to hire an expensive advisor to help you figure it out.