amt killed my tax credit

[rhumbliner]

i was disappointed to learn that the alternative minimum tax rules killed the tax credit for my honda gx this year. i used tax cut to compute my taxes and couldn't believe what it was telling me. so i took my taxes to a tax accountant who worked them every way possible but ended up telling me the same thing. that hurt.

[freedml]

Re: amt killed my tax credit

Hey, at least you're making enough money to be subject to AMT!

[cnielsen]

Re: amt killed my tax credit

The problem is, when you have a dual income family with a high state tax, it isnt hard to start getting hit with AMT. Of course, its 'funny' how it is supposed to stop the rich from *not* paying taxes but the real rich dont pay income taxes. Most of them pay taxes on capitol gains or have grandfathered trusts.

Having the Government heavily tax income is so far backwards that it defies logic.

That being said, I had to file for an extension. I doubt I will get my 4k because of AMT .

[John Mitton]

Re: amt killed my tax credit

My friend had the AMT problem but his tax adviser found a great way around it. Since the GX was used about 50% for his wife's home based business (Schedule C business where she must go out to visit clients -- keeping mileage logs of course) they were able to get a $2,000 credit.

[cnielsen]

Re: amt killed my tax credit

My friend had the AMT problem but his tax adviser found a great way around it. Since the GX was used about 50% for his wife's home based business (Schedule C business where she must go out to visit clients -- keeping mileage logs of course) they were able to get a $2,000 credit.

Right, this is the best way to buy one. Start a business and you can deduct the usage for your business.

Maybe my new business will be picking up Cans so as I drive around to collect cans, I can take advantage of the tax deductions.