Here we will display answers to some frequently-asked financial services questions.
For example:
Q: Can I file my taxes late?
A:
Under special circumstances, taxes may be filed after the deadline.
Q: Why am I paying something called the Alternative Minimum Tax
(AMT)?
A: The Alternative Minimum Tax (AMT) is a parallel tax system to
the regular tax system. Your regular tax is compared to the AMT and the higher of the two caculations is your tax.
It was created over 30 years ago and since the exemption amounts have not been indexed for inflation over time, many individual
taxpayers are now having to pay this tax.
The income levels you need to be aware of for AMT are:
Single or Head-of-Household
$112,500
Married filing joint or qualifying widower
$150,000
Married filing seperately $
75,000
If your gross income is at these levels, you need to be aware of the
AMT. So if you are making this much money and/or own your own business, exercised incentive stock options,
owned rental properties, you should call your tax advisor as the AMT is extremely complex.
