Description
Implement effective planning and tax preparation to understand your taxes and save money.Too many taxpayers end up paying large sums of money to the Internal Revenue Service (IRS) due to the Alternative Minimum Tax (AMT) this is both a confusing and complicated tax calculation, which may require hours to calculate and cost thousands of dollars. Taxpayers often endeavor to lower their tax burden, only to be surprised by the extra taxes imposed by the AMT. This topic will show how to recognize when the AMT will ‘kick in’ knowing this can save hours of time from compiling records for which the IRS will not allow deductions. In addition, there may be some areas where the tax liability can be reduced putting money back in your pocket. Taxpayers are often surprised how their valuable deductions simply disappear under the AMT, leading to more money being paid to the IRS. It is important to know how the new tax laws (Tax Cuts and Job Act) affect one’s taxes, especially as it relates to the AMT. Understanding tax rules goes a long way towards saving time and tax dollars.
Date: 2019-02-13 Start Time: End Time:
Learning Objectives