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just cost me 12000 dollars. Awesome.
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12-17-10 Mohamed Bouazizi NEVER FORGET
Stadtluft Macht Frei
Killing it is the new killing it
Ultima Ratio Regum -
I'm getting a $1500 tax return because about $7000 of my annual salary is a "Health & Welfare Allowance" that is apparently not part of my taxable income.Click here if you're having trouble sleeping.
"We confess our little faults to persuade people that we have no large ones." - François de La Rochefoucauld -
More or in total ?Originally posted by KrazyHorse View Post"Ceterum censeo Ben esse expellendum."Comment
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Awesome, annoying douchebags on wall street losing money
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Welcome to the wonderful world of AMT.Originally posted by KrazyHorse View Post"Just puttin on the foil" - Jeff Hanson
“In a democracy, I realize you don’t need to talk to the top leader to know how the country feels. When I go to a dictatorship, I only have to talk to one person and that’s the dictator, because he speaks for all the people.” - Jimmy CarterComment
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...a world brought into being the last time we decided the rich weren't paying enough.No, I did not steal that from somebody on Something Awful.Comment
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More.Originally posted by dannubis View Post12-17-10 Mohamed Bouazizi NEVER FORGET
Stadtluft Macht Frei
Killing it is the new killing it
Ultima Ratio RegumComment
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Spoken like someone who never had to go through it.Originally posted by gribbler View PostAwesome, annoying douchebags on wall street losing money
No, I did not steal that from somebody on Something Awful.Comment
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It must be hard being separated from all that money! If only more people knew what that was likeOriginally posted by The Mad Monk View PostSpoken like someone who never had to go through it.
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Oh, they already do...
REMEMBER BACK when you were young and poor and nothing made you madder than tales of rich people who paid nothing in income taxes? Well, you weren't alone, and that anger led to the creation of something called the alternative minimum tax, which was designed to keep the rich from living tax-free.
Fast-forward a few years. You're a bit older, somewhat better off and paying far more in taxes than you ever thought possible. So what's the last thing you expect to see when you fill out your tax return? That you owe the alternative minimum tax. You can take some solace in the fact that thousands of taxpayers just like you have been snagged by this nasty bit of tax law in recent years. While only 19,000 people owed the AMT in 1970, millions are paying it now.
What happened? Inflation, mostly. While the "regular" tax brackets, exemptions and standard deductions are adjusted annually for inflation, the AMT brackets and exemptions are not, so many people whose income has grown with the economy enter the dreaded AMT zone each year. Especially vulnerable are people with income over $75,000 and some large deductions, but not the exotic ones that were originally targeted by the AMT's creators. Most vulnerable are taxpayers with several children, interest deductions from second mortgages, capital gains, high state and local taxes, and incentive stock options.
...but don't worry, I'm sure you'll never make enough to be targeted.Last edited by The Mad Monk; February 2, 2012, 11:03.No, I did not steal that from somebody on Something Awful.Comment
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Count yourself lucky. Last year I got boned for an extra 15500. I'm still waiting on all my reporting forms to show up, but I expect it will be worse this year.“It is no use trying to 'see through' first principles. If you see through everything, then everything is transparent. But a wholly transparent world is an invisible world. To 'see through' all things is the same as not to see.”
― C.S. Lewis, The Abolition of ManComment
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I don't own a home so my deductions are essentially limited to state and local taxes. More deductions leads to lower 1040 taxes but higher AMT (they essentially offset).12-17-10 Mohamed Bouazizi NEVER FORGET
Stadtluft Macht Frei
Killing it is the new killing it
Ultima Ratio RegumComment
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The AMT is evil incarnate.
We need a simple, open, and fair tax policy. What we have now is a joke."I am sick and tired of people who say that if you debate and you disagree with this administration somehow you're not patriotic. We should stand up and say we are Americans and we have a right to debate and disagree with any administration." - Hillary Clinton, 2003Comment
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Nine nine nine
Me for president!Comment
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