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Need help registering your new business as an LLC, corporation, or partnership registration? Keep it simple – let us help! (Get More Info)

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Do you need an Individual Tax Identification Number(ITIN)? We are authorized by the IRS to assist you in obtaining one. We can help! (Get More Info)

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If you’re not a bookkeeper or accountant, spending time on this task is decreasing your profits! Our services can help your business grow! (Get More Info)

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KF Tax & Accounting, P.C.

1970 Rawhide Drive, Suite 204
Round Rock, Texas 78681

Tel:  512-244-1516
Fax: 512-244-1567

Email: enquiries@kftaxandfinancials.com
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IRS Tax Tips

Posted by kftaxaccounting2014 on February 12, 2014 in Uncategorized | 0 comment
IRS Tax Tips
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Issue Number: IRS Tax Tip 2014-10

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What You Should Know about AMT

Have you ever wondered if the Alternative Minimum Tax applies to you? You may have to pay this tax if your income is above a certain amount. The AMT attempts to ensure that some individuals who claim certain tax benefits pay a minimum amount of tax.


Here are some things from the IRS that you should know about AMT:

  • You may have to pay the tax if your taxable income, plus certain adjustments, is more than the AMT exemption amount for your filing status. If your income is below this amount, you usually will not owe AMT.
  • The 2013 AMT exemption amounts for each filing status are:
    1. Single and Head of Household = $51,900
    2. Married Filing Joint and Qualifying Widow(er) = $80,800
    3. Married Filing Separate = $40,400
  • The rules for AMT are more complex than the rules for regular income tax. The best way to make it easy on yourself is to use IRS e-file to prepare and file your tax return. E-file tax software will figure AMT for you if you owe it.
  • If you file a paper return, use the AMT Assistant tool on IRS.gov to find out if you may need to pay the tax.
  • If you owe AMT, you usually must file Form 6251, Alternative Minimum Tax – Individuals. Some taxpayers who owe AMT can file Form 1040A and use the AMT Worksheet in the instructions.

Visit IRS.gov to find out more about AMT. Also, see the Form 6251 instructions. You can get it at IRS.gov too or by calling 800-TAX-FORM 800-829-3676.

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Director, Tax and Accounting
Tax Accountant specialized in Tax Accounting, IRS Representation & Resolution of Complex Tax Matters, Individual and Corporate Tax planning, and Tax Advisory Services.

Specialties: Tax Resolution, Tax Planning, Financial Planning and Analysis, Budget Management, Payroll Management, Cost Management and Optimization, SAP, Oracle, Hyperion, PeopleSoft

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