AMT and employee expenses
#1
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Joined APC: Apr 2007
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AMT and employee expenses
Those that are fortunate enough to hit the AMT limit please answer this question - Can any employee expenses be deducted? It seems that the AMT wipes them all out. No government versus company perdiem, no union dues, etc.
#2
#3
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It depends on how deep you are into the AMT. If the difference between your "normal" tax computation and the AMT is a small amount then you are still getting some benefit from the deductions, since without them your normal calculations would be greater and above your AMT liability.
It is a common mistake to mix the two systems. You are running two different tax calculations with two different sets of rules. You pay the higher of the two. And while the AMT hurts, avoiding it by paying even more through the normal calculation is no great thing either.
And even if you are deep into the AMT, your deductions may still help with your state taxes and any local income taxes.
It is a common mistake to mix the two systems. You are running two different tax calculations with two different sets of rules. You pay the higher of the two. And while the AMT hurts, avoiding it by paying even more through the normal calculation is no great thing either.
And even if you are deep into the AMT, your deductions may still help with your state taxes and any local income taxes.
#4
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I was told recently by my tax person that after hitting AMT, it's by-by to my per diem deduction
#5
I've been fartin around on TurboTax after getting hit with AMT. It doesn't matter what number I throw in business expense (per diem) line - all it does is change the amount of AMT I am paying. The taxes owed remains the same.
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#10
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